Some Detailed Questions on 2014 and Q1 2015I am noticing some interesting issues on the 2014 and Q1 2015 financials, and I want to know if anyone here has dug in enough to the filings to have explanations:
* There have been large working capital adjustments made 2012 2013 and 2014 that lowered operating cash flow a lot. Does anyone have any facts on the primary factors affecting those?
* I see a higher accrued tax on the balance sheet for these years, and I am wondering did they have a sudden tax increase from the Columbian government on production?
* Q4 2014 has some real strange entries:
- Other Operating Expenses balloons to $241M from a more typical number per quarter below $70M. What was that?
- Interest Expense for Q4 2014 balloons to $45M, which it is normally each quarter below $9M
* Q1 2015 had negative operating cash flow, which is pretty disturbing because they cannot finance any capex. I assume this reflected an oil price environment in Q1 2015 from low $40s to $52? Has the company said how much operating cash flow they can create with oil at $60? It should be pretty obvious that they are going to have to dramatically scale back their capex program, unless they want to take on debt (which I think would be a big mistake...they have always had financial discipline to limit capex to operating cash flow).
Any clarifications on any of the above are appreciated.