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

To: Platter who wrote (35929)	1/27/1999 12:22:00 PM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

Platter, Recognize what's going on here looking at McDermott's earnings. As I noted about thre weeks ago, everyone is busily cleaning up balance sheets and adjusting workforces in the energy indsutry here in late 1998 and early 1999. That is we are preparing to survive lower oil prices. We may not make huge profits, but we will not wither and die either. McDermotts report today reflects that fact IMO as doing decently earnings- wise on declining revenues. And look for more consolidations to occur too. So at $12.50/bbl oil things won't roll off a cliff. But when oil prices improve and gasmarkets tighten, the upturn with thes leaner companies should be quite brisk.... Sincerely, Doug F.