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: PashaBear who wrote (44363)	5/9/1999 1:52:00 PM
From: shust	Read Replies (1) of 95453

Schlumberger shrs seen returning to highs NEW YORK, May 9 (Reuters) - Shares of Schlumberger Ltd., the world's second largest oilfield services company, could return to their old highs in the low 90's now that oil prices are rebounding, Barron's reports in its May 10 edition. ''There's no reason to think Schlumberger can't get back on track for 20-30 percent growth, and its shares could go back to their old highs,'' Wayne Nordberg, vice chairmen of Keefe Bruyette & Woods Asset Management, told the financial weekly. The Houston-based company's shares closed down 56 cents at $62.63 Friday on the New York Stock Exchange. Its shares had reached the low 90s during 1997 when the operating environment was stronger, the weekly said. Barron's also said Schlumberger has about $4 billion in cash, but it said the company declined comment on its plans for spending the stash, if any.

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