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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 (46411)	6/14/1999 5:03:00 PM
From: ChanceIs	Respond to of 95453

Pioneer Natural Resources (PXD) going to 85% NG From Bloomberg: bloomberg.com The sale is part of a plan by the Irving, Texas-based company to cut US$500 million from its US$2.1 billion debt in the next two years, Pioneer vice-president Dennis Fagerstone said. The company acquired its Canadian properties when it bought Calgary, Alberta-based Chauvco Resources Inc. two years ago. ''When we're done, we'll have about 85 percent of our production in gas,'' I think that this may be too late for PXD. These boys have been hauling around a mountain of debt for two years. They picked exactly the wrong time to extend themselves to the max. It will be interesting to see how they do. They were supposed to be a Richard Rainwater bust to boom story, but now they are selling the store. I am glad to see the vote of confidence in the future of natural gas.

To: marc chatman who wrote (46411)	6/14/1999 5:10:00 PM
From: P.Prazeres	Read Replies (1) \| Respond to of 95453

Internet investors now know what it was like to be invested in the oil patch last year.... just go over and read the sentiment of any internet stock thread. it makes you think that you are reading an oil patch thread last year. Crazy how things happen. Paulo