Ever since we missed the earnings last week, we have seen lower lows and lower highs. We need a catalyst like mgmt coming out with additional reassurance that the Permian is a huge oil field and Cramer was wrong to question our CEO. Cramer and Pappas have scared the buyers away
That is true, however, the stock was headed down many days before these comments were made. I think the problem is lack of independent confirmation of the oil quantity. Some say Core Labs is the confirmation. Core is paid by Pioneer. They work for Pioneer. This is not the independent confirmation that leads to confidence. I also wonder why Pioneer has so few rigs drilling if this is such a huge find. Apache is much more active without the touting by management. I have stepped aside, sold my shares, until the dust settles. If this is indeed a huge find, there will be many opportunities to make a good investment in the future years.
I've only heard that Core Labs is a solid reputable company. I tend to side with Core Labs opinion and not with Pappas. Unfortunately, raising the issue creates uncertainty and the share price has tumbled over 40 points. PXD needs to keep drilling and increasing oil production and that will counter people like Pappas and Cramer
Ummm, nice try.... but Core Labs would NOT be an $8 BILLION DOLLAR company if it consistently FAKED results for their oil exploration company clients who then invest $$$ in wells where Core Labs said there's lots of oil -- only to lose money.
You're FOS if you're trying to insinuate that Core Labs's data isn't independent and therefore unworthy -- and it's clear you ARE trying to insinuate that. You're just as slick as Jim Cramer.
Your post is as transparent as can be: It's clear you want to convince other people NOT to buy PXD (while posing as some sort of "charitable" soul).
This is a great PXD buying opportunity for those who understand that PXD sits on the second largest reserves in the world. Sure there will be opportunities to buy in the future, but most likely at higher prices.