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

To: Platter who wrote (38911)	3/4/1999 1:40:00 PM
From: Gary Burton	Read Replies (1) \| Respond to of 95453

Day 1 of DLJ Energy Conf--spending declines deepening furthur...production declines starting to become more apparent (we believe they are being optimistic in how modest these declines will be)...Fears of Saudi upstream opening unfounded in HAL/SLB's opinion (DLJ believes the expectation of SA opening it up have been a key tenet for the oil price bear case)....OSX companies prepared for tough times but also looking at opportunities (HAL wants to broaden its array of services--maybe that;s why PGO is up so much-maybe in seismic or compresion mfg or offshore drilling)... record attendance reflecting high latent equity interest...HLX close to new credit pact...we think MDR wants to buy JRM but interlocking ownership is creating liability and fiduciary issues