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

To: ron peterson who wrote (19384)	4/16/1998 4:58:00 PM
From: JZGalt	Respond to of 95453

Ron, The ESV statements look like a cover your ass sort of thing. It would have been better if he would have buried it in the SEC documents where it would not be so easily extracted by news rovers. Reuters picked up the theme and repeated it without noting a word about the increased utilization rates or the earnings increases. BTW, he did say "could have a material impact", not "would have a material impact". That one letter makes all the difference in my book.

To: ron peterson who wrote (19384)	4/16/1998 5:03:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

I don't know. Anyone want to ask them? It could be they felt they needed to make public disclosure following the Simmons report and the barrage of phone calls they received as a result. If they said nothing, probably some strike suiter would have claimed they made a material omission. It is interesting that most of the water drillers took a significant hit today. DO took a hit of more than a point despite great earnings and a statement that most of the rest of the year is already covered. Maybe it was their comment that they might use their excess cash to acquire more rigs or another company, but that should be good news. Even RIG took a nice hit even though it won't be affected by jack-up rates in GOM. Or maybe it's the fact that I predicted a strong conclusion to the week -- I jinxed it. At least that is something I can control -- it won't happen again.