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

To: marc chatman who wrote (16658)	3/26/1998 11:33:00 AM
From: Czechsinthemail	Respond to of 95453

3/25/98 Oryx Energy Trims Yearly Exploration, Expectation Levels DALLAS -(Dow Jones)- Oryx Energy Co. Wednesday reduced its 1998 exploration and development-investment plans by about 17% and reduced its 1998 expectations for production levels by 6% to 7%. The oil and gas company (ORX) reduced its 1998 program by $100 million, to about $500 million, to maintain debt levels in the $1.2 billion range, because of its lower crude price outlook. Oryx expects annual production growth of 7% to 8% in the long term and strong growth rates in the reserve base. The company said exploration projects, including deep-water Gulf of Mexico, Kazakhstan, Ecuador and Australia, won't be hurt by a reduction in 1998 spending levels. Oryx expects production levels of about 15.5 million equivalent barrels in the first quarter. The company expects production levels to grow at a strong rate this year to about 71 million to 72 million equivalent barrels. Volume forecasts are lower because of third-party production interruptions in the United Kingdom and Gulf of Mexico, lower than expected U.S. drilling results and performance issues at some U.S. field, as well as to the impact of capital reductions.