Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Thursday, April 13, 2006
Exxon/Chevron Stall Hebron Development
Oil is at nose bleed levels. Much oil is seriously suspected at an elephant find called Hebron off the coast of Newfoundland. The field is close to the US and is geopolitically safe. Exxon and Chevron have shelved development. Most view this as a commercial dispute over royalty levels. Local government wants as much as possible, naturally. Exxon & Chevron cannot come to terms with a small population base that elects a democratic government. Greed on both sides of course. Short term thinking by Exxon and Chevron is penalizing the shareholder and increasing reliance on unstable sources of oil. So much for security.