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Parker Drilling Co. Message Board

  • Scoop_Du_Jour Scoop_Du_Jour May 14, 1999 12:52 PM Flag

    What is this with all these fires?

    Refineries busting their asses to get back up to
    100% capacity and by-passing safety controls or
    Thursday May 13, 7:52 pm Eastern Time
    Oil prices bounce
    on refinery fire, oil
    shares mixed By Gene

    NEW YORK, May 13 (Reuters) - Oil prices bounced
    after a fire struck a Texas refinery, but oil shares
    ended a mixed
    bag amid another record high on Wall
    Street, analysts said.

    On the New York Mercantile
    Exchange (NYMEX), oil for June
    delivery gained 46 cents
    at $18.03 a barrel, on news of a fire
    explosion at Coastal Corp.'s (CGP - news) refinery in
    Christi, raising concerns that gasoline and heating oil
    supplies may
    be disrupted.

    Coastal said 10
    people were injured in the incident. It said it shut
    units that make refined petroleum
    products at the
    refinery, which can process up to 100,000 barrels of oil a

    Some fresh buying and short-covering also helped
    prices along on the NYMEX. Bargain hunters
    came in as
    they found prices attractive after crude prices
    dropped nearly $1.00 a barrel in the past

    On Wall Street, oil majors Chevron Corp. (CHV -
    news) and Texaco Inc. (TX - news) finished
    lower as
    market talk about their possible merger ebbed. Chevron
    slipped $0.125 to $94.5625
    while Texaco also lost
    $0.125 at $69.125.

    Coastal, which said it did not
    know how long the fire-damaged units would be down,
    ended up
    $0.625 at $38.34.

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    • no knowledge on gibson iwnership.

    • Obviously that would be wonderful but completely out of the question and actually only a fool could possibly believe that!! Thanks for the enthusiasm any way--doest hurt to stay positive

    • non�sense \"nan-'sen(t)s, "nan(t)-sen(t)s\ noun

      1 a : words or language having no meaning or
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      b (1) : language,
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      (2) : an instance of absurd action
      2 a : things of
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      b : affected or
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      3 : genetic information consisting of one or more
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      synthesis � compare antisense, missense
      \'nan-"sen(t)-si-kel\ adjective
      non�sen�si�cal�ly \-k(e-)le\
      non�sen�si�cal�ness \-kel-nes\ noun

      (C)1996 Zane Publishing,
      Inc. and Merriam-Webster, Incorporated. All rights

    • Takeover is in the works, book it!!! A bidding war is liable to take place with NBR. PKD could go as high as $26.50 a share. Book It!!

    • As of today's closing price, that's about a 3
      dollar difference, or 19%. This is from the PESC
      profile, each PESC share is to receive 1.025 NBR share.
      Interestingly enough, Fisher Investments is the largest
      institutional holder of PESC (see Ken Fisher
      is a columnist at Forbes, a pretty good one, IMHO,
      at indicating the market's direction. Now, you Khan
      Brothers, don't go buying no 30 million shares before I can
      get in!


      Merger Agreement entered into on January 10, 1999 among
      the Company, Nabors and Merger Sub provides, subject
      to certain conditions set forth therein, that Merger
      Sub will be merged with and into the Company, with
      the Company continuing as the surviving corporation
      and a wholly owned subsidiary of Nabors. At the
      effective time of the Merger, each share of Pool Common
      Stock issued and outstanding (excluding any treasury
      shares held by the Company and shares held by Nabors or
      any of it subsidiaries), including the associated
      common stock purchase rights, if any, outstanding at the
      effective time of the Merger, will be converted into the
      right to receive 1.025 shares of Nabors Common Stock.
      The closing of the Merger is subject to certain
      conditions, including, among other things, approval by the
      holders of at least two-thirds of Pool Common Stock, the
      registration with the Securities and Exchange Commission of
      the shares of Nabors Common Stock to be issued in
      connection with the Merger and the expiration or termination
      of the applicable waiting period under the HSR Act.
      Pool and Nabors are currently responding to a second
      request for information from the Department of Justice in
      connection with their respective filings under the HSR Act.
      Subject to meeting the foregoing conditions, the Merger
      is expected to close during the third quarter of

    • Hey ! Hey ! Hey! What is this, you baiting the thread moron? Have YOU no self respect? Sheeesh!!

    • Shut me down on this if I am wrong but did or
      does'nt NBR have a stake in Gibson also?
      Was'nt Gibson
      bought out by (KEG)Key Energy?
      KEG has 1421 workover
      rigs,1131 oilfield trucks, and 74 Drilling Rigs.If NBR has
      their fingers in KEG's cookie jar, now thats a scary
      I used to work for NBR and every month they send
      out their monthly Co. flyer and every time I'd read
      it I'd learn about something new that they would
      have an intrest in.Pretty aggresive company! If they
      get under bid just buy the Bastards out and get em
      out of the way!(Or paint it blue and call it
      Correct Me on this one if I'm wrong!


    • Well, at that price, my guess as to the identity of the 2 interested companies would be:

      Key Energy Services and Key Energy Group. :o)

    • Doglegs, you are correct. A few minor
      points/additions. PESC has 33 drilling rigs (Alaska, S. America,
      Middle East). Approx 780 workover rigs worldwide (758 in
      US land ops). Approx 350 fluid hauling trucks. I
      think the last number I saw for NBR including Bayard
      and Pool (drilling rigs only) was approx 520, but
      that's from memory only and could be off. So let's say
      NBR now consists of 500 drilling rigs, 750 well
      service rigs. How's that for critical mass? People tend
      to downplay the workover rigs as assets, but it
      appears that wellservicing will be in full swing long
      before we get many of these drilling rigs back up and
      running. So the workover rigs could begin to contribute to
      NBR bottom line before the high dollar rigs do.

    • of PKD and am wondering if they can hold out
      until the 3rd quarter. 18 million in cash and
      630million in LT debt and losing money every quarter. Last
      year they had 200 million in cash. I have been
      accumulating over the past year.... I am done accumulating and
      would sell if I break even. Most founders who hand the
      business over to their baby boy many times stand back and
      watch the baby boy ruin the company. Why?

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