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

To: marc chatman who wrote (42728)	4/20/1999 8:28:00 AM
From: stan s.	Respond to of 95453

Continuing Oil Price Crisis Means Crude Oil Production Will Drop in 1999 and 2000 April 20, 1999 07:30 Jump to first matched term /ADVANCE FOR RELEASE AT 7:30 A.M., TUESDAY, APRIL 20/ IPAA Supply and Demand Committee Forecasts /ADVANCE/ NEW YORK, April 20 /PRNewswire/ -- Low oil prices mean that domestic crude oil production will continue its current downward trend in 1999 and 2000, the Supply and Demand Committee of the Independent Petroleum Association of America (IPAA) said in a forecast released today. The short-term (1999-2000) forecast, released here during IPAA's 1999 Oil and Gas Investment Symposium and Private Placement Seminar projected a 7.8 percent decline in crude oil production in 1999, to 5.75 million barrels a day, and a further 1.7 percent decline in 2000. This would represent the lowest domestic output in more than 50 years. The committee report said that the price crisis that began in late 1997 has continued into the first half of 1999, severely crimping oil producers' spending plans. "The committee believes that production decline will continue throughout all of 1999 and into 2000," the report said. "The production lost will not bounce back quickly." Natural gas production is also expected to decline 1.2 percent in 1999, to 18.75 trillion cubic feet (Tcf). The committee said natural gas has become a victim of the crude oil price crisis, with rotary rigs drilling for natural gas declining by a third. But gas production is expected to rebound by 1.3 percent in 2000. The Supply and Demand Committee forecast also said: * A strong economy and normal weather are expected to drive total U.S. energy consumption to 92.89 quadrillion BTUs (quads) in 1999, an increase of 2.8 percent, and to 94.20 quads in 2000, a jump of 1.4 percent. * Total domestic demand for petroleum products will increase by 1.9 percent in 1999, with economic growth offsetting the negative effects of the past year's weather. A further increase of 1.7 percent is expected in 2000. * Natural gas consumption in 1999 will increase 3.2 percent to 21.97 Tcf. Consumption in the residential and commercial sectors will show the most growth with increases of 6.7 percent and 5.5 percent respectively. Demand growth will continue into 2000, with a 2.1 percent increase expected. * Oil imports will increase 3.1 percent in 1999 and 3.2 percent in 2000. Imports are expected to make up over 57 percent of total petroleum demand in 2000. * After growing at double-digit rates annually between 1986 and 1995, total gas imports will increase by 2.7 percent in 1999 and 4.8 percent in 2000, to 3.4 Tcf. The IPAA Supply and Demand Committee forecast has been published since 1936. It is one of the most respected forecasts in the nation. The committee is the only group in the United States with representatives from all sectors of the industry who meet regularly to publish a consensus forecast. SOURCE Independent Petroleum Association of America /CONTACT: Paula Barnett, 212-841-6615, or Patrick Kelly, 202-857-4722, both of the IPAA/ /Web site: ipaa.org

To: marc chatman who wrote (42728)	4/20/1999 9:11:00 AM
From: marc chatman	Read Replies (2) \| Respond to of 95453

OS should move up some at the open. I see bidding up in several issues. But ESV is not exactly sending out positive vibes. Tuesday April 20, 8:42 am Eastern Time Ensco International Q1 Dil Shr $0.15 Vs $0.61 Tuesday April 20, 8:44 am Eastern Time Ensco Says Depressed Oil Prices Eroded Activity Levels and Day Rates Tuesday April 20, 8:46 am Eastern Time Ensco Expects 1999 to be Difficult Year for Oil Service Industry Ensco Says Expects Loss for 1999, Sees Results Deteriorating From Q1