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February 16, 2016

This is a basket case and has been a disaster. They bought $20 billion of oil/gas assets right at the peak of the market. They levered up the balance sheet and the stock dropped 90% over a period of basically 4 years. Recently got re-permitted in Indonesia. Just sold off some of their copper assets. He could see this trading up around $10-$12 without much difficulty.

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This is a basket case and has been a disaster. They bought $20 billion of oil/gas assets right at the peak of the market. They levered up the balance sheet and the stock dropped 90% over a period of basically 4 years. Recently got re-permitted in Indonesia. Just sold off some of their copper assets. He could see this trading up around $10-$12 without much difficulty.