RE:RE:with the good earnings reportgood points and probably why it sold off later on... once the numbers got looked at a bit closer the little things that they try to hide inside the release come out... Sort of like an apple with a couple little worms in it. Looks nice and rosy on the outside and they polished it up nicely, but if you take a bite, you might end up finding something inside. I would suggest similar thoughts per MEG earnings. Hence the shares being where they are... not to mention oil pulling back and a lot of negative comments about where oil is going, ie OPEC increasing produciton by more than north american production is pulling back... who wants to ride BTE back to $2 after a triple? that would be idotic. Im break even, I think Im out... All the best everyone. I will have to change my name now to Bullishreits or something lol !!
d_trump wrote: The earnings were ok not great. Everyone here seems to think it was great that they posted a small profit. If you look at the income statement, you'll see that earnings were aided by a 50M deferred tax credit and an 87M foreign exchange gain, if you exclude those two items, they lost $140M. Regardless, the analysts could care less about EPS, they are more focussed on cash flow and whether they are generating enough cash flow to grow (or at least sustain production). BTE needs to spend about $500M in capex to sustain or modestly grow their production - this year they are spending half that, hence why their production is falling. So they need to generate $500 in annual cash flow - in Q1 they generated about $45M. As Norman pointed out earlier, the worst quarter is behind us and if prices stablize at $45 for Q2, BTE's cash flow will jump up by about $50M ($8 x 70,000 x 90 days). So that would get them to about $100M or $400M annualized.