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

To: Terry D who wrote (58089)	1/7/2000 11:35:00 AM
From: Terry D	Respond to of 95453

MORE BEAR (the firm, not the animal) THINKING We see continuing evidence that confirms our view that the steady acceleration of demand for oilfield services will lead to capacity constraints by 2001. Our scenario is that 2000 will resemble 1996, when oilfield service companies experienced steady growth in demand and absorption of capacity, and that 2001 will resemble 1997, when demand exceeded supply, prices rose sharply, and oil service stocks were strong performers. At today's prices for oil and natural gas, the producers are experiencing a strong surge in cash flow which, history tells us, they are heavily inclined to spend on new exploration and production. Even the most conservative oil and gas producers will spend more, reflecting the surge in cash flow from higher oil prices. If oil price were to slip below the level of $18- $20, we could see the confidence of the producers undermined. We would still see a recovery in spending, but it would be less than the recovery we last saw 1996-97. This is the risk to our forecast for a return to the kind of ?sold out? conditions that prevailed in the oil service industry in 1997. We expect strong performance by the oil service stocks as evidence accumulates that the oilfield spending recovery is real and remains on track. Our stock picks for 2000 are Schlumberger, Baker Hughes, and National Oilwell (rated Buy). We also like Weatherford International (rated Attractive).

To: Terry D who wrote (58089)	1/7/2000 11:46:00 AM
From: Now Shes Blonde	Respond to of 95453

BJS to report 12/99 earnings in the range of $.21 .25 Friday January 7, 10:38 am Eastern Time Company Press Release SOURCE: BJ Services Company BJ Services Company Expects Earnings to Exceed Consensus Estimates HOUSTON, Jan. 7 /PRNewswire/ -- BJ Services Company (NYSE: BJS; CBOE) announced today that, due to a strong recovery in North American drilling activity, it expects its first fiscal quarter earnings to significantly exceed the Wall Street consensus estimate of $.15 per share. Revenues for the quarter ended December 31, 1999 were $354.4 million, a 20% increase compared to the same quarter last year. U.S. pressure pumping revenues increased by 37% while international pressure pumping revenues grew by 15%. The international increase was due to a strong recovery in Canadian activity along with revenues from the Fracmaster acquisition. As a result, the Company expects to report first fiscal quarter earnings in the range of $.21 -- .25 per share, significantly exceeding currently published analysts' estimates. The Company is scheduled to report earnings on January 25 and will hold a conference call following the earnings release. BJ Services Company is a leading provider of pressure pumping and other oilfield services to the petroleum industry. (NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS) SOURCE: BJ Services Company