Well Spray&Wipe, I'm only a farmers daughter but I feel...

Well Spray&Wipe, I'm only a farmers daughter but I feel qualified to reply as a long suffering RFE and now BRK SH, supporter and follower of the sector.

The losses reported shouldn't come as a surprise to anyone who follows the US shale space. This is a recurring theme across the industry, including the large US listed guys that operate in this space. This is the shale drilling capital treadmill that I've heard David refer to many times during his presentations.

As I understand it, the BRK business model is deliberately designed to avoid this "treadmill".

On director and chair pay packets, again I've followed this closely. Your correct- the numbers you are quoting include "share based payments". As you would expect the cash numbers are substantially lower and inline with industry standards for the period. A bit more analysis would show that in both cases there was no gain realised from the share based payments. They went down with the RFE ship along with all the other holders. In the case of the chairman I recall there was also substantial on-market buying and no selling.

Anyway just my two cents.

I like what the team is doing now and always prefer to back a team that has experienced both the good times and the difficult times in an industry.

GLTAH