This is a terrible companyI sold a portion of my shares of COS at $21.50 and the rest at $14.50. I was quite optimistic just like many of you are that production numbers will increase, capex will decrease, oil will rise in 2015 and onwards...etc. I gave this company 5 years and they have disappointed me every single year. COS is a company that invest relies heavily on old machinery. It keeps breaking down! If it's not coker then it is the sour water treater. There's just so many components that can go wrong and it is reflected on the monthly production numbers. Very often as a surprise. So what can management do about this? The 30 odd employees have no idea, but they are very good at faking that they know what they're doing in the media. Behind closed doors, all they can do is just pray that Imperial Oil, their outsourced company who run the entire operations, will do better and not screw them over. When your entire operations is subject to another company, who by the way is their competitor, there's a problem! There's conflict of interest and who knows, maybe it has been a scheme of Imperial Oil to take over COS all along.
Sell this company. I know it's difficult because of the low price but it doesn't make sense fundamentally. There's word that COS will cut dividends again so maybe it is a good price now before the cut.