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

To: Thean who wrote (4785)	12/10/1997 11:02:00 PM
From: John Carpenter	Respond to of 95453

CHV's capital spending budget should increase at the rate of 5 to 10% per annum during the next 4-5 years(very consistent with the 6% plus range scenario articulated by TX)

To: Thean who wrote (4785)	12/10/1997 11:05:00 PM
From: Big Dog	Read Replies (3) \| Respond to of 95453

Downstream is generally refining and distribution. Upstream is generally e&p. Let's don't read too much in this, just beware as Thean points out, that if CNBC boys start spewing this it could cause a problem. 'Cause I guarantee you they won't understand it. Hell, we don't even really understand it and we are much smarter than they! TX will replace reserves where they can get them the cheapest. If that is Wall Street then that's where they will do it. If buying reserves gets too expensive they will poke more holes.