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

To: Big Dog who wrote (62002)	3/13/2000 9:20:00 PM
From: Brian P.	Respond to of 95453

<<RESEARCH ALERT - Occidental move seen boosting Key NEW YORK, March 13 (Reuters) - Southcoast Capital said Monday oilfield services analyst Robert Trace believes Occidental Petroleum's (NYSE: OXY) pending purchase of Altura Energy could add 5 cents per share to Key Energy's (NYSE: KEG) annual earnings. Occidental's purchase of the Permian Basin assets from BP Amoco and the Royal Dutch/Shell Group , announced last Wednesday, is expected to double Key's service rig count in the area to 70 from 35 over the next 12 months as the buyer boosts spending on well workovers. Trace sees Occidental spending $50 million between May and December compared to the $40 million Altura spent during all of 1999, adding he expects Occidental to spend $100 million a year for the next five years. He called Occidental's investment in California's Elk Hills field a proxy for its expected Permian Basin, noting there were no rigs in the field when Occidental purchased it in late 1996. Key is now operating 40 well service rigs there and Nabors Industries (AMEX: NBR) is operating 15 drilling rigs. >>