RE:OBE sold off far more assets to stave off BK.You keep posting this "fact" about 2018 production and 502 MM shares outstanding over and over again, so lets just do some simple math. Lets assume relised WTI price of US50 (they have half or so of their 2018 production hedged at above $50 and closer to $55) - but lets low-ball it:
32,000 BOD x 365 days x US$50 = $584,000,000 in sales.
At 502,000,000 shares outstanding, this gives OBE a Sales/share ratio of about 1.16
If we bump this up to US$55 it will be considerably more (1.27).
If we take the current price of US$1.37 on the NYSE, this gives OBE a P/S ratio of about 1.17 more or less (remember - this is not a precise calculation - there are many other factors that need to be considered).
Looking at some of the other O&G cos that I track from time to time, the P/S on a ttm basis for some of them are ARX - 5, ECA - 3, TOU - 4, TOG - 4, VET - 5.7, WCP 4, CPG - 1.9 (my other favourite soon to be).
So you see, the shares outstanding is not all that important. We all know that PWT got into trouble by acquisition at the wrong time. They financed their take-overs through debt and shares. They git rid of the debt, but they have to keep the shares. More important, imo, are some of the ratios - operational (all the funds flow stuff), financial (debt/equity BOOK VALUE, etc).
Just some random thoughts as we prepare for another week of trading.