ExMob merger makes oil services look bad to Wall Street

["Etchison, Michael" <etchison@puc.texas.gov>]

[without permission, from the _Street Life_ email list from Fortune.]
	OIL STOCKS.... Everyone got all moony-eyed over the Exxon/Mobil deal, 
but it threw a serious wrench into the rest of the oil sector. Now, oil 
service guys will have fewer customers and less pricing control. That's 
seems like a good reason for--ta-da!--Lehman to downgrade the whole 
darned sector.  And they did. Shall I list them? Diamond Offshore Drill, 
Schlumberger, Global Marine, Baker Hughes Inc., Carbo Ceramics, 
Transocean Offshore and UTI Energy, to name a few. Just like the rest of 
the gang, Schlumberger didn't like it.  Down $1 7/16, to $41 5/8. Of 
course, it didn't help that oil prices are still scraping the bottom at 
$10.38 per barrel. My advice: get outta Texas!

Michael E. Etchison
etchison@puc.texas.gov
[opinions mine, not the PUCT's]