Which is why we would continue to sell/avoid BG.
Note this morning they see production growth to be flat in 2013 vs. expectations of up +5%.
This and the street is already 8% ABOVE the forward curve in 2013, and for ALL years thereafter (see below). Growth stories need growth. There will be a time to buy this, but it is not until we wash through the downgrades, or it gets a lot cheaper.
Avoid.
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