Goldman Sachs Key Oil Services Research Changes (WFT, DO, SLB, BHI, DRC, BJS, DO)

Goldman Sachs is rolling its primary coverage responsibilities for oil services stocks to Charles Minervino from Arjun Murti and Daniel Boyd.  Murti is remaining the lead Oils analyst at Goldman Sachs; and Boyd will continue to co-cover the services sector and will maintain the lead coverage of drillers and OSV’s.  Below are some key coverage changes:

• Weatherford (WFT) is being ADDED to the CONVICTION BUY LIST.
• Schlumberger (SLB) raised to Buy from Neutral, $106 price target remains.
• Dresser Rand (DRC) raised to Neutral from Sell, target raised from $35 to $40.
• BJ Services (BJS) downgraded to Sell from Neutral, target cut from $26 down to $23.
• Baker Hughes (BHI) downgraded to Neutral from Buy, target cut from $96 to $90.
• Diamond Offshore (DO) REMOVED from the CONVICTION BUY LIST but maintained Buy with slight estimate decrease.

Jon C. Ogg
December 18, 2007