RE:RE:RE:ITEImo - not a balanced post:
1) they spent very heavily on Capex in 2022 - probably on the higher end v peers on a percentage of market cap basis. Its the main reason they have had to trim back capex in 2023.
2) they have $25m in cash and along with most Canadian oilers are now generating pots of FCF - so they have the funds to upsize their 2023 capex program.
3) Cost basis is high but they have trimmed SG&A significantly in the last 6 months as well as reducing opex. opex whilst not the lowest in the sector still seems to be in line if not lower than sector average.
4) Recent sales in the Montney indicate their acreage could be quite valuable not to mention Clearwater where they have a relatively large possition - not necessarilly tier 1 but stiill good acreage.