Lets remember there was a lot of criticism of PSA about it hedging when gas prices shot up
Now that gas is at $4 where is the praise for theie excellent foresight ? :-)
At these prices it is going to kill off a lot of exploration and a lot of high cost producers will experience a lot of financial strain. This will in time reduce supply.
I admit they have not had much exploration success - but all companies have their ups and downs - the cricket analogy is they had a run of ducks.
But they are in a good position IMO vs their competition I believe their exploration success will turn around & simply put just the NPV of their current resources justifies a higher SP!
PSA Price at posting:
12.7¢ Sentiment: LT Buy Disclosure: Held