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To: oilbabe who wrote (86381)	12/6/1999 7:32:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164684

Energy shares fail to match big crude oil gains NEW YORK, Dec 6 (Reuters) - While U.S. oil prices stampeded higher on concerns about Iraq's decision to keep a lock on crude exports, shares of energy companies failed to follow suit in a mixed stock market session on Monday. Crude oil for delivery in January climbed 85 cents to $26.66 a barrel in the U.S. futures market after Iraq rejected a short term extension by the United Nations Security Council of the oil-for-food deal. "What is a one-week extension? It does not mean anything. Iraq refuses this procedure," said oil minister Amir Mohammad Rasheed. "It is political blackmail and a joke and not efficient." Since Iraq Baghdad halted exports last month to protest a short extension to the program, arguing it needed a six-month rollover to plan properly, it has once more been at the center of the oil markets. And Baghdad's rejection of the latest Security Council proposal should keep it there for at least another week as its exports remain on hold. The program, which allows Iraq to sell $5.26 billion of oil over six months to buy food, medicine and other goods, is usually approved in six-month phases. The Organization of Petroleum Exporting Countries (OPEC) also kept itself in the limelight on Monday, as Saudi Oil Minister Ali al-Naimi said the cartel had no intention at the moment of relaxing its production cuts. But the bullishness of crude futures failed to carry over to energy companies on the New York Stock Exchange, where Chevron Corp. <CHV.N> finished just 1/16 higher at 91 and Texaco Inc. <TX.N> lost 1-1/4 to 58-15/16. Exxon Mobil Corp. <XOM.N>, the world's No. 1 publicly traded oil company, finished up 1-1/4 on the NYSE after signing a joint venture agreement for an interest in a Brazilian deepwater exploration block with state-controlled Petrobras. Shares of smaller exploration and production companies as well as oil service companies did not fare as well on Wall Street. Indeed, the Standard & Poor's oil and gas index, which tracks companies such as Apache Corp. <APA.N> and Burlington Resources <BR.N>, lost 1.96 points to finish at 52.40. Oil service and drilling companies also suffered losses on Thursday, with industry leaders Halliburton Co <HAL.N> and Schlumberger Ltd <SLB.N> losing 1-3/8 to 37-01 and 1-13/16 to 58-3/16 respectively. But Frost Securities analyst Lewis Krepps said in a research note to clients on Monday that the sector should be poised for strong gains next year. "The year 2000 is still shaping up to be a strong year, particularly for the diversified service companies, offshore and land drillers, and supply boat companies," Krepps said. "Therefore, we recommend investors add to their positions in service stocks before the end of the year." REUTERS Rtr 17:30 12-06-99