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

To: DNaber who wrote (11265)	2/10/1998 8:39:00 PM
From: Susan Saline	Read Replies (1) \| Respond to of 95453

UTI Had my eye on it all day, waiting for an entry point. Not a go today Trading range has been tight now for 2 consecutive days, possibly diminished volatility signifying a slowed/stopped trend to the downside. Strong close, another good signal. Looking for early entry point in the a.m. Sue

To: DNaber who wrote (11265)	2/10/1998 9:14:00 PM
From: debra vogt	Read Replies (1) \| Respond to of 95453

Tuesday February 10, 6:53 pm Eastern Time Company Press Release SOURCE: Standard & Poor's CreditWire Pioneer Natural Resources Ratings Affirmed; S&P Outlook to Stable NEW YORK, Feb. 10 /PRNewswire/ -- Standard & Poor's today affirmed its triple-'B'-minus senior debt and corporate credit ratings on Pioneer Natural Resources Co. Standard & Poor's also affirmed its double-'B'-plus subordinated debt rating on Mesa Operating Co., guaranteed by Pioneer Natural Resources Co. The outlook is revised to stable from positive. I believe that Moody's downgrade their debt today. But R. Rainwater is the force behind this stock and he seems to be a moneymaker. This follows the company's announced write-down for impaired assets, divestiture program, corporate restructuring, and increased stock repurchase program. The company announced today that it has taken an $863 million after- tax write-down for impaired assets, which has resulted in a significant reduction in the company's equity base. Also, the company will sell non- strategic fields representing 10%-12% of reserves and 15% of cash flows. The asset sales are expected to generate proceeds of $375 million-$550 million, a portion of which is to be used for debt reduction. In addition, the company will reduce the number of operating units from eight to five which, combined with the divestitures, should reduce lease operating and administrative expenses by 12%. Finally, Pioneer has increased its share repurchase program from $100 million to $200 million and a portion of the proceeds of asset sales are to be used to buy back company stock. While the asset write-down causes a significant deterioration in the company's balance sheet, other restructuring actions and asset sales will serve to improve operating profits and reduce the company's heavy debt burden. Still, the increased share repurchase program highlights management's shareholder focus and reduces the likelihood of an upgrade. OUTLOOK: STABLE Recent acquisitions have served to bolster the company's business position by doubling its reserve base and increasing its geographic diversity. However, debt leverage remains aggressive, particularly in light of the recent write-down and increased share repurchase program. -- CreditWire SOURCE: Standard & Poor's CreditWire --------------------------------------------------------------------------------