The only thing this executive team excels at is manipulating the image. They are very good at presenting the illusion of a vibrant midsize E&P company, at least to the stock market. Fancy office complex, presence in all the trendy basins, domestic/international, conventional/unconventional, bring fields on stream early and under budget, blah, blah. It sells really well to the analysts. But it's only skin deep, like a fresh coat of paint. Scratch the surface and it's rotten to the core. They spent billions jumping into the Marcellus and gas prices collapsed. They spent billions more ramping up the Niobrara only to get burned when oil prices collapsed. They greedily grabbed Rosetta because the analysts said the Eagle Ford was the place to be in a low oil price environment and got burned again. Their international operations are all in risky countries with fluctuating fiscal terms or worse. Their exploration program chases high risk prospects and calls them low risk. They over pull the producing wells to show the market how efficient they are and damage the fields. They over build their offices to present an image of substance. But there isn't any substance only illusions. Empty buildings, empty claims, empty heads.
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Disappointing, sad that there was so much money wasted building an image that truly was not necessary to be a successful company and true but I agree with unfortunate well written.
Well said it is "rotten to the core". Not only in financial terms as you have laid out... but it is a company with no real values in a human sense either. They say all of the right things but its just lip service. "Skin deep" is very appropriate.
Sad but true, well written
Pitiful. We can do better and make more money
Pitiful. We can do better and make more money