RE:Excessive spending!If only it were that simple. They have to spend all that money for E & D to actually maintain the oil flow rate, not so much for sexy "exploration and development". That's at least how I underdstand it. So based on that it is a dog.
It's like buying an asset and then realizing that the upkeep is mammoth and wasn't put into the equation OR properly disclosed. I don't think even the most seasoned analysts are being truthful about this or haven't even questioned their E&D numbers. I'm talking about you "Eric Nuttall".