there is a lot more for me to read and digest and of course the cc tomorrow, but at first read, very encouraging report:
1. net production in 3q huge upside beat , the williston is really cooking for them
2. huge beat in revenues, way above the consensus and far above the high estimate.
3 guiding to a large increase in pro forma production for 2014, even while revealing they plan to sell more non core assets.
4. guiding to a cap ex reduction for 2014 over 2013, even while the big production increase guidance. That is very significant .
The one time adjustments etc are not important. Floyd is getting it, he will right size the company and manage it properly going forward. That is the sense I was getting in the last presentation and is reinforced on the early read of this report.
Novice selling as a knee jerk reaction , let them do it. Of course the people saying $15 soon were ridiculous and are still ridiculous, but I see the format for turning this ship around. As I said, more to study and digest today and tomorrow, but the early read is very encouraging. Wanted to post this for benefit of my followers.