RE:RE:RE:CIBC Equity: 12mnth target: $3 - Outperform BTE is doing some of the right things, (paying down debt and oily) compared to two of the other intermediates.
| From public data (rounded) | POU | VET | BTE | Notes – personal opinion only |
| Production 2020 (F) avg. boepd | 75,000 | 101,500 | 95,000 | No growth forecast for any |
| G&A 2019 (F) | $52.6MM | $55.0MM | $45.4MM | POU G&A high |
| % liquids currently | 39% | 56% | 84% | BTE 30% of corp. is heavy oil |
| $ from Ops 2019 | $256MM | $890MM | $902MM | BTE stands out for debt reduction |
| CAPEX 2020 (F) Avg. | $400MM | $450MM | $535MM | All have flexibility to cut |
| Netback 2019 per boe | $13.11 | $29.80 | $25.31 | BTE above average |
| Debt YE 2019 (est.) | $.70B | $2.0B | $1.8B | BTE paying debt down |
| Basic shares O/S | 133.3MM | 155.3MM | 558MM | BTE too many shares o/s, NYSE < $1.00 issue? |
| Closing SP (CDN) March 5, 2020 | $3.23 | $12.71 | $1.17 | All down significantly |
| Market cap March 5, 2020 | $.431B | $1.976B | $.653B | All down significantly |
| EV | $1.131B | $3.916B | $2.453B | POU down but not out |
| $boepd using EV and 2020 avg. (F) | $15,080 | $38,581 | $25,821 | VET is only dividend payor, at risk |