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

To: Czechsinthemail who wrote (15300)	3/18/1998 12:40:00 PM
From: Thean	Respond to of 95453

April crude at $13.78, still no word on the lease-sale. FGII is a sure frustration. RIG and DO holding up better than others.

To: Czechsinthemail who wrote (15300)	3/18/1998 12:40:00 PM
From: Teddy	Read Replies (2) \| Respond to of 95453

RESEARCH ALERT -Salomon Smith cuts driller/svc EPS NEW YORK, March 18 (Reuters) - Salomon Smith Barney has cut its 1998 earnings per share forecasts for oil drilling and service companies because of a sharp decline in oil prices, which may result in cuts in exploration and production spending. -- Analyst Geoff Kieburtz said in a research report that Salomon's survey of 1998 capital spending plans projected 11 percent year on year growth. The projection was posited on a 1998 average oil price of $19.00 per barrel for the benchmark West Texas Intermediate blend, but the blend was trading at $13.76 per barrel on Wednesday. -- ''Recent inputs from large oil companies indicates an increased likelihood of increased spending cuts,'' Kieburtz said. -- He estimated that exploration and production spending growth for 1998 could slow to six to seven percent and that, as a result, earnings growth for drilling and service companies could fall to 22-24 percent from a previous expectation of 30 percent this year. -- ''We believe that the stocks are attractively valued following our earnings reductions and we recommend purchasing shares on weakness,'' Kieburtz said. EPS 1998 COMPANY OLD NEW Baker Hughes(BHI - news) $2.10 $2.00 BJ Services (BJS - news) $2.10 $1.90 Camco Intl (CAM - news) $3.15 $2.95 Cooper Cameron(RON - news)$3.55 $3.40 Dresser $2.20 $2.20 EVI Inc [NYSE:EVI - news] $3.30 $3.05 Halliburton (HAL - news) $2.40 $2.30 Schlumberger (SLB - news) $3.35 $3.20 Smith Intl (SII - news) $3.35 $3.05 Weatherford (WII - news) $2.60 $2.40