Missing the big pictureEveryone seems to be missing the big picture.
The backout has turned BUK into a longer-term play rather than a supernova that would explode with cash flow, but quickly burn out. If they had received all of that cash this year, chances were good that they would be careless and waste a lot of it. Now that they have to be more prudent, we should get more value for our money.
As well, deferring production down the road will most likely have us receiving payback for the backout in a much higher-priced environment.
Of course the greedy "gimme it now" crowd is disappointed , but real investors are buying at these levels.