Earthdog, ALL: Jefferies & Co analyst Roderick McKenzie said he had downgraded 18 oil service stocks as
a result of volatility in crude oil prices that could lead oil companies to cut their exploration
and production budgets. McKenzie said land and shallow-water markets have the biggest
near-term risks, while there will be few changes in demand from deepwater projects. Cut
to accumulate from buy were ATWOOD OCEANICS, CLIFFS DRILLING, DIAMOND
OFFSH DRILLING, ENSCO INTL, GLOBAL MARINE, MARINE DRILLING,
NEWPARK RESOURCES, PARKER DRILLING, PETROLEUM GEO SERVICES,
PRECISION DRILLING, R AND B FALCON, ROWAN CO, and SUPERIOR ENERGY
SERVICES. (Reuters 11:49 AM ET 06/26/98)
GM
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