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To: Umunhum who wrote (61085)	2/29/2000 1:35:00 PM
From: Think4Yourself	Read Replies (3) \| Respond to of 95453

My notes from the con call say they are out of the NG hedges. I could be mistaken as I was writing furiously all through the call. Regarding the buyback, I agree there is a BIG difference between the announcement and the execution. A couple of points to keep in mind: 1. XTO has repeatedly stated that the felt their stock was tremendously undervalued. The stock is now LOWER than at those times. 2. In the buyback announcement they announced that they have completed the August 1998 buyback announcement. That shows execution commitment. 3. They have been doing EXACTLY what they told analysts they would be doing this year. This is actually the most important point to me as it establishes the credibility of management. I expect the buyback to be COMPLETED by the end of this quarter. Simpson (CEO) knows the power generation trend is changing the demand picture radically, and knows that a NG shortage is coming this summer, so it stands to reason that they will strike here at what will most certainly be the 52 week lows.