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: TRINDY who wrote (32333)	12/2/1998 1:33:00 AM
From: Douglas V. Fant	Read Replies (1) of 95453

Trindy, Mobil and Exxon will "meet halfway" on staffing issues. Indeed Exxon's International Oil Group will be moved from New Jersey to Houston, Texas. Also Exxon's Refining HQ in Syracuse New York will be shut down and moved to Mobil's HQ in Fairfax,Va. So both companies' employees will be somewhat affected by relocation. Total; job cuts will be 9,000 jobs out of 122,700 total workforce or about 7.3%- not too bad.. And yes you are correct- Saudi Arabia is playing hardball with other producers- aimed mainly at recalcitrant OPEC members, higher cost North Sea producers who never make production cutbacks, and at Venezuela and Mexico too..... And as to predictions that oil prices will stay low for years- don't count on it! Back in 1983 everyone was saying that oil prices would go up every year right into the millenia, ha, ha! Now everyone is saying that oil prices will be flat forever into the future. Just more of the same predictive overeaction that we saw in 1982-83, but this time on the downside.... But I do agree with you. Play the tech stocks for the time being since they lead the market both on the up and down side. ... Sincerely, Doug F.

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