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

To: seadust who wrote (19663)	4/20/1998 11:51:00 AM
From: Challo Jeregy	Respond to of 95453

Does anyone have any earnings info on Core (CRLBF)? Report was due last Friday. No news yet. Was up 2 pts on Friday, was up @ open, then down, now unchanged. Thanx, challo

To: seadust who wrote (19663)	4/20/1998 2:47:00 PM
From: Teddy	Read Replies (2) \| Respond to of 95453

Good write up on SLoB's earnings in The Wall Street Urinal: Schlumberger's 1Q Net Up 35%, Despite Oil-Price Drop By Loren Fox NEW YORK (Dow Jones)--The world's largest oil-services company, Schlumberger Ltd. (SLB), reported Monday that its first-quarter earnings rose 35% despite dramatically lower oil prices. The news heartened investors who had worried that the drop in world oil prices would have severely hurt Schlumberger, which like other oil-service companies, depends on oil companies' spending. But the earnings underscored the strength of the fundamental demand for drilling, formation evaluation, pumping, and other oilfield services. The French-American company reported first-quarter earnings of $350.7 million, or 68 cents a diluted share. That was up from the $259.9 million, or 51 cents a diluted share, it earned a year earlier. Wall Street had expected earnings of 67 cents, according to First Call Corp. which tracks analysts' estimates. Schlumberger's total operating revenues rose 17% to $2.8 billion from last year. Although the bellwether oil-services company surpassed expectations by just one penny, the results were a relief after the fourth-quarter earnings report, which disappointed Wall Street and depressed oil-services stocks that day. "The most important thing about Schlumberger's earnings today (Monday) was that they met expectations," said Simmons & Co. analyst Daniel Pickering, who noted that a disappointment would have been a big negative for all oil-service stocks. Recently, shares of Schlumberger were down 5/16, or 0.4%, at 77 1/4 on the NYSE after having been as high as 79 1/4 earlier in the day. Observers said Schlumberger and other oil-service stocks were lifted by investors rotating into the relatively underperforming sector. "A lot of it is the absence of incremental bad news," said Schroder & Co. analyst James Stone. He said Schlumberger hadn't made cautious comments about oil prices and oil companies' spending plans. World oil prices slid by roughly 30% from October to March, due to production increases just as demand was damped by mild winter weather and the Southeast Asian economic crisis. But Schlumberger said its Oilfield Service division saw growth in Asia and Latin America. Oilfield Service operating revenue rose 20% to $2.07 billion, and service operating income rose 31% to $425 million. Growth was led by the company's fleet of deepwater drilling rigs, which enjoyed a 39% rise in revenue, as well as by wireline and testing, which evaluates underground geology from inside the well. Schlumberger, one of the industry's leaders in technology, said software revenues were up 49% while data management revenues rose 80%.