RE:Capitalized G&ANope! The beauty of PEY is indeed their ultra low cost structure...perhaps the best in NA. They are the only company in Canada that I know of (and probably the world) that processes almost 100% of their own product...In other words they literally are their own midstreamer (i.e their own Keyera/Altagas). So when they sell condensate to the oil sands guys next door for over 100 bucks a barrel, they are netting back many times more than the average liquids rich nat gas producer (assuming they even have access to midstream facilities, which is a problem for many companies, such as BXE).
You have to look at the whole company and properly research their assets/structure/history to really understand what is going on in E and P companies. Of course PEY's situation is completely different from Pennwest's, which makes sense because it is a totally different animal.