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

To: Razorbak who wrote (38628)	3/1/1999 11:33:00 PM
From: The Ox	Respond to of 95453

OT - hogs... From the Laughter thread - and you thought you were having a bad day: 5. Two animal rights protesters were protesting at the cruelty of > sending pigs to a slaughterhouse in Bonn. Suddenly the pigs, all two > thousand of them, escaped through a broken fence and stampeded, > trampling the two hapless protesters to death. > > And the capper....... > > 6. Iraqi terrorist, Khay Rahnajet, didn't pay enough postage on a > letter bomb. It came back with "return to sender" stamped on it. > Forgetting it was the bomb, he opened it and was blown to bits.

To: Razorbak who wrote (38628)	3/1/1999 11:36:00 PM
From: Elmo Gregory	Read Replies (1) \| Respond to of 95453

Comments anyone? Not too encouraging outlook for ESV. From ESV's 10-K ----snip---- By many accounts, current industry conditions are the worst that have been experienced since the mid-1980's. Concern over excess oil supplies, due in part to the economic slowdown in Southeast Asia, caused oil prices to plummet during 1998. As a result, oil companies have curtailed or deferred their exploration and development programs causing a decrease in demand for drilling rigs and marine vessels. As the demand for drilling rigs and marine vessels declines, day rates and utilization are adversely affected. The diametric change in industry conditions from the beginning of 1998 until the end of 1998 exemplifies the unpredictable nature of oil and natural gas prices and the external factors that can affect those prices. Although members of OPEC and some other oil and gas producers have attempted to reduce oil production levels, there can be no assurance that these efforts will reduce oil production levels or if or when these measures will increase oil prices. The Company currently expects that day rates and utilization levels for drilling rigs and marine transportation vessels will continue to deteriorate in 1999 as a result of current industry conditions and expected reductions in spending for exploration and development programs by oil companies in 1999. These reductions in day rates and utilization levels will have a significant adverse effect on the Company's revenues, operating income and net income. If current conditions persist throughout 1999, the Company anticipates it will incur a net loss for 1999. See "Outlook and Forward-Looking statements" for further information about how the current business environment is expected to impact the Company's future operations and financial results. ---snip--- sec.yahoo.com