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To: Czechsinthemail who wrote (17314)	3/31/1998 12:44:00 PM
From: Captain James T. Kirk	Respond to of 95453

Taking it all in stride, OPEC has done what they needed to do. The market has now based us at the current levels, and the doubt of this sector has, for the most part, been diminished. From here, and with cyclical summer ahead, the price of this sector is poised to slowly increase. the rocket ride was from upper 12s to 16s. the next step is the slow climb to 19s-20s for early fall. Patience is key. Immediate gratification kills.

To: Czechsinthemail who wrote (17314)	3/31/1998 12:45:00 PM
From: RealMuLan	Respond to of 95453

FOCUS-OPEC vows to bury its cheating past Tuesday March 31, 11:35 am Eastern Time By Richard Mably VIENNA, March 31 (Reuters) - OPEC's burgeoning alliance with other petroleum producers puts supply restraint back in vogue but the wreckage of deals past means markets will take nothing for granted. The cartel's history of broken promises was at the forefront of traders' minds as they pondered the details of supply cuts announced by the Organisation of the Petroleum Exporting Countries to boost prices early on Tuesday. Saudi Oil Minister Ali al-Naimi insisted the world had seen the back of the old politically-divided OPEC and the birth of a new pragmatism. ''It is not a phoney message to the market. We are talking real,'' Naimi told Reuters. ''We are not talking politics any more in OPEC but business ... The market should focus on the transformation of attitudes, of producers' pragmatism.'' He said oil traders should judge OPEC in two months. OPEC's unprecedented pact with rival sellers to remove 1.5 million barrels a day (bpd) or just over two percent from glutted world markets should put a floor under oil prices this year. Welcomed at oil's top table, major exporters Norway and Mexico, lend weight to the agreement by leading the cuts pledged from outside the cartel. A fully-fledged recovery will depend on strict compliance with a set of supply allocations effective until year's end. ''The market is testing the credibility of the deal and every member's credibility,'' said Qatari Oil Minister Abdullah al-Attiyah. OPEC's performance will come under the microscope from a generation of oil traders familiar with habitual cheating by cartel members bent, for the most part, on pumping as much crude as possible. ''They've polished up the car but we don't yet know whether the engine's up to scratch,'' said Tosco Petroleum senior oil trader Scott Carter. The shock of $11 oil earlier this year, a 25-year low in real terms, should be enough to maintain OPEC's concentration. ''Our main objective in cutting down production is stability,'' said Kuwaiti Oil Minister Sheikh Saud Nasser Al-Sabah. ''I hope the market will realise there is credibility in these commitments.'' Dealers initially were in sceptical mood, costing OPEC dear in the first flush of the accord. Brent crude slumped a dollar a barrel in just 24 hours after it became clear OPEC would ratify no more than the 1.25 million bpd of cuts pledged in the wake of the surprise accord struck in Riyadh the week previous by Saudi Arabia, Venezuela and Mexico. ''The market wanted more but its biggest worry is that OPEC will go back to its old ways and the cuts won't stick,'' said a top executive at a state oil company watching from the sidelines in Vienna. Saudi Arabia, previously alone among world producers in shouldering the burden of supply restraint, is now joined by another dozen exporters. Venezuela, OPEC's biggest culprit when it came to mocking official output quotas, says it will keep a firm cap on supply for the rest of the year. Having rubbished OPEC's wayward quota system, Caracas was forced by the inexorable logic of the market away from the path of growing market share at any cost. It has now pledged to reduce supply by nearly six percent to 3.17 million bpd, compared to previous plans to grow output to some 3.6 million for the year -- a quota in all but name. In percentage terms its cut is almost twice that of Saudi Arabia's, a sure sign of a Venezuelan policy U-turn in only a matter of weeks after minister Erwin Arrieta pledged ''not even one barrel'' of output reduction.

To: Czechsinthemail who wrote (17314)	3/31/1998 12:50:00 PM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

A blast from the past (Take Notes!!): Mark S. Siegel, Chairman of UTI, said, "I am extremely proud of UTI's performance, having consistently and significantly improved over the past eight quarters. This steady improvement is reflective of the very talented and committed team that has been assembled at UTI at all levels of management and in the field. "Given the recent decline in the price of oil, we are pleased that UTI is not heavily dependent upon oil exploration for a major portion of its revenues. In fact, approximately 70 percent of our revenues and 80 percent of our operating income for the quarter came from our natural gas activities, and the price of natural gas has been less affected," Mr. Siegel said. Vaughn E. Drum, UTI's President, stated, "From an operational standpoint, we are continuing to focus on cost controls and maintaining our operating efficiencies. We are pleased with the way in which we have been able to integrate our recent acquisitions, and continue to benefit from our policy of retaining the original management of the companies that we acquire. When industry conditions are challenging, we believe local contacts and long-standing relationships can be critical." Mr. Siegel added, "Looking ahead, we believe that UTI is in a very strong position. We have approximately $52.0 million in cash, as a result of our public offering which was completed in October 1997, and believe that the current industry conditions are particularly favorable for our company because of our acquisition expertise and management skills." Commenting on the share repurchase program, Mr. Siegel said, "In addition to being accretive to earnings per share, the program underscores management's belief in the future of the Company and that the Company's stock represents an attractive investment. We remain committed to our strategic growth plan, and will continue to monitor the landscape for suitable acquisition candidates."