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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Ronald J. Clark who wrote (46621)	6/18/1999 9:18:00 AM
From: ChanceIs	Respond to of 95453

Ron Clark - I think you are on the money. Pioneer leveraged itself to the hilt to buy Chauvco (sp?) just about the same time that Thailand started to go under and OPEC increased production. They have been badly strapped and I am guessing that they didn't have the cash to drill. I have noted in a number of instances that the high debt companies are starting to lag (e.g. PTEN vs PKD; TDW vs HMAR; RIG vs FLC; SGY vs PXD). In March, the rising tide floated all the boats equally. Now more discriminating investors are avoiding the high debt. If the phase lag continues or grows it could present an opportunity to rotate profits into the laggards.