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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (48361)	7/22/1999 7:04:00 PM
From: Douglas V. Fant	Respond to of 95453

George, For a second day in a row big oils dip a tremendous whipsaw move- selling off heavily in the morning then recovering most of the selloff by day's close- a rare day when energy stocks are day-traders' delights!

To: Crimson Ghost who wrote (48361)	7/22/1999 7:38:00 PM
From: upanddown	Read Replies (1) \| Respond to of 95453

OSX rally understandable when most earnings reports beat estimates cbs.marketwatch.com It is really surprising to me that most of the drillers and oil service companies remained profitable even at the bottom of the cycle. Doom-and-gloom media chatter would have had one believe that they were falling deeply into the red. A good example is NE. Revenues down substantially to 175M and they net 27M, a 15%+ net profit. Most businesses would die for those kind of margins. The oil bidness is a good bidness. The conventional wisdom that jackup operators would have to run their rigs below breakeven proved to be incorrect. GIFI is another example. Revenue down 40%+ and they still make decent profits. Picked up some OEI at the close today. That is one ambitious company growing very rapidly. NG currently 50 cents higher than their average price in the 2nd qtr and they don't appear to be hedged. Don't understand their decline today with such solid results. John