RE: RE: RE: RE: Proxy results...oldtimer The problem which has lingered since 2007 is Syncrude expended over $8.5billion on a 100,000 BOPD expansion ending I believe in 2006. Beyond the substantial cost overruns the production results peaked in 2007 at 305, 000 BOPD declining to between 280,000 and 289,000 BOPD for the next six years. Remember prior to the expansion in 2006 Syncrude produced 258,000 BOPD so we have realized about 1/3 of the 100,000 BOPD expansion addition. This is a big part of why the stock has suffered. It has resulted in obviously reduced cash flow as well as reduced confidence in management .
We need to understand what the issues are, the plan to fix them, and a realistic timeline. Once the company starts meeting and exceeding these targets confidence will be restored etc.
Clearlyy there are other factors that are adversely affecting the Company, environmental, pipeline capacity, and the US shale oil boom.
Hopefully by this summer production can begin to get back on track, the pipeline uncertainty will be successfully decided and the world economy, particularly the US will continue to strengthen. If that all happens oil prices should remain robust and COS will rise.