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

To: upanddown who wrote (52170)	9/30/1999 7:53:00 AM
From: Tomas	Read Replies (1) \| Respond to of 95453

Oil Patch earnings on the rebound - Houston Chronicle, September 30 Conoco, Anadarko tout results By MICHAEL DAVIS As oil prices briefly topped $25 a barrel Wednesday, there was growing evidence that energy companies will be reporting greatly improved profits ahead. Two of Houston's large energy companies, Conoco and Anadarko Petroleum Corp., both moved to get the jump on their third-quarter earnings reports, telling analysts that they will handily beat earnings estimates for the three month period ending today. With oil prices hovering near three-year highs and strong natural gas prices as well, investors should be prepared for more crowing by energy companies about much-improved third-quarter earnings. Irene Haas, energy analyst at Sanders Morris Mundy in Houston, recently has revised her outlook for most of the energy companies she follows and in almost every case the result was higher expected earnings. "It's going to be a good quarter, except possibly for people who have merged. That gets a little more murky," Haas said. The results will be particularly striking because most did so poorly in the third quarter of last year, when oil prices sank to around $14 a barrel. "I think a lot of companies are going to beat the estimates," said Adam Sieminski, oil analyst with Deutsche Bank Alex. Brown in Baltimore. "I would expect more announcements like these." Most energy companies that report on a calendar-year basis will be releasing third quarter earnings beginning in about two weeks. The driving force behind the improved earnings is higher oil prices. ... chron.com