On Dec 31th 2016, the coal and gas PnL is up by about $500M with no reason, simultaneously the MTM on Commodity Contracts was also up by the tune of $500M ?!
Negative CFO -900M for Q4 told a different story than their P\L that we can only tell.
In the past we have expressed reservations about the uncertainty surrounding the outcome of Noble’s Financials as well as the risk that financial losses would continue.
gative CFO -900M for Q4 tells a different story than their P\L that we can only tell.
To us there should be no excuse for non-performance. Its toleration shows the kind of risk management that Noble had.
In commodity trading, the unfolding of the Trade– to–cash is plainly and simply the bread and butter.
When the firm is questioned, and it’s unclear from the answers they give how they make the bread plus this firm doesn‘t show the butter : there is a problem and it should be stopped.
“At Astra Oil Trading N.V, “ASTRA” we had to least produce enough steam for $1.6M (to cover our 8 salaries, office overheads and misc expenses…) before making any profit in our pockets. It was the low-hanging food set by the line manager”.
“On day one, I was told my raison d’être: we hire and pay you specifically for one reason, protect the cheese“.
“Until December 31th, at 15 to Midnight it was like skating on the thin ice over a lake“.
–A First class Operator in Conmodity Trading.