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: pz who wrote (19410)	4/16/1998 7:43:00 PM
From: upanddown	Read Replies (1) of 95453

"Ensco International Inc. warned Thursday in a conference call after first quarter earnings that second and third quarter earnings could be sequentially lower, but said that it expects a pickup in rates it can charge for its rigs in the fourth quarter and 1999." I'am assuming "sequentially" means 2Q/3Q lower than 1Q. According to Ron's numbers, ESV is slated to do .62 and .66 next two quarters, year-to-year increases of 67.5% and 37.5% respectively. If they can hold the reductions to a few cents below 1Q, it would still be major year-to-year increases. It didn't sound like dayrates were falling apart. The big kicker, of course, is crude. If today's rally continues next week with crude getting above $17, softness in dayrates could quickly be history. That said, ESV will get hammered tomorrow. Could be a buying opp very soon. John

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