New Position
Took a new position today after selling Ath. FCF yield of Ath is just not as attractive after the runup. For OBE basic math is 59 MM FFO Q3 at 70 WTI. At 80 WTI it would turn to 72 MM per quarter, with higher gas price adding even more. Annualized FFO of about 290 MM. With probably a 90 MM capex to stay flat, means a FCF yield of over 50%. Debt and ARO will disappear quickly if desired with all the FCF.