RE:BTE trading today A couple drivers I would suggest include WTI coming back down to the $65 level (this is also what I have been using for my Q4 estimate forecast on debt etc.
People still don't understand the amount of FCF in this sector at $65...that said I am ok with the drop to $65 for several reasons including (OPEC + will not have to debate production increases any time soon, companies still make a pile of FCF at this price and the US consumer will feel less pressure at the pump)...also if it hold the price down this will help with future buybacks.
Also you will notice from Jul 1st TVE, BTE and MEG have outperformed on ratios to some of the other energy names in CA...so I would assume some shifting to those underperformers.
I do know CPG and ATH have struggled since early July not to mention OVV down over 23%
I imagine some bashers are probably surprised we have held around $2 especially with $65 oil.