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

To: RealMuLan who wrote (32045)	11/23/1998 4:02:00 PM
From: Crimson Ghost	Respond to of 95453

Chevron cutting deep water. Home - Yahoo! - Help [ Business \| US Market \| By Industry \| IPO \| AP \| S&P \| International \| PRNews \| BizWire ] Monday November 23, 3:29 pm Eastern Time Oil service shares hit as Chevron trims spending NEW YORK, Nov 23 (Reuters) - Oil service shares took another hit on Monday after an announcement late Friday that Chevron Corp. (NYSE:CHV - news) had already cut its deep water capital spending by $50-$100 million, due to low oil prices. By 1212 EST, the Philadelphia Oil Service Index was down more than three percent at 56.92 points. ''The Chevron news has put additional pressure on the oil service sector. The deepwater was supposed to be the last bastion of strength for the oil service sector,'' said Eugene Nowak, analyst at ABN AMRO Inc. Among leading oil service and drilling firms, Schlumberger Ltd. (NYSE:SLB - news) fell 1-9/16, or 3.04 percent, to 49-7/8. Nowak said he issued a ''negative trading advisory'' on the oil services and major oil sector. He cited talk that emerged late on Friday that Venezuelan oil output may be back up to pre-OPEC cut levels. ''If that is true, it is very bad news,'' he said. A source close to state oil company PDVSA said Venezuela was producing more than three million barrels of oil per day, increasing production because of political and budgetary pressures, More Quotes and News: Chevron Corp (NYSE:CHV - news) Schlumberger Ltd (NYSE:SLB - news) Related News Categories: US Market News Help Copyright © 1998 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments?