RE:Q3 ResultsI have been digging into these numbers a bit deeper and I see a similarity to the SU Q3 report , both companies have used "paper charges" to attenuate real earnings . In this political environment , its no surprise companies don't want to have to report records profits but when you get into the numbers , the quarter was impressive . MEG took a $98M "charge" for currency effect on debt and an additional $28M "charge" for depletion/depreciation above normal levels . When you add those two charges to the claimed earnings of $156M it equals $282M in earnings ($0.93/sh) which handily beats estimates .
We will have to see how the talkingheads interpret and rate the results but production did set a record and cost per barrel dropped . Outside of the camouflaged earnings , its hard to find any fault with this quarter .