RE:$8 Million profit Q3
actually they had an operating loss of $25.809,000 for the quarter. they achieved the 8 mil gain by booking hedging gains (which looks to me like it is just added to what they already received in revenues for the quarter, about 39 mil for hedging and about 4 mil foreign exch gains brought it to from about a 26 mil loss to 8 mil gain)
from the statements
1 yr accts pay and accrued liab. $486,345,000
1-5 yr " " $830,681,000
they do have about 355mil in receivables to offset about 75% of the 1 yr payables
just started going over the statements.
so I have a question for motownwing and debeaude. you guys play with the numbers a lot. it looks to me like they are double dipping in some way to achieve this 8 mil profit. about 39 mil is added to the numbers in the income statement that are a result of the hedging and swaps. the price of brent from jul- sept averaged over $100 so the hedging had little effect accept for abit at the end of sept. so, are they forward booking gains on this hedge, it doesn't see to me that this was actually money in their pockets this past quarter. please enlighten me as to the error of my ways as I could be interpreting this all wrong???
https://www.nasdaq.com/markets/crude-oil-brent.aspx?timeframe=3m
not as bad a quarter as I had expected but they did show an operating loss which i did expect and predict.
cheers and gl ferret