Yep. That was always a bit stinky. Really loving the increased...

Yep. That was always a bit stinky.

Really loving the increased clarity on capital returns. Big tick from me. Works out to half a cent for July and a 4.4% yield on the current SP. Taking a leaf out of HZN it seems which isn’t a bad thing.

Overall a pretty good quarter with higher capex impacting FCF (as expected) but opex costs came down on a per barrel basis which is a good outcome. The next quarter sees a material drop off in capex and jump in FCF to support the div. What’s looking very clear is the material leverage to oil prices on current performance, which I like.

But the real question for me is what is the strategy here? Is it to maximise production, maximise dividends to shareholders, go all in on Montney etc etc.

I know there are a few moving parts but management get paid to come up with a strategy so I don’t think it’s too much of a stretch for it to be communicated to shareholders. It looks to me like a bit of everything like higher average volume, increased divs and progressing Montney but I shouldn’t need to decipher or guess. They really need to sell a vision here to get new holders on board. HZN for instance is a simple strategy- maximise returns to shareholders. What does CE1 stand for?