2013 in Review
We lost more that 100 million dollars on currency exchange ending the year with over 800 million on the balance sheet.(We need a plan with proper risk management that includes currency risk, they will not hedge oil but they stupidly hedge currency to the point they had so much cash on the balance sheet they had to pay off 300 million in debt, )
I am guessing there is at least 50 million is financing fees associated with all this stupidness.
We ending the fouth quater with 11 dollar a barrel discount in SCO, which brought the yearly average discount for SCO to 1 dollar. It was all discounted in the fourth quater. (Marketing needs to be accountable for this as it has never happened to this extend in any other quater, approximately a 100 million dollar loss)
Average production was at the lowest level in a number of years. (What is the lead partner doing to fix this issue)
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Paying interest on the 800 million dollars on your balance sheet. (50 million dollars)
Stopping providing investers price with respect to SCO oil sales, is simply a move to cover up poor performance, clearly illustrated in the fourth quater selling crude at an average price discount of 11 dollars, with discounting levels up to 16 dollars?
I expect that management can take credit for a loss of at least 70 cents a share to the share holders or at least 250 million dollars and are directly accountable for the dismal performance of the stock.