new high impact, page-3

Most of those brokers with their "hotlines to management" maintained buy rating as the share price halved in value so in answer to your question. Yes, they can be wrong.

On the other question about how I calculated costs per barrel it was indeed looking at all costs minus equipment costs over a period where all they did was replace their production (i.e. production at the beginning was equal to production at the end) so reasonably accounts for capital costs as well as operating costs. More details in the earlier post.