RE:SPE's & RRX's key metrics, CPG's hedges, CJ's triple effectAs I wrote previously, effective this quarter, Q3 2018, Cardinal (CJ) enjoys the triple effect. The triple effect is the combination of more light oil production with significantly higher realized prices and significantly less hedged volumes in Q3 2018 compared with H1 2018. The facts are in CJ's news and reports.
That statement is why I am here as it is misleading. It it shows me you haven't a clue
Yes they have less hedged but the hedges that rolled off hedged the spread. The spread was way higher in the past than what they hedged at, so they made excellent money on those hedges .
Did I once say that I liked CPG's hedges I don't. CPG has not been selling assets to survive.
RRX was overvalued I said that many times BTE had to much debt. Alone the companies where not worth investing in. However after the correction and the merge they are a different story. They have 30% of their production hedged very high netbacks and can find oil very cheap in the states. They do have a 30% decline rate but the high netbacks mitigate that. Leaving them with substantial FCF
If you dig back far enough you will see the first time i sold was when the ex TBE exects came on board at 5.30 or so. I do own it, but I do trade.
I do agree CJ is cheap based on price per flowing
Anyhow I am done