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: Bilberry who wrote (32707)	12/10/1998 2:35:00 PM
From: The Ox	Read Replies (1) of 95453

We'll see more of this. From MIND earnings out today: Mitcham's chairman and CEO said, ''The slowdown in oilfield activity, widely reported since last summer, is reflected in this quarter's results to a certain extent. As we move into our fourth quarter, conditions in our industry are continuing to deteriorate as oil and gas companies move to cut exploration spending in response to low oil prices. Land-based seismic activity has slowed, resulting in a sharp reduction in the overall demand for services and equipment.'' Mitcham added, ''In light of current industry conditions, we are assessing ways to reduce operating costs and otherwise manage our business in this period of weak demand.''

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