Husky Energy Inc. cumulative redeemable preferred T.HSE.PR.B

RE:RE:results are not that bad, management is though

[mrbb]

And you label me as a spin doctor and a hypster of hse. How hypocritical. 
You have been singing the husky blues since your very first post in this forum. 
Every major oil operators have experienced major oil spills and refinery accidents, it is part of learning process and beefing up internal health/safe protocols. Btw, the sask oil spill was not due to design flaw or human error, the wet summer caused the river level to rise, causing ground to shift.  The Superior fire was due a valve failure. Even with the repair, it will still be cheaper and quicker than building a new refinery.  The backing out of meg deal saved husky buying it at $11, i don't call this a failure.  The collapse of differential was all due to Notley's production curtainment.  On the dividend, hse is second behind IMO on the lowest oil price required  to maintain flat production and cover dividend. Even CNQ, SU, CVE required higher oil price than husky to do that.  All your comments about husky were base on how hse executives move around and voice tone used in conference. Yah, very analytical. 

Scottie99 wrote: Looks like you paid close attention to how Peabody and his crew behaved during the conference call because they have tried not to give anything away that would put them on coalition course with LKS. So your take that they sounded like college guys, immature and without substance, was on the mark!

Bear in mind that Peabody was the COO for a very long time before 2015 and CEO after 2015 before Asim was given the boot. So he is in deep in the mess. Symonds was the SVP, WCP, the epicenter of the mess before 2015 and COO after 2015. So he is also deep in the mess. Jeff might not be before 2015 but when he was first made acting CFO after 2015 and then substantive CFO, he might also be aware of the mess. So you can understand why they sounded like college guys, they are likely sitting duck and cannot act or say anything of substance at all. So you are also on the mark that they are installed puppets like the hand-pciked Board by LKS.

Add to the series of recent pipeline failure, oil spills, safety infractions and the asscociated lawsuits coupled with the silence sorrounding the retail sale, the failed MEG acquisition and the associated sunk costs etc. etc. etc., you would wonder why Peabody and his crew have not been replaced with a new crew. There is a reason LKS is still keeping them in spite of the above and they understand this. So you cannot expect to act different and boldly after Peabody put up a show when the dividend was suspended and he was being barged by analysts on when it would be reinstated. You can imagine how he would have tried to assert his authority before the Board to reinstated the current paltry dividend.

So if the dividend is on the chopping block, I wonder how long Peabody would hang on if it is yanked. It is anyone bet that all hell would not break lose after that assuming all the skeletons in the cupbaord are not springing out before then. I don't agree about taking it private unless you are suggesting that LKS would sell. He would not buy to take it private and I doubt if he would sell to cash out. I might be wrong about selling but I am pretty certain he would not buy to take it private. If there was any indication he wants to take the company private, the Board would have started with share buyback. But why buy the cow when you can get the milk for free!

The Plot thickens....

 

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