You see SD.HK,LINe all swapping debt and improving there balance sheet. Where is PWE selling assets, swapping debt etc. Is this mangement team asleep at the wheel again. They missed the boat on the hedging
and now you see a lot of action in the energy patch as they fight for survival. You would think that they would be leading the charge with such a net asset level to the price of the stock. These guys just don't get it. If they think that they can avoid more pain they are crazy. Th way they are going they are going to violate there covenants if lower Oil prices stay low. You can cut o/h so much until there is no where to cut. They need to raise money and defer debt both at the same time. They have assets to sell so sell them. Better to take a hit
on land that is just laying there then having to deal with banks again down the road. The market is expecting some companires to bite the dirt and this is a good example of one that could. I just to not understand what kind of people we have running this company. They have been on the wrong side for 6 months. To make this thing fly they need to reduce to 500 million debt and then they will be in a good position for the future. They need to bite the bullet before it's too late.
It's hard to judge what is going to happen. I'm stuck in energy stocks way too much. My biggest holdomg are F, BAC and C. All three are undervalued for different reasons but I do see interest rates coming which will firm up the dollar more which is not good for Oil. I'm stcuk in SDRL which I sold off 60 % for tax loss, LINE, NGLS, PGH and PWE. Own way too much in all of these. PGH,PWE LINE are now like optiond.. We will see what we will see. I do believe that with rig counts down eventually Oil will rise but can these comoa ies hold out long enough.
According to Evans they have had some real interest in the properties that they are offering. But to tell you the truth after fooling around the 2q earn release and that 21 monute CC where he abruptly ended it , I wonder what is really going on. Yes Linberg dseems good and they need money to increase production but what I noticed is that they went from a 14% usuage of heavy Oil in 1qtr to a 47% usuage of heavy Oil for 2 qtr and there numbers were not all that good. I don't think he wanted to answer any questions from others and ended the call w/o answering many things. I am not sure I have confidence in this guy. Alsp sitting on 2 billion in debt is way too high for this company and dutoing 2 nd qtr when Oil prices firmed up h should have pulled the rigger on some sales but he didn't. He doesn't show leadership and also bothers me. He will fire many but has not taken a salary cut as a sign to show that with sales down and problems around them that he too would take a drop in slary just to show some kind of leqdership. I am not comfortable with this guy and I think what PGH needs is a more experienced person who knows what to do in these kinds of situations. Evans really has not shown a profit and now the tire meets the road.
She is not even close to being har father who had a much better sense of the market. She did this and that and where is the stock. If she was smart she would fire herself. She is terrible. At Davos, she was a non entity. Just a women who inherited her postion and not one people in the know would listen too. The stock is #$%$ and she has
help contribute to where it is today.
They need to execute and sell non core assets and raise that 600 million to lower debt. They also need to keep lowering overhead and most importantly Oil prices need to hold or go up and finally they may need the banks to adjust covenants. Big key right now is to raise money and pay down debt. They have a long way to go though.
Why does CNBC bother to have this clown on. He changes his mind weekly, most of the time he is wrong.
With the market value now under 400 million and still going south it's hard to believe mgt have said or done nothing that is pro active. This is the time for someone to come in and take them out even with the debt and break the company into pieces and down size with a lot less debt. You can see mgt reacts always too late to do anything and even a company like Arch Coal is selling more then PGH. Very bad management as they missed the boat on the hedges and also I'm afraid for the sale of assets. There timing is horrible for experienced Oil guys. They should resign and bring in someone who know s how to handle problem companies. These guys are taking this company to either BK or down to under .50 shortly. They have there heads in the ground and I am very surprised that they haven't announced anything. The BOD is just as bad as they should have forced changes two quarters ago.
After looking and then puking on PWE Evans should learn soemthing from where PWE is. He says there is a lot of interest in certain assets. Now would be the time to pull the trigger and come up with a sale to start to reduce the debt in this company. At least show some movement which he hasn't . Last quarter there was no debt reduction and he nneds to show some of his worth in action not his excuses. Where the heck is the BOD in this. PGH is at a critical juncture and if you leave it to Evans he will snk this company with indecision and the obvious lack of know how.
I think with everything going on in the Oil patch its time for Roberts to come thru with his word of selling non core assets to lower debt in this bad enviornment to instill some confidence in this company. He needs to pull the trigger on a major sale if he wnats to have any credabilty left. If it is true that they have real good assets for sale he needs to close on a deal NOW. Oil has the potential to drop to the thirties and he needs to counter that or
risk out right panic. Toda's stock action only shows that this company can go down to virtually nothing if he does nothing. It's all perception and if PWE has the great assets I have been hearing about a SALE is in order to reduce debt and keep reduing all the way down to a 500 million debt. Thre savings on interest alone will help. IN addition bring the div to 0 as one cent is meaningless. It's all about showing strengh not playing the games they have shown so far. In retrospect if he would have hedged earlier they wouldn't be on the cusp of going under. Also partnering with a third party to invest and buy back stock to the tune of 25-35% of the stock wouldn't be a bad idea either. Downsize is the answer now until things turn around which could take two years. This where we will see the good CEO's versus the B.S. CEO's. Being creative can save this company.
I was not talking about the last few weeks but 2nd qtr. Do you really think it was a good quarter considering Oil prices were up 10 dollars and 47% of their Oil production was in heavy Oil from Lindberg from 14% in the ifrst quarter. There was a 27 million writeoff of what? Do you know and they purposely jumped off the cc to avoid investors and analyts that wanted to ask questions that they had no answers for. They played games with when the earnings would come out by on the website and then off and then announcing a cc im early evening. They knew people were
gping to ask some hard questions and they just avoided it. They laid off a lot of people but they take a cut in pay in sympathy with the lay offs and stock price and more importantly the losses they are incurring. Next will be the dividend unless they sell off non core assets fast by the end of the next quarter. Yes lindberg was a home run and they need to build around that and work around that abd build from there. Evans since he becmae CEO has shown a profit when il was 100 per barrel. The guy if fired would be hard pressed to get a job like this with this money anywhere. We need real leadership and a real plan not a song and a dance. I know prices are down and yes a lot of companies like PWE are hurting but when you look at there statements they mirroe in a way PGH and they do not have a Lindberg or the hedges PGH has. You pay a CEO to perform not use excuses for three years when things were good until now. Poor planning and know how go a long way. This guy is an amateur and even worse when it comes to hard times. The only thing PGH has going for it is Lindberg and assorted wells. He needs to lower debt by 1 billion for startrers. No movement in the last 4 months and if he is gooing to sell assets it going to get worse then better because he has a lot more competiton from others who want to sell too,
Do you think that they ended the cc after 21 minutes becuase he know there was a wave of callers asking for a slary cut for him and the c-suite and his resignation if he cannot turn it around in the next quarter. Was surprised with the 2nd qtr as I thought it would be much better due to better Oil prices during 2nd qtr. They need to get real and cut salaries and bring in someone new as he has done nothing but fill us with excuses. No excuse for a lousy 2nd qtr with wti at halfway decent prices and heavy oil up to 47% versus 1st qtr 14% in boe.
Maybe so but they to keep going and sell ore . Would like to see another billion in sales to get the debt to a very low point and save on interest. Remember interest rates are going to go up over the next 9 months. If they can sell off more this qtr and next that is substantial the stock will take care of itself but it remains to be seen.
Don't get carried away. It's been a long timew since this stock went up. I would feel better if I saw at least three days in a row before I would yapping. Too many I don't knows with this stock.
They need to sell off a lot of assets meaning land and bring this debt down to levels they never had before. Whole new ball game now. The one thing they have are good assets and they need to make good use of them. Better to be smaller and profitable now with liquidity then rich in land with interest payments that will eventually strangle them. If they tip the scale on the covenants the land will not save them. Regarding salaries in the C-suite, it is common sense to lead by example. They have laid off a lot of people and yes in sympathy with where the company is now no options and salary reductions are in order. These canadian companies PGH and PWE
need to stop dreaming and they need strong leadership that will add liquidity to there balance sheets. So far
I haven't seen that from both PWE & PGH. I do believe we will see some sales of asserts this quarter but will it
That makes a lot of sense. Are you for real. The idea is for them to buckle down and claw to show a profit. They need to move fast and sell non core as per Evans a lot of interest so he needs to pull the trigger. He needs to in still confidence which he hasn't. The Lindberg is a home run but he needs to build around that as they have more potential by increasing production. Maybe they might have to give up on some decent wells to collect some
nice bucks and sometmes by taking two steps backward is really taking a step forward. They had a 27 million chge on there statement which I think is a one time charge. They are close to showing a profit but only if OIl comes back to where it was in the 2nd qtr. They need to be pro active. Standing still means they are going backwards. Eliminating the div would be a big mistake. Maybe to partner on part of Lindberg is another ave but I think to sell off some properties may turn out to be a g-d scent.
After seeing this earnings report and listening to the three questions that were asked before he cut short the 21 minute CC you have to wonder what this CEO is thinking and his competence. He had a great opportunity to come thru ONCE in very difficult times to show that this company can make a profit even during adverse conditions but he didn't. He didn't claw his way to proftabilty, take a salary cut in sympathy with what's going on and also cut salaries in the C-suite, been on top of it more to make sure they eked put a profit if only 1.00 to show that this company does have earnng power once the market turns. Now he is faced with completing the Lindberg down the road which will take money, selling off assets to lower debt, using the shelf registraion which used now would be a joke or maybe the answer would be to sell the company to someone who has the balance sheet and synergies to make this a vibrant division that can produce profits. I wonder what this BOD is thinking or are they
bloinded by greed and fees that they get. What do they see that nobody else sees. When someone is given a task and extended time and fails what does any prudent BID due. Citigrojp BOD laid down a mandate to Corbat and guess what he came thru or he was done. How much longer do you need to give someone who failed to meet the task. This earnings quarter was an opportuniy to show the world that PGH can make it and look at what happened and what was the shady way they handled media release and web site giving info on the earnings date and the 21 minute cc where he would not take questions after three people probably because he knew the really
tough questions qere coming up and he is a coward as he has run out of excuses. I am #$%$ off that this is allowed to happen.
More then insulting as it is obvious that Evans by his actions: Making us wait more then 2 hours for the numbers to come out after the close. Playing games with the web site -posting when the earnings would be out and then taking it off and then having a 5:30 AM Mtn Time conf call that was cut off by him after three questions that lasted a total of 21 minutes. He knows it was going to get critical especially about himself and didn't want to hear it. Bottom line if you match up Q1 to Q2 you can see that the numbers were not good considering the Lindberg field was included in Q2. This guy should resign or asked tot leave from the BOD. He has never made money for the company and in reality doesn't know how. He knew the stakes involved and should have made sure that they clawed there way to a profit this qluarter with Oil prices much higher then Q1. It wasn't the amount of profit but something that they can say shows that this company can earn money if things were semi normal. But it didn't happen because he is not capable of doing that. Even a salary cut in the C suite would have shown his commitment to finding every dollar toward making this company profitable but he didn't. He is full of excuses over the years but bottom line has not shown a profit when OIl was 100 or any time i have owned this stock. The shareholders need to get pro-active and start contacting directors etc to either have this company sold while it is still can fetch a price that is decent or move this guy out and bring in someone who is
more in tune 1-with wall street and has more business savy and will turn a profit not wating years and years and hearing the same bull over and over again. The numbers could have been better and I really thought this was going to be a turn around quarter for PGH but was a non event. He talks about 30 WTI as profitable but we
were over avg 55 per barrel this last quarter so why the loss. He just doesn't get it and neither does the BOD.
Really. She lowered it and has done nothing for shareholders since she over the helm. She is ineffective and clueless when it comes to moving this stock up. Her actions like failing the U.S. stress test twice shows how much emphasis she put into making sure that they passed this year. Yes she is well educated and spent time at Morgan and Santander UK but when it comes to running the parent she has been a total zero so far. I have no confidence in her at all as has had enough time to make things better which is reflected in the price of t he stock which she has not.
Came home late and after they made us wait for two before releasing after market closed and having a CC at 5:30 Mountain Time it is clear to me they do not want anyone to hear this CC. I compared the 1sr qtr to t he 2nd qtr knowing all to well that WTI was much higher in the second quarter, in addition the 1st quarter they paid 10 centsi n divs versus 6 cents in the 2nd quarter, production higher in 2nd qtr and Heavy Oil accounting for 47% of Oil sales in the 2nd qtr versus 14% in 1st quarter with a higher net back. When all the jumbling of the numbers is done the
lost money again and to add insult to injury FAILED to reduce debt. How in the world besides selling of assets is this company going to generate profits to pay down debt. Where do we as shareholders start to hold management
accountable. I realize that the Oil prices are bad but when they were good we still showed losses. Don't you think it is time for this CEO to resign lor the BOD to step in and replace him. The numbers speak for themselves no matter how they massage them. This quarter should have been light years ahead of 1st quarter with Lindberg numbers, much higher Oil prices, lower dividend, lower Cap ex. Ask your self this question : Did Evans take a salary cut or for that matter a yoe left in the C-suite. I have been quiet going along with everyone else but after
seeing this bunch of #$%$ for 2nd quarter I am not buying into it. What is it going to take for this CEO to show a real profit. You should all ask that question on the CC. I only hope I will be up by then to ask that question.