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

To: Douglas V. Fant who wrote (42170)	4/14/1999 7:14:00 AM
From: Crimson Ghost	Read Replies (2) \| Respond to of 95453

Home - Yahoo! - Help Tuesday April 13, 4:12 pm Eastern Time Baker Hughes sees downturn this year, may cut more NEW ORLEANS, April 13 (Reuters) - Baker Hughes Inc. (NYSE:BHI - news), the world's third largest oil services concern, may make further job cuts this year if, as the company's chief executive predicted on Tuesday, there is a further decline in spending by oil companies. Max Lukens, who is also chairman and president of Houston-based Baker Hughes, said on Tuesday that he expects another 25 percent decline in drilling activity in 1999, despite a recent sharp rebound in oil prices. ''In the short-term, drilling activity will be a function of the low prices we have lived with for the last year,'' Lukens said in a presentation at the annual Howard Weil oil conference here. He said the company would decide its budget based on oil company spending and said of budget targets for this year, ''We will be where we need to be relative to drilling activity.'' Lukens had previously said he expects Baker Hughes revenues to decline this year by 10 percent or more. Revenues in 1998 rose by about 11 percent to $6.3 billion, but fell by 10 percent in the final three months of the year. Earnings for the whole year were down 13 percent at $527.5 million. Baker Hughes was affected by the worldwide oil slump last year, which resulted in sharp spending cuts by oil companies and the lowest use of oil rigs -- one of the main areas of business for oil service companies -- since the 1940s. Like many in the industry, Baker Hughes has followed with deep spending cuts of its own, which reduced its worforce sharply from a peak of 36,500 a year ago to 29,800 as of this month. Lukens said he expected to exceed the $135 million cost savings originally estimated to result from the company's $5.5 billion all-share takeover of rival Western Atlas last year. Overall, the company is on target to meet its projected reduction in costs this year of $600 million, on top of which Baker Hughes has cut capital spending for 1999 by $700 million, he said. Baker Hughes shares were up 50 cents at $24.1875 in early afternoon trading on the New York Stock Exchange Tuesday. Its shares have recovered from a low of $15.375 in December, having declined nearly 70 percent to that low over the previous two years. More Quotes and News: Baker Hughes Inc (NYSE:BHI - news) Related News Categories: maritime/shipbuilding, oil/energy, transportation, US Market News Help Questions or Comments?

To: Douglas V. Fant who wrote (42170)	4/14/1999 8:25:00 AM
From: Gary Burton	Read Replies (1) \| Respond to of 95453

O/T Doug-RMDY has $4.80ish in cash per yahoo. Last week's low was about 10 as i recall....ps check out JDAS at $6.25 no debt and 3.60ish in cash with insiders buying heavily in here. CEO bought 112,000 at 6.33 for eg.in early march and another 170,000 ish in the 6-8.50 area in just prior to that.