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

To: Lucretius who wrote (10382)	2/2/1998 6:34:00 PM
From: RAW	Respond to of 95453

New to the thread, Thought I would add this Australian research for what it's worth. ABARE: Oil prices to fall -------------------------------------------------------------------------------- Canberra - Tuesday - February 3: Oil prices are expected to fall slightly, ABARE predicted at its annual Outlook conference in Canberra today. "Average oil prices are forecast to fall slightly in 1998 and projected to remain around $US18.50 barrel (in 1998 dollars) for the period up to 2003," ABARE said. ABARE said: "OPEC is expected to maintain an official ceiling on crude oil production". However, the bureau said that above-quota supply by some members, notably those outside the Middle East, is forecast to continue while prices remain above $US17 barrel. ABARE also said increasing international competition in the supply of LNG and moves to offer buyers greater security of supply could further loosen the relationship between LNG prices and oil prices.

To: Lucretius who wrote (10382)	2/2/1998 6:52:00 PM
From: Bazmataz	Read Replies (2) \| Respond to of 95453

Murphy Oil sees Q1 pressured by low prices EL DORADO, Ark., Feb 2 (Reuters) - Murphy Oil Corp said Monday crude oil prices are ''distressingly low'' and will result in downward pressure on first quarter earnings. But the company said in a statement it has previously taken advantage of such conditions to acquire assets. ''Our balance sheet was built for these events, and we continue to be diligent in our efforts to capitalize should the appropriate opportunity arise,'' said Claiborne Deming, president and chief executive officer. Deming made his comments during a conference call last week. Murphy Oil is an integrated crude oil and natural gas company also in farming, timber and land management. Hmm. Oil prices ARE affecting earnings!! This looks bad... Again.. BC