The view from 10,000 ft levelIf you look past the tsunami of gloom in the short term and look at the overall picture , things aren't that bad . Even maintaining the status quo (current prices) , these companies are still making big money . Jobs are still being produced and the economy remains strong , demand is hidden by increased imports which is good for WCS exports from Canada .
Keep in mind , BTE is no longer encumbered by hedged production , the 18% of production that is hedged are in the money and accretive . Production has increased from 80K to 90,000bpd and with WCS recovering , FCF will remain robust in 2023 . In a couple of weeks we will see how 2022 finished up with the Q4 report but I am more interested in Q1 as that will show the true beta that BTE now offers .
Debt continues to be paid down and shares are being retired from the float , as the balance sheet keeps improving , sooner or later a revaluation will be needed . For whatever reason , BTE seems to have fallen off the radar but its only a matter of time before its being talked about again .