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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 (70383)	8/3/2000 8:08:47 AM
From: Terry D	Respond to of 95453

- At an analyst meeting in New York yesterday, ExxonMobil emphasized its strategy focusing on "profitable" growth while maintaining capital discipline. For oil service investors, this note highlights some key points of interest. - After declining slightly this year, XOM's upstream capital spending should ramp up meaningfully next year. See Table below for details. - However, the company is targeting to reduce drilling costs by 20% by 1) optimizing rig utilization 2) improving contracting for rigs and drilling services and 3) applying best practices and proprietary technologies. - We are comfortable with our global E&P capital spending growth forecasts for 2000 and 2001. Maintaining our OVERWEIGHT stance on the Oil Service/Drilling sector.