RE:Great start to November contracts $71+
Hey WallstreetWolf and red2000! Thank you for all the amazing details, I’m learning a lot.
CEO’s announcements came at a good time, because after this China EverGrande garbage, it looks like BTE didn’t get kicked down as much as other stocks (yet?). So less people willing to let go of their shares even with a big economic scare in China. Many of the oil and mining stocks were down like 4-5% and I ‘think’ we were down only like 1.5% for Monday which wasn’t horrible, and recovered quickly.
red2000/Wolf/others smartly said our CEO is being conservative, under-promise and maybe over-deliver is how he’s handling it. Chilled out, but smiling, like he just got laid 10 times and ‘probably’ expects to get laid 10 more times but not guaranteed…
The company looks more valuable now than it was in May 2018 (when it reached up to $6) ...
Add Clearwater unhedged wells paying for themselves in 3-4 months and LOTS of squares of land + reducing a billion off their debt and also reducing debt interest + maybe add more wells at Duverny later or sell it to paydown debt + WTI at $70 + NatGas around $5 + Eagle Ford getting Brent pricing (I think?) + hopefully a bit more pipeline capacity to reduce WCS differential…
We also had Trudeau liberal government then, and problems with pipelines and environmentalists and it still managed to touch $6 temporarily. Then everything took a huge dump for the next few years. (Spring and summer 2018 oil was around $66-73 and ended the year as low as $43! I hope we can get above $4 by early 2022, but I’m sure we’ll have some horrible weeks in between, Good luck everyone and I appreciate the advice