Condensate was $82.28 todayWhile PIPE's budget is based on $69.67 for condensate.
That is an extra $29 MILLION of annualized revenue, EXTRA revenue above and beyond their guidance. And that is only based on 2019 exit production. As we all know, their intentions are to continue to raise production until we get to that target of 33,000 boed.
That $29 million (and growing) extra cash flow would pay for an extra 5 wells, above the number they can already drill with free cash flow. That should be enough to get us well over the 20,000 boed level in 2020, which just means even higher cash flow.
With OPEC providing support for the price of oil, and condensate continuing to command a huge premium to other liquids in Western Canada, PIPE finds itself in a very enviable, and profitable, position.