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

To: The Ox who wrote (34456)	1/7/1999 4:51:00 PM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

Michael, Riding WFT and RON too. I like the ideas posited here on GLBL and OII. By the way I believe that I can say this without violating any confidences. Our 1999 capital budget got whacked about 20% total- guess which part took only a 8% cut? Offshore deepwater. Onshore gas took no cuts at all, while onshore oil took a 50% cut. So Slider -Here is a little proof that companies are pulling back on oil projects yet pushing forward on gas projects... That has to affect total oil production rates moving forward. Like all things in the oil industry, it will move slowly in a wave, but that wave is building... Sincerely,