Yes and had the foresight in upgrading the rigs allowing them to demand higher day rates. They have added debt and gone neg FCF, but that is soon to change and debt will be reduced quickly, as they have in the past. This is a good management team. As to the author, if you need to ask such questions, you should not be investing.
Carlos simply does not know how to run an ongoing enterprise. When pricing goes down, he refuses to reduce his cost structure. Just complains about the market. If he can carve out 0.02 profit tomorrow and gives a forecast to remain profitable for 2014, without funny money write offs I will be impressed, if not, this will continue his losing ways. If that happens I agree with CK, should have sold.
PS added to GLF 44.55shs today and stalking ATW, if any interest in making some investments when you come in from the playground.
I can hold my own, O&G/Financials is my sectors. I own CHK @ mid 15ppe, SD in the 5pps BP 40pps basis GLF 39pps basis and today I finally started a position in TLM @ 10.09 after watching/waiting for the last few months. This is not my first time at the Rodeo.
Like it or not Tom and Aubrey pioneer most of today's drilling techniques. SD is going up, management needs a couple of quarters to execute.
Well this Moron opened a position today, 10.09, been watching for few months. To the author; anyone needing to beat their chest on a Yahoo message board means, you may live in the Caymans, but you must be part of the help and not the wealthy.
Explains how Devon and SD is succeeding, versus, Big Oil like Shell failed;
COLUMN-BP acknowledges U.S. shale is different: Kemp
8:59 AM ET, 03/05/2014 - Reuters
By John Kemp
LONDON, March 5 (Reuters) - Asking petroleum engineers and managers used to working offshore and on complex engineering megaprojects, the equivalent of building Ferraris, to start developing shale plays, the equivalent of building VW Golfs, was never going to work.
BP's decision to form a separate business to manage its onshore oil and gas assets in the U.S. Lower 48 states acknowledges shale production is more like a manufacturing process than traditional petroleum exploration.
Shifting onshore assets into a separate business unit could pave the way for an eventual sale if their financial performance does not improve, as the Financial Times explains ("BP creates new U.S. onshore oil and gas business" March 4).
The company's chief executive insisted the assets would "remain a critical part of BP's portfolio" though he admitted the reorganisation "creates optionality for us".
But focusing too much on the possibility of an eventual sale mischaracterises what the company is trying to achieve.
Production of oil and gas from shale formations is conceptually quite different from exploration and production from conventional oil fields.
The output is the same but the process and capabilities needed are not the same.
SHALE IS DIFFERENT
In the rest of the world, and even in offshore areas of the of the United States, BP has to negotiate for production rights with a single mineral owner, usually the government.
But onshore in the Lower 48 states BP must strike agreements with a plethora of private landowners.
Offshore, BP is hunting through large volumes of rock for a small number of very large oil and gas accumulations, and needs to a carefully target a small number of wells so that each will yield enormous quantities of petroleum.
In onshore shale plays, the oil and gas are much more wi
PS thanks for the thumbs down, the summary of the trade resulted in a 24 % gain for a 29 day hold and added a 1,000shs to my core holdings.