They’re likely sitting there waiting for the board to either call c&m or some significant change to current or future production to save cost. That type of event is going to be worth at least another 10-20% leg down (exactly what happened to CXO).
The only question is when the shorts decide they no longer see value for their risk and decide to close.
But keep in mind that over at CXO, even after their recent c&m style news, their shorts have actually increased. So what are shorts waiting for over there before they close? Possibly this upcoming quarterly but there’s probably a large chance that some of the shorts just think spod pricing will fall even further and for a lot longer - in which case there is basically zero risk to their position.
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