They are being too optimistics and is not willing to accept reality. When oil price was at 100, they did not hedge. Two times in the past 6 month, they have to revise the assumption and still did not get it right as of today. 2015 oil at 65? Canadian dollar at 1.15? In the past three month, they cut dividend two times and still want to keep it at 1 cent.
Robert might be a good engineer, but not a portfolio manager. As a CEO, we need a good portfolio manager.