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Gold/Mining/Energy : PIONEER NATURAL RES. (PXD) -- Ignore unavailable to you. Want to Upgrade?

To: Noel who wrote (124)	12/4/1997 9:02:00 AM
From: K.Martin	Respond to of 233

I find it hard to believe that first call would put earnings for 98 at levels about 1/4 of what Parker Parsley earned alone. Parker Parsley, Mesa, and Chavco all had positive earnings, PXD restructed its debt which will reduce interest payments, they have also sold properties to pay down debt. There staffing is at or below the industry average, in fact I have seen adds in the DMN for tech. people. Based on these facts it appears that their expenses are well managed. One thing that I did notice was that E&P spending would be increased, but in oil and gas this is a positive. First call must be assuming some large restructuring charges due to the acqusitions or a very low oil and gas price for 98. I believe PXD will hit 50 long before it hit 25.