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To: Larry S. who wrote (16193)9/8/1998 8:33:00 AM
From: tom pope  Read Replies (2) | Respond to of 53068
 
Larry, nice list. My only caveat would be that regional banks with credit card exposure may be vulnerable if the consumer is affected by any recession down the road. One of the pieces in Barron's this week mentioned this, including the point (how valid I don't know) that some credit card borrowers are effectively kiting - using new credit card offers to pay off balances where they are at the limit. Should banks start to rein in their marketing, this could turn out to be a house of cards.



To: Larry S. who wrote (16193)9/8/1998 7:10:00 PM
From: AnnaInVA  Respond to of 53068
 
Great list, Larry.
The banks look interesting now.

Thanks.



To: Larry S. who wrote (16193)9/8/1998 11:59:00 PM
From: pz  Respond to of 53068
 
Chat Oil Services Part 1

Larry had asked me for a list of oil service stocks so here goes...

I broke them down into groups starting with drillers.

DRILLERS- LAND
BDI
GW
NORT
PDS
PTEN
TBDI
UTI

DRILLERS- LAND & SHALLOW WATER
CDG
HP
NBR
PDE
PKD

DRILLERS- SHALLOW WATER
ESV
RDC

DRILLERS- SHALLOW & DEEP WATER
ATW
DO
FLC
GLM
MRL
NE
RIG
SDC

SERVICE COMPANIES
BHI
BJS
CXIPY
DI
EVI
HAL
IOC
RON
SESI
SII
SLB
TBI
VRC

PIPE SUPPLIERS/ MANUFACTURERS
LSS
MAVK

SEISMIC- LAND
MIND
SEI
TDGO

SEISMIC- WATER
BTJ (Supplier of offshore equip.)
VTS

FABRICATORS
FGII
GLBL
HLX
MDR
JRM
WG

BOATS- SUPPLY SHIPS, ETC.
CKH
GMRK
HMAR
TDW
TMAR




To: Larry S. who wrote (16193)9/9/1998 12:01:00 AM
From: pz  Respond to of 53068
 
Chat Oil Services Land Drillers Part 2

DRILLERS- LAND

Driller: Land
BDI- BAYARD DRILLING TECHNOLOGIES
72% Rig Utilization
73 deep drilling land rigs. Contract land drilling services. Acquisitions of land drilling companies, rigs, and components. Diesel electric SCR rigs, mud pumps, high horsepower drawworks. Midcontinent region Oklahoma.
biz.yahoo.com

GW- GREY WOLF INC.
62% Rig Utilization
127 Land rigs. U.S. , Venezuela, Argentina, Mexico, El Salvador, Guatemala. Largest fleet in Gulf Coast and South Texas. Second largest Ark-La-Tex. Equipment (sales, repair) Turnkey services.
biz.yahoo.com

NORT- NORTON DRILLING SERVICES
Is a holding company for its wholly-owned subsidiary, Norton Drilling, operating 15 oil and gas drilling rigs in TX, NM, UT, CO and WY.
biz.yahoo.com

PDS- PRECISION DRILLING
% Utilization?
100? Land Rigs Equipment Services oil and gas drilling. #1 equipment rental in Canada. #2 Gas compressor supplier. Well services.
biz.yahoo.com

PTEN- PATTERSON ENERGY, INC.
64% Utilization
114 Land rigs, Marketing of oil produced from Co.-operated wells. West Texas, New Mexico, South Texas.
biz.yahoo.com

TBDI- TMBR/SHARP DRILLING CO.
40% Utilization
17 Rigs, Engages in the domestic onshore contract drilling of oil and gas wells for major and independent oil and gas producers. TBDI also explores, develops and produces oil and natural gas.
biz.yahoo.com

UTI ENERGY CORP.
59% Utilization
109 Land Rigs (2,500 to 18,000 feet) Oil field supply. Pump repair. Appalachian, Anadarko, eastern U.S.
biz.yahoo.com




To: Larry S. who wrote (16193)9/9/1998 12:04:00 AM
From: pz  Respond to of 53068
 
Chat Oil Services- Drillers- Shallow & Land Part 3

DRILLERS- LAND AND SHALLOW WATER

CDG- CLIFFS DRILLING CO.
% Utilization?
14 Jack-up rigs 6 land rigs 6 mobile offshore production units (""MOPUs"") ( MOPUs are offshore production systems, usually converted jack-up rigs, from which the drilling equipment is removed and production equipment is installed, and, like jack-up rigs and other mobile drilling rigs, are moveable and re-usable). Texas Louisiana Gulf CoastVenezuela
biz.yahoo.com

HP- HELMERICH & PAYNE EXPLORATION
% Utilization?
67 land rigs, 9 platform rigs, Production, and sale of crude oil and natural gas. Contract drilling of oil and gas wells (U.S. Mexico, South America) . Real estate management. (Kansas, Louisiana, Oklahoma, TX)
biz.yahoo.com

NBR- NABORS INDUSTRIES
% Rig Utilization?
400 Land rigs Largest land driller. Offshore: 25 platform rigs, 6 jack up rigs, 2 barge rigs. Alaska(12) 48 states (240) Worldwide (70) Middle East, Far East, CIS, North and West Africa, South and Central America. Oilfield management, engineering, transportation, construction, maintenance, support services.
biz.yahoo.com

PDE- PRIDE PETROLEUM SVCS INC.
23 429 Land rigs (U.S.) 64 Land Rigs (International) 23 Platform rigs (Gulf of Mexico) 2 Barge rigs (Venezuela) Total 518 rigs world's 2nd largest. Services well, workover, contract drilling, completion and plugging and abandonment services, both on land and offshore.
biz.yahoo.com

PKD- PARKER DRILLING CO.
% Utilization?
U.S.: Land-15 rigs, Barge & Platform-33, U.S. GULF: Platform & Jack up- 10, EASTERN HEMISPHERE: Land- 26, Barge & Platform- 4, WESTERN HEMISPHERE: Land 30, Barge & Platform- 5. Remote Land Rig Services. Helicopter transport. Deep, Arctic, Geothermal drilling. Rig modification. Land contract drilling services. Difficult wells Remote locations. Deep gas wells (15,000 feet). Kinetic Designs pulse power generators. Welding forging heat treating. Asia/Pacific region, South America.
biz.yahoo.com



To: Larry S. who wrote (16193)9/9/1998 12:07:00 AM
From: pz  Respond to of 53068
 
Chat Oil Services- Drillers- Shallow/ Shallow-Deep Part 4

DRILLERS- SHALLOW WATER

ESV- ENSCO INTERNATIONAL
% Utilization?
36 Jack-up 10 Barge rigs 8 Platform rigs 35 support vessels (6 anchor-handling tugs, 23 supply vessels, and 8 minisupply vessels) ENSCO tech: Horizontal & performance drilling apps)
biz.yahoo.com

RDC- ROWAN COMPANIES, Inc. 20 Jack-ups (3 Heavy duty) 89 Helicopter 17 Planes Medicac, Forest fire, Oil & Gas. Constructs Jack-up rigs. LeTourneau steel mill. Aircraft services . Heavy equipment manufacturing plant. (Currently building 2 shallow water Gorilla rigs max depth 400ft)
biz.yahoo.com

DRILLERS- SHALLOW AND DEEP WATER

ATW- ATWOOD OCEANICS, INC.
% Utilization?
4 SemiSubmersibles 1 Jack up 1 Submersible 4 Platforms 1 Semisubmersible
tender assist vessel (temp drill placement) Contract drilling Exploratory Development oil and gas wells in
offshore areas (Australia, Guinea, Malaysia, Philippines, US) Related support, management and consulting services (labor supervision)
biz.yahoo.com

DO- DIAMOND OFFSHORE DRILLING INC
% Utilization?
30-Semisubmersibles 1-Drill Ship 15-Jack-up rigs 10 land rigs (South Texas) Gulf of Mexico (has 1/2 market share), North Sea, Middle East, West Africa, South America, Australia and Southeast Asia. Loews owns 52%.
biz.yahoo.com

FLC- R&B FALCON CORP.
% Utilization?
49-Drill Barges 6-Workover Barges 12-Drill Ships 9-Semisubmersibles 3-tender rigs 3-Submersibles 26-Jack-ups 2-Tenders Worlds largest fleet of marine- based drilling rigs. Merged with
R&Bates Deep water drillers. Towing & service
biz.yahoo.com

GLM- GLOBAL MARINE INC.
% Utilization?
2 Drill Ships 18 Jack-ups 6 Semisubmersibles 1 Concrete island. Services (turnkey). Gulf of Mexico, North Sea, West Africa, Arctic
biz.yahoo.com

MRL- MARINE DRILLING COS., INC.
% Utilization?
13 Jack-ups (4 independent leg jack-ups, 9 mat supported jack-ups). U.S. Gulf of Mexico(12) India(1) (Currently building 2 deep water Semis with contracts)
biz.yahoo.com

NE- NOBLE DRILLING CORP.
% Utilization?
32 Jack-ups, 8 Submersibles 4 Drill barges Drilling services, turnkey drilling services. Gulf of Mexico Venezuela Nigeria, Zaier, India. Labor contracts UK (16 rigs). 46 Land Rigs (Texas, Louisiana, Gulf Coast Alberta, Canada) (Interests in Land Rigs recently sold off)
biz.yahoo.com

RIG- TRANSOCEAN OFFSHORE INC.
% Utilization?
21 Semisubmersibles 4 Drill Ships, 6 Jack-ups, 1 Submersible Average Contract = 1.5 yrs NorthSea, Gulf of Mexico, Italy, Norway, Brazil, Suez. Technically demanding segments: deepwater, harsh environment, turnkey and integrated drilling services.
biz.yahoo.com

SDC- SANTA FE INTENATIONAL
% Utilization?
23 Jack-ups, 3 Semi-submersible, 28 Land rigs. Middle East, South America, North Africa. Services (incentive drilling, engineering, project management)
biz.yahoo.com






To: Larry S. who wrote (16193)9/9/1998 12:10:00 AM
From: pz  Respond to of 53068
 
Chat Oil Services- Service Co's/ Pipe Suppliers Part 5

SERVICE COMPANIES

BHI- BAKER-HUGHES, INC.
Oilfield products and services. Process products and services. Manufactures and sells non-oil related products. Rock drilling bits, vacuum filters, aeration equipment, belt presses, centrifuges, water treatment systems. International sales > 50%.

BJS- BJ SERVICES CO.
BJS provides pressure pumping and other oilfield services serving the petroleum industry worldwide. BJS's services include well stimulation, cementing, sand control and coiled tubing.
biz.yahoo.com

CXIPY- COFLEXIP FRENCH ENGINEERS, manufactures, and installs offshore flexible pipe and provides subsea oilfield services. Flexpipe alternative to rigid steel pipe for offshore transport of oil and gas. Engineered for more corrosive environments and provides greater insulation than steel pipe. Telecom cables, hydrolics. Deep water, ocean floors, and small, dispersed fields of oil. Installation, engineering, and project management. Asia Pacific and North America.

DI- DRESSER INDUSTRIES, INC.
Equipment. (Drill bits,Gas pumps, compressors, engines, gererators, motors, turbines) Engineering/ Construction Services. Drilling fluids Power generation Gas processing

EVI- ENERGY VENTURES
Inc. Equipment (oil and gas). 32 Manufacturing plants. (Argentina, Brazil, Canada, India, Mexico, Singapore, UK, US) Ttubular products (drill pipe etc.. for land or deep water). Production equipment. (lift & completion) Quit offshore drilling.

HAL- HALLIBURTON COMPANY
Energy engineering and construction services (for exploration,development and production of oil and natural gas). Engineering and Construction Services (land and marine). Brown & Root. International construction (highways, mills, refineries, plants).

IOC- ICO, INC.
Inspection, reconditioning and coating services( tubular goods and sucker rods) Finds and seals corrosion and leaks preventing shutdowns. Equipment supplies. Manufactures paints, inks, plastics.

RON- COOPER CAMERON CORP.
Equipment design, manufacture, marketing and service. Makes pressure control equipment (valves, engines, compressors, turbochargers, turbines, wellheads, chokes, blowout preventer ("BOPs") and assembles systems) for onshore, offshore and subsea application.

SESI- SUPERIOR ENERGY SERVICES
Oil-field products / services Gulf of Mexico. Superior Well Service and Dimensional Oilfield Services well-plug and abandonment services. Connection Technology microprocessor-based systems nondestructive testing of pipes. Oil Stop oil spill containment, inflatable booms. Ace Rental Tool rents tubulars, pressure-control equipment, tubular handling equipment. Baytron oil and gas drilling instrumentation and computerized rig data-acquisition systems monitors, displays, and records drill-site functions.

SII- SMITH INTERNATIONAL, INC.
Equipment & services for oil & gas wells. Manufacutes and markets technologically advanced drill bits, drilling & completion products. Makes drilling fluids. Diamond drill bits drill heads reentry tools. Mines barite and bentonite for bits.

SLB- SCHLUMBERGER LTD.
Services Petroleum. Drilling, oil well logging, measurement-while-drilling, manufactures computer aided design systems, electricity and gas meters, power transmission equipment and electronic payment systems, fuel-dispensing systems for gas stations, point of sale prymetn systems. Internet communications to energy industry.

TBI- TUBOSCOPE
World leading tubular inspection / coating services. Makes coiled tubular units, which uncoil flexible steel pipe into a well as it is drilled, and fiberglass tubes. Solids control / pumps fluid into a well to get drilling remnants to float. Inspects pipes for defects, damage, & flaws. In-service inspection of pipelines for oil, gas, and related products; designs and builds in-line inspection equipment for tubular goods. Performs storage-tank inspections.

VRC- VARCO INTERNATIONAL, INC.
Design, manufacture, sale and rental of drilling tools, equipment and integrated systems and rig instrumentation. Drilling equipment, drilling rig instrumentation, pressure control, motion compensation, solids control. Portable drilling systems. BJ Oil Tools. Rig wrenches, pipe handling tools, rotary, hoisting, guages, recorders.

SERVICE: PIPE SUPPLIERS/ MANUFACTURERS

LSS- LONE STAR TECHNOLOGIES, INC.
Oilfield products and services (casing, tubing, and line pipe) Specialty tubing. Flat rolled steel.

MAVK- MAVERICK
Manufactures electric resistance welded pipe for drilling and production applications and line pipe for surface handling and transportation of oil and natural gas.



To: Larry S. who wrote (16193)9/9/1998 12:12:00 AM
From: pz  Respond to of 53068
 
Chat Oil Services- Seismic-land & water/ Fabricators/ Boats Part 6

SERVICE: LAND SEISMIC

MIND- MITCHAM INDUSTRIES, INC. 3D seismic equipment Largest (lease & sale). Especially to land-based seismic data acquisition companies and major oil and gas exploration companies (North & South America) Company Sells channel boxes, geophones, earth vibrators, cables, monitors.

SEI- SEITEL, INC.
Land drill Service. Seismic data. 3D Geophysical technology Proprietary information-technology Working equity-interests of reserves. Provider natural gas.

TDGO- 3-D GEOPHYSICAL INC.
Service Land Drill Seismic data acquisition. U.S. and Mexico. Geoevaluaciones, Kemp (Texas, Arkansas, Louisiana, west coast), Northern Geophysical (Alaska, rocky Mountain, other US) Paragon Geophysical (Appalachian, Illinois, Michigan)

SERVICE: LAND AND WATER SEISMIC ACQUISITION/ PRODUCTS

BTJ- BOLT TECHNOLOGY
BTJ develops, manufactures, leases and sells geophysical equipment and provides geophysical data acquisition services for use in the exploration for oil and gas. Produces airguns for offshore seismic applications.
biz.yahoo.com

VTS- VERITAS DGC INC.
Seismic data analysis, processing & acquisition. Land & sea data gathering. 8 ships, 19 land crews, 20 processing centers worldwide. Seismic data library licenses

FABRICATORS

FGII- FRIEDE GOLDMAN, INC. Construction, conversion (of rigs & tankers), design (barges, submersible & semisubmersibles, jack ups), engineering, repair and retrofit services for offshore drilling rigs. HAM Marine subsidiary. Owns 3 ship yards. J.L. Halloway CEO (owns 51%).

GIFI: GULF ISLAND FABRICATORS
Is a fabricator of offshore drilling and production platforms and other specialized structures used in the development and production of offshore oil and gas reserves.
biz.yahoo.com

GLBL: GLOBAL INDUSTRIES
Services (wild well, fire-fighting, construction, diving ) Red Adair Company . Subsidiary Global Pipelines deepwater installation pipeline maintenance repair. Global Movable Offshore lifting services. Pelican Transportation (trucking).

HLX- HALTER MARINE
7th largest shipbuilder US. Largest for small and medium-sized oceangoing ships, barges, tugs, tow boats, drilling rigs. Specialized vessels - oil spill cleanup, high-speed naval patrols, oceanographic research, survey efforts. Ship conversion and repair services. 20 shipyards coast of Florida, Gulf of Mexico. US Navy > 40% of sales. Petroleum exploration and production companies.

MDR- MC DERMOTT INTERNATIONAL
Power Generation Systems Equipment Fossil-fuel / nuclear steam generating equipment Nuclear reactor components nuclear fuel assemblies for U. S. Navy Marine Construction Services (offshore drilling platforms and specialized structures)

JRM- J. RAY MC DERMOTT
Largest marine construction company in the world (with more than 50% of the market), designs, fabricates, transports, and installs platforms and pipelines for offshore oil and gas production. Although it operates worldwide, most of its current slate of projects are at deep-water sites in the Gulf of Mexico, including sections of Shell's record-depth Mars and Ram-Powell platforms. The company owns or has a stake in the world's largest fleet of marine equipment used in major offshore construction. It also has sophisticated diving equipment for underwater activities and owns or operates 6 fabrication facilities. It is roughly 50% owned by engineering company McDermott International

WG- WILLISBROS GROUP, INC.
Is one of the leading independent contractors serving the oil and gas industry, providing construction, engineering and other specialty oilfield-related services to industry and government entities worldwide.


BOATS

CKH- Seacor Smit, Inc. SEACOR SMIT, INC.
327 Vessels Offshore marine services. Transportation. Oil spill. Safety. Construction /maintenance. Seismic mapping. Well stimulation. Line handling. U.S. Gulf of Mexico, offshore West Africa, the North Sea, Far East, Latin America

GMRK- GULFMARK OFFSHORE
29 Vessels Highland Warrior Seawitch, provides supplies, towing, and emergency services for offshore oil rigs, North Sea Southeast Asia. Seismic and diving support. Serves major oil companies, including Shell, and independent rig operators. Indonesia, Malaysia (Thinly traded)

HMAR- HVIDE MARINE INC. 200 Vessels Marine support and transportation services U.S. domestic trade Third largest operator of supply and crew boats in the Gulf of Mexico. Sole provider in commercial tug services in Port Everglades and Port Canaveral, Florida, and a leading provider of such services in Mobile, Alabama.

TDW- TIDEWATER, INC. 850 Vessels Service Marine Drilling. Compression Products. Towing & anchor-handling mobile drilling rigs & equipment; transporting supplies & personnel, workover & production activities, supporting pipelaying. Co.'s compression division provides is being sold. Owns Shipyards for constuction and repair vessels.

TMAR- TRICO MARINE SERVICES
100 Vessels Transports workers, equipment, and supplies to sites in the US Gulf of Mexico(63%) N.Sea(34%), Brazil(3%). Supply boats, crew boats, lift boats (used to construct, remove, and service drilling platforms), and line-handling boats (for transferring oil from a platform to a tanker). Recently bought Saevik Supply ASA North Sea




To: Larry S. who wrote (16193)9/9/1998 12:38:00 AM
From: pz  Read Replies (3) | Respond to of 53068
 
Chat Oil Services- Overview

As has been said many times on the "Strictly Drilling and Oil Field Services" thread...."It's the price of oil stupid". This sector pretty well parallels the price of oil.

Just looking through this sector it's pretty obvious that things are not currently getting any better. Land drillers for instance continue to have problems. Just glancing through the utilization rates for the stocks I listed shows an average of around 60% utilization and that was last quarter and is probably optimistic. Reality for this group is probably around 50%. Pretty dang ugly.

The question is when will this sector start to pick up. In my opinion I don't see the land drillers picking up at all until the price of oil hits $18 and stays there for 6 months. So I'm not optimistic short term.

Just looking over these sub-sectors....the land drillers, shallow water drillers, pipe makers, and land seismic, earnings should continue to decline. Safest areas appear to be deepwater drillers, offshore seismic and possibly some of the service co's like HAL and SLB. HAL for instance is doing quite a bit of cutting. The best deepwater driller of course is RIG.

Quoting Mike Simmons of Drilling Bits he says, "As bad as driller stock prices are, they can go lower as the market looks to the future.
Recent oil price strength, and maybe to a lesser extent the horribly oversold technical position of the stocks, is the only thing moving the pices higher. There is no fundamental change for the better for utilization, day rates or future prospects".

Not a pretty outlook.......

So Larry...I'd set up a Yahoo portfolio for each subsector to see how each group moves. I plan on doing that also.

Best of luck with your investments.

Paul