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

To: SJS who wrote (27672)	8/13/1998 9:45:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

Some details on Saudi and Venezuelan compliance: Caracas stocks end flat, but oil prices good omen Reuters Story - August 13, 1998 16:14 CARACAS, Aug 13 (Reuters) - Venezuelan shares prices closed broadly flat in slow trade, but firmer oil prices bode well for future sessions, traders said. ... World benchmark crude Brent for September delivery closed up $0.32 at $12.12 per barrel on news Saudi Arabia had made hefty cuts in export volumes in September. Analysts said Saudi's move brings the kingdom fully into compliance with its global pledges to choke output and boost flagging prices. Venezuelan Minister of Energy and Mines Erwin Arrieta said separately Thursday Venezuela was only 50,000 barrels per day (bpd) off its own 525,000 bpd promised cut. ... newsalert.com

To: SJS who wrote (27672)	8/13/1998 10:26:00 PM
From: cherrypitter	Read Replies (2) \| Respond to of 95453

To all: Risking redundancy, this off AOL board. Global Marine Says 1998 Profit to Fall Short of Estimates Houston, Aug. 13 (Bloomberg) -- Global Marine Inc. warned its 1998 earnings will be a little under expectations as oil prices, near 12-year-lows, push down the rental rates for some of its oil drilling rigs. Global Marine, a drilling contractor and the 10th largest oilfield-services company, said daily rates for its rigs that operate in water as deep as 350 feet have fallen from about $65,000 over the past two months to about $30,000. Robert Rose, chief executive of Global Marine, said the company is now talking with industry analysts to explain the rate change that has particularly affected rigs in the shallow waters of the Gulf of Mexico. He expects the analysts will revise their estimates. ''By the time we get there we'll meet the estimates, but they've got to come down,'' Rose said in an interview in his Houston office. ''Analysts have to realize how far day rates in the Gulf have fallen.'' Global Marine currently is expected to earn $1.59 a share for the year, the average estimate in a survey of analysts by First Call Corp. The year's earnings will only miss estimates by a small margin, Rose said, and Global could still post its second- highest earnings ever, after last year's $1.58 a share. ''We clearly aren't looking for any sort of a disastrous year,'' Rose said. Global Marine shares rose 1/8 to 13 1/8 in early trading. The shares have fallen 53 percent in the last year. Rose still remains one of the more optimistic oilfield- services executives about oil prices. He expects crude oil, which has been trading in the range of $13 to $14 a barrel recently, will return to about $19 next year if the U.S. winter is cold. The oil surplus, which has led to the lower prices, is a short-term situation, he said, because worldwide demand for oil is growing as the rate of production slows in existing fields. 10:06:26 08/13/199 <<<< Does Mr. Rose still have credibility? If so is encouraging news. Regards, Rich