Bang on post. Not sure what the celebrations are with other posters. I must be looking at a different quarterly along with the forecast 4th. Granted they've finally hit albeit reduced production targets but the capex figures do not sit comfortably. I liken this to a hamster on a running wheel.....lots of effort/capital expenditure.....where's it gotten them?
If petroleum commodity prices ebb lower, they'll be struggling to generate any free cash. Posters hoping for returns in any form (dividends or buy backs) will need a lot of patience here....they need near everything they make to reinvest in the business. Your comment regarding far cheaper O&G plays is true both in North America & here for that matter.
Montney commentary grinds.....there's NO commitment to it at this time.....I quote they're "evaluating a modest winter program" and Jordan Kevol states "we MAY include some preliminary field work this winter (Montney)". They're dragging the chain because I suspect they have poor or no leads with respect to partnerships & put this dribble out about LNG Canada for 2025 in which they have no commercial relationship/rights. And they don't have the free cash generation to do anything further. It's sole purpose is to mollify shareholders. I'm a half glass full type but these guys know how to pitch a story. So far the narrative hasn't any where near matched the reality.
CE1 Price at posting:
14.5¢ Sentiment: None Disclosure: Held
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