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We may well be disappointed with G’s performance since 7th November but, in the grand scheme of things, G is currently no better or worse than its peers when viewed over the 13 months since OP last peaked at $86: https://invst.ly/oui6g .
Indeed, it has still done rather better than them since early in the month: https://invst.ly/oui8k
GKP has also been dropping whilst OP has been lifting.

Apologies - ignore the previous post, which was a duff edit:

Interesting article on Sightline.Org about Accounting Tricks that fool investors into underestimating a company’s worth. Used extensively by US Shale companies, apparently, but surely not limited to that group. Worth a read:
THE FRACKING DEPRECIATION DODGE
Accounting tricks hide fracking’s biggest secret: it’s a money-loser.
https://www.sightline.org/2019/02/11/fracking-financial-depreciation-dodge/
Snippets from the article:
It may sound preposterous that a company can spend more cash than it brings in, piling up massive debts in the process, while still describing itself as profitable.
…….. a close analysis shows that frackers use a variety of accounting tricks to distract investors from the fundamental weakness of their business models. ….
Unit-of-production depreciation is ripe for gaming. A company that overestimates its wells’ lifetime production will likely understate its annual depreciation expenses.
“Despite their cash losses, many shale-focused companies tell investors that they are actually healthy, profitable enterprises…...these are not just rogue wildcat operators who are cooking their books to fool naïve investors. They’re large, publicly traded companies that comply with widely accepted accounting standards and operate under the scrutiny of the Securities and Exchange Commission (SEC).
For oil or gas wells accountants typically use the ‘unit-of-production’ method to calculate depreciation…...Unit-of-production depreciation is ripe for gaming. A company that overestimates its wells’ lifetime production will likely understate its annual depreciation expenses.
………..As a recent Wall Street Journal article documented, oil and gas companies use a variety of tricks to inflate their production forecasts for their oil fields. They cherry-pick data from a few good wells. They extrapolate from highly productive sweet spots to an entire oil field. They underestimate the pace at which oil production declines over time. These maneuvers, and similar ones, have boosted the industry’s reported oil and gas reserves, inflating investors’ expectations for long-term profits. At the same time, inflated reserve estimates have allowed companies to report lower depreciation costs and, therefore, higher profits.
Sorting out the accounting shenanigans for any particular company would require a team of forensic accountants with access to detailed production and cost data. Yet the big picture seems quite clear: fracking-focused companies are playing games with reserve estimates and depreciation expenses. And these deceptive practices have allowed fracking companies to hide their biggest secret in plain sight: over the long haul, America’s fracking boom has been a financial bust.

This is an interesting article on Sightline.Org about Accounting Tricks that fool investors into underestimating an Oil company’s worth. Used extensively by US Shale companies, allegedly, but surely not limited to that group. Worth a read:
THE FRACKING DEPRECIATION DODGE
Accounting tricks hide fracking’s biggest secret: it’s a money-loser.
https://www.sightline.org/2019/02/11/fracking-financial-depreciation-dodge/
Snippets from the article:
It may sound preposterous that a company can spend more cash than it brings in, piling up massive debts in the process, while still describing itself as profitable.
…….. a close analysis shows that frackers use a variety of accounting tricks to distract investors from the fundamental weakness of their business models. ….
Unit-of-production depreciation is ripe for gaming. A company that overestimates its wells’ lifetime production will likely understate its annual depreciation expenses.
“Despite their cash losses, many shale-focused companies tell investors that they are actually healthy, profitable enterprises…...these are not just rogue wildcat operators who are cooking their books to fool naïve investors. They’re large, publicly traded companies that comply with widely accepted accounting standards and operate under the scrutiny of the Securities and Exchange Commission (SEC).
It may sound preposterous that a company can spend more cash than it brings in, piling up massive debts in the process, while still describing itself as profitable.
…….. a close analysis shows that frackers use a variety of accounting tricks to distract investors from the fundamental weakness of their business models. ….
For oil or gas wells, accountants typically use the ‘unit-of-production’ method to calculate depreciation…...Unit-of-production depreciation is ripe for gaming. A company that overestimates its wells’ lifetime production will likely understate its annual depreciation expenses.
………..As a recent Wall Street Journal article documented, oil and gas companies use a variety of tricks to inflate their production forecasts for their oil fields. They cherry-pick data from a few good wells. They extrapolate from highly productive sweet spots to an entire oil field. They underestimate the pace at which oil production declines over time. These maneuvers, and similar ones, have boosted the industry’s reported oil and gas reserves, inflating investors’ expectations for long-term profits. At the same time, inflated reserve estimates have allowed companies to report lower depreciation costs and, therefore, higher profits.

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