Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: The Perfect Hedge who wrote (5783)	12/20/1997 10:51:00 AM
From: Lucretius	Read Replies (4) of 95453

Glenn- funny you mentioned shorting CSCO fri. It got my attention because my guy at Goldman was saying the same thing. He thinks their recent upgrade of CSCO this week was a sham to allow Goldman clients to bail. Anyway, we hit before the close at 53.75. Hope we see $20? Thread-- more good news from Pennzoil. You've got to hate it when the oil companies start cheerleading for the drillers w/ statements like "we plan on spending more in Exploration this yr." OSX looks to be rounding the bottom nicely, preparing for the beginning of a leg up. I'm looking for a nice Mon in the drillers! Good Luck! -NE fans-- this qtr is looking VERY good according to a few little driller elves I know! HOUSTON -(Dow Jones)- Pennzoil Co. after the stock market closed Friday said it set its 1998 capital spending budget at $555 million, down $54 million from anticipated 1997 spending of $609 million. The oil and lubricant maker said it plans to boost spending on oil and gas by 10% to $447 million. Spending on motor oil and refined products will be $61 million, down 65%, while spending on franchising and other projects will rise 77% to $47 million. The lower spending on motor oil and refined products results mainly from the completion of an upgrade to Pennzoil's Shreveport, La. refinery, as well as from the acquisition of the assets of two automotive aftermarket chemical companies. The overall capital spending budget is well within its cash flow, Pennzoil said. Pennzoil (PZL) said its domestic oil and gas budget of $366 million will emphasize exploitation and development drilling along with an increase in exploration activity. Spending on motor oil and refined products will go to expanding Pennzoil's marketing presence and boosting its motor oil market share in the U.S. Jiffy Lube, the company's quick oil-change chain, will spend about $34 million, principally on new-store development and refurbishment of existing locations. Copyright (c) 1997 Dow Jones & Company, Inc. All Rights Reserved.

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