Following the announcement that Pogo Producing Co. (NYSE: PPP) plans to launch several drastic strategic alternatives to strengthen operations, several analysts expressed cautious reassurance, while others responded with concern--and sharply reduced ratings.
During the fourth-quarter earnings conference call last week, Paul G. Van Wagenen, chairman and chief executive, said that the company was proud of its 2004 performance, despite an early shut-in of Benchamas Field for facilities upgrades and Gulf of Mexico autumn hurricanes. "In fact, last year was a record year for Pogo in many respects, including natural gas production, total revenues, discretionary cash flow and year-end ...