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 (9312)	1/22/1998 8:19:00 PM
From: Tulvio Durand	Read Replies (1) of 95453

I agree with your sentiment. SLB botched their press release big time if indeed they believe the clarification issued: The company confirmed this afternoon that its clients could move either way, and not just down. When combined with the comparison of earnings against the wrong benchmark (which it should have anticipated), this is the mother of all faux pas. The $3B loss of market cap was for SLB alone. If we look at what it did to all drillers, it might account for ten times as much as SLB's loss of market cap. And why did SLB wait 'till after the market close to issue the clarification? Hopefully the media will pick up these clarification and, hopefully, undo some of the damage. Tulvio

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