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

To: MetalTrader who wrote (65955)	5/10/2000 11:48:00 AM
From: Big Dog	Respond to of 95453

Lehman on PDE: * Pride's first quarter loss per share of $0.011 matched our estimate. As expected, Gulf of Mexico rig utilization improved sequentially in the quarter (to 67% from 52%) while the average day rate increased to $22,500 from $20,900. Platform rigs experienced modest improvement -- to 39% utilization from 29% -- with slightly higher day rates. Latin American rig utilization improved in Argentina (due to the workover rigs business) and in Venezuela from very depressed levels. * We expect a steady improvement in results throughout 2000. Higher jackup and platform rig utilization and day rates should be an important contributor to this. We also expect across the board improvement in Latin American rig utilization and day rates. Most notably here, the company signed contracts to put 11 rigs back to work in Venezuela. The newly constructed Pride Angola should be on day rate by the end of May while the Pride Brazil and Pride Carols Walter (26.4%-owned) should go on day rate in the fourth quarter. * We have raised our 2001 eps estimate to $0.90 from $0.55 to reflect higher utilization and day rates on the company's jackup fleet in the Gulf of Mexico; increased utilization and day rates on the Latin American land rig fleet; and a contribution from recently acquired Servicios Especiales San Antonio. BUSINESS DESCRIPTION: Pride's offshore fleet includes 2 utlra-deepwater drillships, 18 jackups, 3 semisubmersibles, 6 tender-assisted rigs, 3 barges, and 21 offshore platform rigs. Its land fleet consists of 238 rigs.

To: MetalTrader who wrote (65955)	5/10/2000 11:53:00 AM
From: Telemarker	Respond to of 95453

I see net income of $978K plus $21,087K of DD&A spread over 42,236K fully diluted shares. Lands me at $0.52/share. Perhaps I've missed something. Not sure why they only want to separately state the cash flow after change in working capital items (I confirmed with IR that this was the $4,084K shown in the release). Most other companies are able to separately state the cash flows from operating activities before changes in assets and liabilities. Kind of a shame, as this seems to me to be the best number in the report. Happy to receive any help anyone has to offer in interpreting these numbers. Regards.

To: MetalTrader who wrote (65955)	5/10/2000 11:53:00 AM
From: Telemarker	Read Replies (2) \| Respond to of 95453

I see net income of $978K plus $21,087K of DD&A spread over 42,236K fully diluted shares. Lands me at $0.52/share. Perhaps I've missed something. Not sure why they only want to separately state the cash flow after change in working capital items (I confirmed with IR that this was the $4,084K shown in the release). Most other companies are able to separately state teh cash flows from operating activities before changes in assets and liabilities. Kind of a shame, as this seems to me to be the best number in the report. Happy to receive any help anyone has to offer in interpreting these numbers. Regards.