Cutting through the noise from the shortersSo, do your own DD, as the shorters have a little too much myopia
Presentation is here
https://gearenergy.com/wp-content/uploads/2023/03/GearEnergyMAR2023.pdf
There are a few assumptions that you need to look at, not just WTI and WCS
The below from page 7
Gear forecast includes the $66MM capital budget and its $0.01 per share per month dividend of approximately $31MMfor 2023. Other sensitivity assumptions based on pricing: WCS diff US$18/bbl, MSW diff US$2.40/bbl, LSB diff $4.00/bbl, FX 0.74, AECO CAD$3.00/GJ, current guidance on corporate costs
They of course won't even mention the 25% hedging on AECO , nor the product mix from the different zones either....
Anyway.....choose your path - I think at $1 GTE is way undervalued, and the 11% divy shows that, and the shorters on the BB adds to the proof
Of course, I also look at 31 days of inventory in the US; and a huge depletion of the SPR last year for political reasons, and the 5 year crude averages among a great number other things
I see a double here....anyways....cheers