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

To: The Ox who wrote (69098)	7/3/2000 12:01:29 PM
From: The Ox	Respond to of 95453

slb.com Saudis Talk of Pumping More Oil By Faiza Saleh Ambah DUBAI, United Arab Emirates, July 2 (AP) - Saudi Arabia is talking to other producers about pumping more oil in the next few weeks in a bid to bring down prices now at about $30 a barrel, a Saudi oil official said Sunday.

To: The Ox who wrote (69098)	7/3/2000 12:11:09 PM
From: Think4Yourself	Read Replies (2) \| Respond to of 95453

I have become less and less enamored with the drillers in the past few weeks. There is a clear and growing trend to take on increasing debt which counterbalances their improving earnings. Are they struggling to survive or are they about to go on an aggressive buildout? It can be argued that capital is cheap now but if market conditions continue to improve for them capital will still be cheap (or cheaper) won't it? The timing disturbs me. Perhaps they are concerned OPEC will begin cheating which could put many of them out of business due to a sudden collapse in rates? I want to see their earnings and suspect we may see a much better buying opportunity next month. If not I still have my EnP's, which are raking in the cash.