Q2 comments- anyone?Anybody have a comment on the 2nd quarter report?
VRO seems to be falling a little short of guidance, in part due to the bad weather which shut in 8% of Q2 producton. Also building up that oil/ngl number seems to be slow going.
I was not very happy to see them project a 2x debt to cash flow at year end. Was hoping this would fall to the 1.2x that was anticipated in their last report.
It also appears that they will concentrate almost exclusively in their Edson properites and perhaps sell of some of their holdings outside this core area. That makes sense given the number of drilling opportunities there.
Despite some disappointments, and a little more risk due to overleverage, I still think VRO is an excellent value in the present 4.50/sh range.