BJ Services Announces Fourth Quarter Preliminary Financial Results



    HOUSTON, Oct. 14 /CNW/ -- BJ Services Company (NYSE:   BJS; PCX; CBOE)
announced today that earnings for the fourth quarter of fiscal 2008, which
ended September 30, 2008, are expected to be between $0.55 and $0.57 per
diluted share, on revenues of approximately $1.53 billion.
    Fourth quarter results were negatively impacted by the hurricane season
in the Gulf of Mexico, as hurricanes Ike, Gustav and Edouard all affected
activity and operations along the Gulf Coast.  The Company incurred property
damage and repair costs of approximately one million dollars (pre-tax) related
to the storms during the quarter.  In addition, the Company estimates that
revenues were approximately $18 - 20 million lower than they otherwise would
have been, as many customer projects and jobs were delayed or canceled in the
wake of the storms. Preliminary results for the quarter also include a non-
cash goodwill impairment charge of $6.1 million ($0.02 per diluted share)
related to the Company's Russia operations.
    The Company and its external auditors are still in the process of
reviewing and evaluating the quarterly results.  Consequently, actual earnings
for the quarter could fall outside the range mentioned above.
    The Company will report final fourth quarter fiscal 2008 earnings on
Thursday, October 30, 2008 and will hold a conference call on that date at
9:00 Central Time to discuss the quarterly results.  To participate in the
conference call, please dial 913/312-1446, 10 minutes prior to the conference
call start time and give the conference code number 9688354.  If you are
unable to participate, the conference call will be available for playback
three hours after conclusion of the conference call.  The playback number is
713/457-0820 and the replay entry code is 9688354.  Playback will be available
for five days.  The conference call will also be available via real-time
webcast at http://www.bjservices.com.  Playback of the webcast will be
available following the conference call.
    This news release contains forward-looking statements that anticipate
future performance such as the Company's prospects, expected revenue, and
expenses and profits.  These forward-looking statements are based on
assumptions that may prove to be inaccurate, and they are subject to risks and
uncertainties that may cause actual results to differ materially from expected
results.  These risk factors include, without limitation, general global
business and economic conditions, drilling activity and rig count, pricing
volatility for oil and gas, reduction in demand for our services and products,
the extent of damage in the Gulf of Mexico during the 2008 hurricane season,
risks from operating hazards such as fire, explosion and oil spills,
unexpected litigation for which insurance and customer agreements do not
provide complete protection, potential adverse results from our SEC and DOJ
investigations, changes in exchange rates and declines in the U.S. dollar, and
risks associated with our international operations, including potential
instability and hostilities.  This list of risk factors is not intended to be
comprehensive.  More extensive information concerning risk factors may be
found in our public filings with the Securities and Exchange Commission.
    BJ Services Company is a leading provider of pressure pumping, well
completion, production enhancement and pipeline services to the petroleum
industry.
    
    (NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS)

    




For further information:

For further information: Jeff Smith of BJ Services Company,
+1-713-462-4239 Web Site: http://www.bjservices.com

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BJ SERVICES COMPANY

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