The earnings onslaught continued yesterday and into this morning, and I think some of the writers in IR should train doctors on bedside manner. With the exception of TAFKAEncana, the glorious writing highlighting accomplishments made it hard to think that anything bad had happened.

Reading some of the upgrade analyst reports, you would say “wow, these companies have really turned it around.” But that’s the advantage of putting your money where your mouth is. Seeing where some of the companies stocks after hours tells you the real story.

A couple of highlights: Apache announced “their biggest well ever” 30 minutes before releasing their Q2 update which described 84 mm of operating cash flow for the whole quarter. Ouch. When APA gets bought, like Noble, it will be for their non US assets.

Antero described their hedge position for the millionth time, while announcing reduced cash operating costs of the producer product to $2.32/mcf. Note that the current price is $1.70.

CNX generated $21 mm in free cash flow while announcing their 7 year plan will generate $3 billion of it (ummm…. ok, hockey stick).

And in the midst of all that, DNR admitted that maybe it had too much debt, entered C11 and speculation is the symbol should mean “Do Not Revive.”

#hottakeoftheday

And remember to check your Earnings Calendar HERE