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

To: Redman who wrote (5750)	12/19/1997 4:52:00 PM
From: Ron Pratt	Respond to of 95453

OK, Glen and Greenman, this is what I think Hebner's response was. I think he said, 'Well, there is over capacity'. It was said in quite a rush and within a bit of a laugh by Ron Ensana, as if that was the standard rebut. Is that clear, cause I was a bit confused, also. Ron

To: Redman who wrote (5750)	12/19/1997 4:55:00 PM
From: Lois R	Respond to of 95453

To All Order Imbalances on NYSE BUY GLM 50,000 BUY HAL 81.800 BUY XON 72,000 BUY TX 300,000 Lois

To: Redman who wrote (5750)	12/19/1997 5:39:00 PM
From: dougjn	Respond to of 95453

I saw interview. Hebner said that drillers could go from strong profits to losses fast if price of crude kept falling due to Asian demand slowdown. It was a hurried discussion. It seemed pretty clear to me that he wasn't necessarily saying oil would fall enough for that, but that the risk was there. He also said that capacity was increasing rapidly. But that was not the focus of his concern. It was in response to Ron Ansana's rebutally that demand was greatly outstripping supply and rates were rising. Personally, I didn't take it as conviction on Hebner's part; rather he is avoiding because of the risk. Which is of course worth noting. Doug