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

To: Amelia Carhartt who wrote (24205)	6/16/1998 9:10:00 AM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

some positive news.... NE & HLX At todays price levels, for those fortunate enough to have some cash - the buying opportuities are everywhere... However there are some more compelling stories than others... Morgan Keegan upgraded HLX from hold to strong buy on 6/10/98. HLX has held up fairly well through the recent selloff. Huge backlog with good diversification in both boats and rig fab work. NE seems to have more new deepwater rigs coming online, faster than other drillers. As noted many times FGII also doing much work for NE. Even with recent earnings downgrades they have 50% + EPS growth for 1999. IMHO they are looking as perhaps they best buy at these prices along with FLC from a ''value'' and "upside potential - on the rebound'' standpoint. ...link to Marine Log magazine site is a bit of optimistic news: on HLX & NE... marinelog.com

To: Amelia Carhartt who wrote (24205)	6/16/1998 9:21:00 AM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

Low oil price forces Russian exports down By Dmitry Zhdannikov MOSCOW, June 16 (Reuters) - Russian crude oil exports in April and May fell, Deputy Fuel and Energy Minister Yevgeny Morozov said on Tuesday -- a decline forced on exporters by a sharp price fall in world markets rather than a renewed policy committment. Asked at a news conference if Russia planned to cut exports or production, he replied: ''Russia has already cut its exports by three million tonnes in April and May.'' He did not give a comparative figure. The export reduction was equivalent to 360,000 barrels per day. Morozov gave no absolute figures for exports in the two month period. The fall in exports was not seen as the result of a policy decision to reduce exports or production in line with a number of other oil producing countries. Russian oil companies are finding it difficult to make a profit by exporting at current low prices, given high fixed tax rates and a government drive to step up tax collection. Producers, both members and non-members of the Organisation of the Petroleum Exporting Countries started production cuts in March on the initiative of Saudi Arabia, Venezuela and Mexico, with a view to boosting prices. Following these talks, Russian Deputy Prime Minister Boris Nemtsov said the government had agreed with major Russian oil exporters to cut exports by 61,000 bpd, or one percent of 1997 production, starting from the beginning of July. But observers noted that these cuts came from wells which had already been shut in as they were uneconomic for companies to operate, and so represented no additional sacrifice on Russia's part. Russia has not officially stated since then that it planned further cuts. Following a new initiative in June by the oil ministers of Saudi Arabia and Iran to secure further cuts from Middle East Gulf producers, Russia has remained silent on its plans. But Fuel and Energy Minister Sergei Generalov has made it clear he is opposed to formal export cuts. ''Personally, I am categorically against cuts as they will increase the threat of social tension,'' he told journalists last week. Asked if Russia would consider cutting output if asked to by OPEC, Generalov replied: ''If we get it (the proposal) we will examine it attentively.'' Russia will attend as an observer OPEC's June 24 meeting, at which output cuts in reaction to tumbling oil prices are expected to top the agenda. Morozov did not say who would represent Russia at the meeting. Russia exported 2.54 million bpd of oil in 1997, of which roughly 2.10 million bpd went to countries outside the Commonwealth of Independent States. --------------------------------------------------------------------------------