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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: drsvelte who wrote (23574)6/6/1998 11:57:00 PM
From: XOsDaWAY2GO  Read Replies (2) of 95453
 
...Back to drilling......

>>>Asian Crisis Will Restrain Q2 Profits By Huw Jones Reuters

First Call expects earnings of oil majors to fall 22 percent, but those of companies servicing them, the drillers and equipment makers, to rise 51 percent and 22 percent respectively.

'The majors are in the tank because of low oil prices, but they are not low enough to cut back exploration,'' Hill said.

But there are already signs that oil producing countries, led by Saudi Arabia, are taking steps to cut exports to boost flagging prices.

''This is the last quarter that oil is going to impact the year-over-year earnings growth for the broader aggregates in the S&P500,'' said Joseph Abbott, an analyst at earnings tracking firm I/B/E/S International.<<<

Barbara
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