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

To: Crimson Ghost who wrote (33202)	12/20/1998 10:21:00 AM
From: Captain James T. Kirk	Respond to of 95453

December 18, 7:38 pm Eastern Time Arco To Cut Capital Spending 25 Pct LOS ANGELES (AP) -- Atlantic (NYSE:ARC - news) Richfield Co. will trim capital spending by 25 percent to $2.7 billion during 1999 as part of a cost-cutting program forced by low crude oil prices. In scaling back, the company will focus its resources on key geographic regions, including Alaska's North Slope, the North Sea and Venezuela, the company announced Friday. The plan is subject to board approval, but reflects a general cost-cutting plan announced in October. That plan includes the elimination of about 900 jobs and closure of about 20 small offices worldwide. ''In light of current oil prices, we have taken a hard look at all of our projects,'' said Mike R. Bowlin, Arco's chairman and chief executive officer. ''We intend to pursue those that are key to our focus areas, and even in those areas, defer some projects that require a more positive market outlook.'' The company will spend about $2.3 billion on oil and gas field development and production. About $400 million will be spent on key construction projects, including completion of a polypropylene manufacturing plant at Arco's Los Angeles refinery and construction of new doubled-hulled oil tankers, according to a company news release. --------------------------------------------------------------------------------

To: Crimson Ghost who wrote (33202)	12/20/1998 10:22:00 AM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

7:17 pm Eastern Time Weekly Rig Count Down by 25 HOUSTON (AP) -- The number of oil and gas rigs operating nationwide dropped by 25 to 642 this week, Baker (NYSE:BHI - news) Hughes Inc. said Friday. Energy company officials said 1,019 rigs were operating in the United States during the same week last year. Of the rigs running this week, 489 were exploring for natural gas and 152 for oil. Houston-based Baker Hughes has kept track of the count since 1940. The tally peaked at 4,500 in December of 1981 during the oil boom. It dropped to a record low of 596 in the summer of 1993, exceeding the previous low of 663 in 1986. The rig count represents the number of rigs actively exploring for oil and natural gas. Of the major oil- and gas-producing states, both Texas and Louisiana dropped by 14 and Wyoming fell by two. California gained two more and Oklahoma added one. Alaska and New Mexico showed no change. --------------------------------------------------------------------------------