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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (12468)	9/24/1998 12:33:00 PM
From: Kerm Yerman	Read Replies (3) \| Respond to of 15196

MARKET ACTIVITY / Yesterdays Summary Of Oil & Gas Issues In review of market activity yesterday, just about everything, plus the kitchen sink, was up. In just two days since I announced my portfolio deficit, 1/2 of that red number has been eliminated. The TSE Composite 300 closed up 3.3% or 192.40 to 6015.06 In comparison, the Oil & Gas Composite index was up 2.7%, or 145.55 to 5481.42. Among the sub-components, the Integrated Oil's finished up 2.3% or 174.34 to 7879.64; Oil & Gas Producers rose 2.9%, 139.51 to 4976.75 and even the battered Oil & Gas Services was up, rising 3.3%, or 47.60 to 1479.57. Amber Energy, Renassance Energy, Probe Exploration, Canadian Natural Resources, Petro-Canada, Berkley Petroleum, Northstar Energy, Poco Petroleum, Anderson Exploration, Talisman Energy, Canadian Occidental Petroleum and Rigel Energy represented the oils among the top 50 most active issues on the TSE. Talisman Energy continued its upward trend, rising $1.50 to $36.00, Alberta Energy $1.45 to $35.80, Ensign Resource Services $1.40 to $16.50, Northrock Resources $1.35 to 14.50, Shell Canada A $1.35 to $26.00 and Imperial Oil $1.25 to 22.85. Percentage gainers included Danoil Energy, Gulfstream Resources, Jet Energy, Courage Energy, Plains Energy Services, Northrock Resources, Ulster Petroleums, Pan East Petroleum, Ensign Resource Services and Bow Valley Energy. On the downside, IPSCO fell $1.20 to $28.20, CE Franklin $0.80 to $3.15, Computalog $0.40 to $9.85 and storm effected Chieftain International $0.30 to $26.85. Percentage losers included CE Franklin, TUSK Energy, Scorpion Energy, K2 Energy, Petrobank, Pendiares Petroleum and Alpine Oil Services. On the Alberta Stock Exchange, Raypath Resources, Velvet Exploration, Ridgeway Petroleum, Equatorial Energy, Ultra Petroleum and Continental Energy were among the top 25 most active issues.

To: Kerm Yerman who wrote (12468)	9/24/1998 1:18:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / Baker Hughes earnings warning BAKER HUGHES EXPECTS LOWER EARNINGS IN SEPTEMBER QUARTER HOUSTON, Sept. 24 /CNW/ -- Baker Hughes Incorporated (NYSE: BHI; PCX, EBS) announced today that it expects operating earnings per share for the quarter ending September 30, 1998, before any non-recurring charges, to be roughly half of the Street consensus of $0.36. Baker Hughes, which merged with Western Atlas Inc. on August 10, 1998, said continuing declines in activity in the Western Hemisphere, emerging softness in several Eastern Hemisphere markets and a modest level of price erosion due to activity declines are impacting the overall business. Additionally, specific to the September quarter, hurricane and tropical storm related delays in the Gulf of Mexico, as well as a one quarter overlap of corporate related expenses from the Western Atlas merger will also impact the quarter. As previously announced, Baker Hughes intends to take a merger and activity related charge in the September quarter. The company will cut over 2,000 jobs or approximately 6% of total headcount in the September quarter. These cuts are in addition to a 700 head count reduction taken in the June quarter. It is the company's intention to size its ongoing operations for an upstream E&P spending level in 1999 that could be down as much as 10% from 1998 levels. Forward-Looking Statements This news release contains ''forward-looking'' statements within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are indicated by words such as ''believe'', ''expects'', ''will'', ''intends'', ''intention'' and ''emerging''. See page 13 of the Joint Proxy Statement/Prospectus of Baker Hughes and Western Atlas describing factors, risks and uncertainties that relate to the forward-looking statements. Baker Hughes is a leading supplier of reservoir-centered products, services and systems to the worldwide oil and gas industry and is a leading supplier of separation technologies to the worldwide process industries. -30- For further information: Gary R. Flaharty of Baker Hughes, 713-439-8039 or gary.flaharty@bakerhughes.com