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Strategies & Market Trends : Z Best Place to Talk Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Ron McKinnon who wrote (18105)	12/28/1998 11:50:00 AM
From: BarbaraT	Respond to of 53068

ONSL ... no insanity there. Wish there was. Only up 1/2. Perhaps this one is the next to go ...again.

To: Ron McKinnon who wrote (18105)	12/29/1998 12:51:00 AM
From: pz	Read Replies (1) \| Respond to of 53068

Chat Oils...Look out below... Monday December 28 9:12 PM ET Halliburton Sees Lowered Q4 Earnings, Job Cuts By Nicole Volpe NEW YORK (Reuters) - Halliburton Co. (NYSE:HAL - news), the world's top oil services provider, said Monday it expected to earn between 14 and 16 cents a share in the fourth quarter, well below Wall Street expectations of 36 cents, and said it would cut about 2.7 percent of its work force due to the impact of low crude oil prices. The Dallas-based company said its lowered earnings expectations included a pretax charge of $35 million for 2,750 job cuts in its Energy Services group and a $60 million pretax provision for project losses. In 1997, Halliburton posted fourth-quarter earnings of 56 cents per diluted share. The job cuts, representing about 2.7 percent of its current 100,000-strong work force, come amid the low crude oil pricing pressures that have hit the industry as a whole, a company spokesman said. The cuts are in addition to 8,100 layoffs the company said would result from redundancies after its acquisition in September of fellow oil services firm Dresser Industries Inc. A Halliburton spokesman attributed the lower oil prices to lowered world economic growth rates, which had reduced demand for petroleum products. ''This is affecting everybody in the petroleum industry worldwide,'' Halliburton spokesman Guy Marcus told Reuters. ''It is hard to predict where the bottom is. Our priority right now is to reduce the cost structures.'' He said no further job cuts were planned for workers outside the Energy Services division. Halliburton said a number of its customers, for whom the company is working on projects in the North Sea, North Africa and Latin America, had been hurt by low oil prices. ''As a result, these customers have restricted their capital spending and they have recently placed extraordinary pressure on the project claims resolution process and are now rejecting some of the company's claims for additional cost incurred by the company,'' Halliburton said. The same economic pressures had more dramatically affected some of the company's joint venture partners and major subcontractors in several of those projects, the company said. ''These pressures have become more acute in the 1998 fourth quarter and particularly affect contracts in the Brown & Root Energy Services business unit,'' the company said in a statement.