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

To: excardog who wrote (87304)	2/15/2001 3:56:00 PM
From: excardog	Read Replies (1) \| Respond to of 95453

BHI CC pretty negative sportsfans. Keep on your toes. From CEO: `The outlook for North American gas-directed exploration and production spending remains strong,'' Baker Hughes chairman, president and chief executive officer Michael Wiley said in a statement. But he cautioned that ``future activity growth will be moderated by the capacity constraints of service companies and the availability of rigs and crews.'' That is an industrywide concern, thanks to the shortage of qualified oilfield workers and equipment brought on by an extended oilpatch turndown in 1997 and 1998. Wiley said Baker Hughes' customers announced spending increases for 2001 that were generally between 15 and 20 percent. But he was again cautious. ``A U.S. economic slowdown that broadens globally could impact demand, drive prices down and impact the international activity expansion,'' he told analysts Wednesday. Mutalibov said he expected Wall Street would revise the numbers down because of ``the negative tone of the call.'' One analyst said he was surprised the company looked upon the capacity shortage as a bearish indicator. ``They are painting the capacity constraints as a negative,'' said Hibernia Southcoast Capital analyst Robert Trace. ``But I think it is generally a positive because it creates a strong pricing mechanism.''