Consider the following (summary) consolidated statements of cash flows from Pioneer Resource, Inc., for 1999 and 2000:

Consolidated Statements of Cash Flows Pioneer Resource, Inc.

For the years ending December 31, 2000 and 1999

(Dollars in Millions)

2000 1999 Cash flows from operating activities:

Net cash from operating activities $ 2,989.5 $3,125.7 Cash flows from investing activities:

Acquisitions of property, plant, and equipment $(2,454.0) (2,111.9)

Acquisitions of new companies (796.3) (65.4)

Other investing activities, net 125.8 (185.6)

Net cash from investing activities (3,124.5) (2,362.9)

Cash flows from financing activities:

Net change in short-term debt 818.4 17.5 Issuance of long-term debt 97.5 32.9 Retirements of long-term debt (102.3) (89.2)

Dividend payments (825.4) (776.4)

Repurchase of common stock (588.1) (807.2)

Other financing activities, net 205.3 895.7 Net cash from financing activities (394.6) (726.7)

Net increase (decrease) in cash and temporary investments