RE:Capex worriersCAPEX growth is a problem and the point is the message it sends. Those actually truly capital disciplined companies would have found that $30M from the bottom part of their capital program, not growing it on the top line. Or absolutely worst case they would have waited for their debt target to be reached. But no, BTE management is testing the market. Next quarter will be a little more capex, then a little more. It's not just Clearwater - they are clearly expanding drilling in Eagle Ford too. They are treading on thin ice.
Maybe BTE investors want to organically grow the company. That's fine, but BTE was by far the worst oil company on Friday on the TSX on high volume. I would be investing in companies that are returning cash and being disciplined, not spending more. One day oil will fall and BTE's margins and cash flow can disappear in a flash.