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To: William JH who wrote (76142)	10/12/2000 11:55:24 AM
From: Terry D	Respond to of 95453

Trico Marine Services § ( TMAR $16 3/16 )-Attractive Price Target: $24 Raising 2001 EPS Estimate MarketCap: $582.8 Million Index: NASDAQ Composite, Russell 2000 Industry leader Tidewater is raising supply boat rates from $5,500 to $6,500 per day in the Gulf of Mexico. TMAR will match this increase in its term contracts commencing in early November. Our prior assumption for 2001 was that TMAR’ s 53 vessel Gulf of Mexico fleet would average $6,000 per day at 81% utilization. This assumes that Trico Marine would achieve close to 100% utilization of its actively marketed vessels and would continue to cold stack 10 vessels. We now assume that TMAR will achieve $6,500 as an average dayrate and 81% utilization in 2001. Raising the average Gulf of Mexico dayrate assumption from $6,000 to $6,500 gives us an increase of $0.15 per share in earnings for 2001. Thus, we raised our EPS estimate from $0.60 in 2001 to $0.75. Our 2002 EPS estimate, which assumes an average Gulf of Mexico dayrate of $7,200 and 93% utilization, remains at $1.70.The improving earnings and cash flow outlook for TMAR means it can deleverage rapidly without further sales of assets or an equity offering. We project TMAR should generate “free” cash flow of around $60 million in 2001 and $100 million in 2002. Applying these funds wholly to debt reduction would cut long-term debt, which stands at $330 million, by 50%. Debt reduction, in turn, should magnify the recovery in earnings. We continue to believe that our price target of $24 for TMAR is achievable in 2001. Bear Stearns: 12/00E ($0.57) from $(0.60); Q3 $(0.11) 12/01E $0.75 from $0.60 Consensus: 12/00E $(0.56); Q3 $(0.06) 12/01E $0.62 Consensus Rating: 1.9 (Last Updated 10/5 )

To: William JH who wrote (76142)	10/16/2000 8:09:59 PM
From: William JH	Read Replies (1) \| Respond to of 95453

An interesting technical pattern may be developing in serious laggard PXD. It made an intra-day 12 month high of 15 5/8 on 6/1/00, then backed off to 10 3/4. Made a second intra-day high on 9/20/00 of 16 1/16, currently at 13 7/8. Volume has been increasing over the past several weeks. If the price holds around here, the second pull back would be more shallow than the first. A third break above 16 could signal a much higher price, at least according to some methods of chart watching. On the FA side, they had a 10,000bopd hedge drop off on 6/1/00, leaving them 14% hedged on liquids in Q3 & Q4 2000, 7% in 2001. Half of their NG is hedged at $2.80 until year end, then 33% in 2001. Bad as their NG hedge is, their cash flow in Q2 was $1.12 per share. With the hedge coming off, and the higher prices, CFPS will be even stronger in Q3 & Q4. I've been long this stock since it was 5 1/2. It has lagged most other E & P's. Management seems to be sticking to the plan they outlined in the 1998 annual report, and I'm looking for much improvement from here. BWDIK?