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

To: BigBull who wrote (48716)	8/2/1999 2:16:00 AM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

BigBull, Pioneer agrees with PDE's CEO: "Pioneer Increases 1999 Budget"- In today's Permian Basin Oil & Gas Report- "Despite significant first and second quarter losses Pioneer Natural Resources says it will nearly double its 1999 capital budget to take advantage of improved market conditions. Pioneer's 1999 capital budget will be expanded by $80mm bringing the total budget up to $180mm, and providing the company to expand and initiate projects in the Permian Basin, Argentina, and the Texas Panhandle. Scott Sheffield, Pioneer President and CEO said the second half increase was the result of stronger oil prices, a bullish outlook for natural gas prices, reduced debt and an improved cost structure..."