Not quite a wash. The ST production is about 300K a day, 27 million a quarter. So, to lose 40 drilling swiss cheese is not a wash, unfortunately. IMO, they should hold back just a little from these super deep (and expensive) wells for now. I am bracing myself for tomorrow. They have to do a better job controling their costs. Too many high risk, high potential wells in the portfolio for my taste. They need to be in there, but it seems that they have been doing too much medium to high risk stuff lately. Hence, continued erosion of the share price.
Guess that explains why there is a new VP of Engineering and Exploration. Looks like the thing to do is watch the departures and new hires to figure out what's up. Suddenly departed CFO = insider trading scandal. New Exploration VP = dry holes. Hope they don't get a new VP of weather research anytime in the next month or two.