Sunday, March 27, 2011

Calling BS on Pacific Rubiales (

Setty does it again with a top post on Pacific Rubiales (, Colombia's biggest private oil company and purveyor of bullshit numbers to the market. You just have to read the whole thing over there cos there are dynamite facts and snippets all through the article, but here's a section to whet your appetite for the corporate Shenanigans as exposed.

"...reading through the last few weeks’ news, I don’t see anyone saying publicly the three things that were most completely screwed up about this situation. 

1. The company giving 220,000 barrels a day as their figure for year-end oil output as late as February, even though they should have known a month earlier that the number was fiction.
2. Board members front-ran the bad news with millions of dollars in stock sales, during a period when they should have known about the bad news to come.
3. Executives are refusing to buck up and accept responsibility for missing on oil output and reserves replacement.

So go read "Pacific Rubiales ( like Alange, but bigger" right now. Super Sunday fare and kudos to the Settydude.