Re: A Question for CULL Investors!
posted on
Sep 16, 2009 11:45AM
Brian:
You can't compare Petrina with CULL as they're two different types of companies. Petrina has both domestic and foreign light oil operations as well as tar sands and operates as a combined operation.CULL has domestic light crude and tar sands. The only way you could make the comparison was if PDP was still part of CULL, which it is not.
Cutting production was the right decision to make at the time. It would have been insane to keep pumping at a loss when you've got no sales and little if any storage capabilities. Hindsight is 20/20..I'm willing to bet that had they not cut production and oil was now trading at low W's as it was then, you'd be screaming at management for not cutting production.
Instead of looking for ways to condemn management for decisions that some don't approve of, why don't we give them BIG KUDOS for keeping both companies from going bankrupt in extremely tough economic times.
Sometimes you gotta do what you gotta do to stay alive.