Considering how much FCF they're generating at these prices, securing the debt facility signals to me they're going to spend to ramp up production pretty hard. Starting to see producers switch from the narrative of the last 6 months of "capital returns" to increasing production. Makes sense at $120 WTI. Why would you buyback your own stock at 2x FCF when you can drill wells for less than 1x FCF? $JOY CEO outlining similar change in strategy in last twitter space. Not worried about the pressure this will have on oil prices though, SPR still being released, China not yet back to pre-covid demand, Russia not yet fully cut off. long way to go until supply/demand imbalance fixes barring recession imo. Gets real exciting if CE1 can get to 5500 boe/d at $120 WTI.
Considering how much FCF they're generating at these prices,...
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