RE:It Was Looking Promisingbonjovi501 wrote: now back to $4.00 as oil stocks fall due to the virus spreading like clock work. Oil can not get a break and it is time for every oil company to pay down debt and buyback shares instead of growth. Enough is enough.........
They should have never had the debt they had to begin with. i said it over and over here why you shouldn't buy it and I was lambasted for it. but of course as human nature goes nobody listens Where is the SP now though?
But the good side is...I never bought this piece of garbage or any other AB energy co other than one and it was only on speculation that turned out to be correct.
Serial acquirers are not a business. They're storytellers with media and ibankers behind them. I warned that when the free flowing capital window closed...and it did....they'd all have to sell assets (at the worst possible time)...they did.... because they were not making enough cash to sustain themselves...still aren't. The latest "profit" was an accounting impairment reversal. I still see increasing debt and dilution. Where will the cash come from for the current portion of debt in the amount of 273.1MM? they have a whopping 4.4MM in cash on the balance sheet as of June 30/21...lol. More debt? can they get it? or will they sell assets to cover it claiming it as a victory? They certainly won't save that amount within 12 months hahaa
Turns out, I was right and will continue to be so. Had anyone simply looked at year after year of financials they'd have seen there was no cash in the cupboards....only on the credit card.