One thing I value about mgmt is their honesty (I value that in posters too but that's a different story). IMO TB has given a tremendous amount of credibility to the SSN transformation story (the acquisition, the sale of NS, the accounting "magic" behind the shareholder equity calculation that got NYSE off their back, and how important PDP Reserves are the to future of SSN given their indebtedness).
Couple of items of omission but I can understand why you would not put them into this type of presentation/conference.
TB focused on items that I kept pounding the table on (1P PDP Reserves, not PUD and certainly not 2P or Resources, Debt Metrics and Capital Efficiency and finally the rapid recycling of that capital). I posted honestly and always with supportive details. I appreciated the support given but now in all honesty I can say to those (few) constant accusers of downramping and hidden agendas, and borrowing a phrase TB used in the Webcast "to put it politely", I say to you if you are man enough you ought to be apologizing profusely.
There are a few challenges left (in the capital structure and in execution of the Foreman Butte plan) so I'm not a buyer of SSN shares, but for an asymmetric bet on risk/reward SSN could be considered.
GFTA.
SSN Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
