Net sales of oil and gas were down from the previous year. Why? Dry holes and depletion rates. Take a close look at the results. Buying shares to prop up the share price while not having new significant assets? BOGUS!
So they did some well maintenance & since Brent was higher than last year - they were able to complete the well maintenance AND increase revenue. We all know that one of the liftings is being carried over to next Q AND they have an end of year lifting - so revenue next Q is going to be MUCH higher. $1.75 cents per share in cash. Two new platforms moving into position in a proven oil reserve during the first half of 2014 and plans to drill in proven fields next year. The share buybacks are being done with free cash flow. If I were the CEO, I would take the company private at some point. Take your lumps and go long. The company is going to defend their share price in the open market and that is a salient FACT that only a simpleton would ignore or fail to respect. CG