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

To: hdrjr who wrote (53078)	10/15/1999 3:16:00 PM
From: oilbabe	Read Replies (2) \| Respond to of 95453

Third-quarter results sink oil stocks Oil service index plunges as oil service firms report By Myra P. Saefong, CBS MarketWatch Last Update: 2:58 PM ET Oct 15, 1999 Movers & Shakers NEW YORK (CBS.MW) -- The oil service index slipped almost 4 percent Friday after several oil service companies reported a decline in third-quarter revenue due to a drop in rig utilization and average day rates, a remnant of recent weak oil prices. The Philadelphia Oil Service Index ($OSX: news, msgs) sank 3.5 percent to 69.78. Shares of Global Industries Ltd. (GLBL: news, msgs) fell 1/2, or 6.7 percent to 7; Smith International Inc. (SII: news, msgs) dropped 2 1/8, or 5.6 percent, to 35 13/16 and Noble Drilling Corp. (RDC: news, msgs) lost 1 1/8 to 23 3/8. Both Global Marine (GLM: news, msgs) and Rowan Companies (RDC: news, msgs) reported their third-quarter results this week, along with a big decline in revenue compared to last year. On Thursday, Global Marine met Wall Street's average estimate at 8 cents per share, or $13.8 million in profits for the quarter, but reported a decline in revenue to $169 million from $272 million a year earlier. A 22 percent drop in average rig utilization rates and an $18,500 decrease in average rig day rates were major causes in the lower revenue figure. See full story. The stock fell 3/4 to 15 3/4. On Wednesday, drilling contractor Rowan Companies beat average analyst estimates by a penny, earning $601,000, or 1 cent per share during its third-quarter. Revenue, however, fell to $119.9 million from $183.3 million a year ago as average day rates and utilization slipped 34 percent and 13 percent, respectively, below year-ago levels. See full story. Shares fell 3/8 to 14 1/2. The Philadelphia Oil Service Index On the New York Mercantile Exchange, November crude slipped 26 cents to $22.19 a barrel, despite a plunge in last week's crude oil supplies. See Futures Movers. More losses in the oil services were noted in shares of Halliburton Co. (HAL: news, msgs), which sank 1 1/2 to 35 1/4; Nabors Industries' (NBR: news, msgs) dropped 15/16 to 22 1/8; and Tidewater Inc. (TDW: news, msgs) lost 1 1/16 to 25 1/2.