RE:Cardinal doing very well these days. That's great, but.....Good question,
In addition to lower current production they aren't growing production in the near future. Estimated 19KBOE in 2022 vs PIPE 35+ estimate
CJ has higher %debt to EV
CJ cashflow future is not as bright.
The only CJ relative advantage in 2021 is their production is mostly oil. However, in 2022 and beyond, PIPE will be producing more liquids/condensates than CJ is producing in oil and still have the revenue from gas.
One thing to note, is that while institutions have been buying PIPE, there has been a bigger influx of institutional money to CJ recently.
Sorry, these aren't answers to your question, but I think amplify why we are all scratching our head.
montrus wrote: wondering why PIPE has not been keeping pace? So I know we are not directly comparable as companies, but they are at 18K Boed....and we are at 20K plus. Anyone know why they have been sailing along and we have been in the $1.60 range?