did anyone see it around 9:00am. Talked about organic growth in production from 97,000 bbls (2012) to 112,000 bbl in 2013 & spend $1.35 Bln(compared to $1.2Bln. in 2012) which CEO called conservative. Doubling of reserves
I guess he calls includes acquisitions as organic growth. He also said that CPG will be bringing in less $$$/bbl next year than this because of expected price differentials (not being as beneficial). Also Frances mentioned that CPG will be transporting more oil by rail which is more expensive & asked if that was the reason for less $$/bbl. expected in 2013, but Saxberg says no that CPG will be moving more crude by rail in 2013 & garnering Brent crude pricing & making more $$$, but sharing some of the $$$ with the refiners.
Saxberg said overall that CPG will be making more $$$ by shipping by rail over pipeline, but this advantage is not included in the financial numbers when he is saying CPG is being more conservative in 2013.
We will see if CPG sticks to its capex. Should have had Frances make him promise not to make anymore acquisitions nor issue any more stock in 2013, but that would be like asking for the moon.