RE:RE:Cormark Raises YGR FY2019 Earnings Estimates to C$0.58 EPSP/E isn't a good metric for E&P's. It will favour companies with lower reserves. For example Athabasca has 90 years of 2P reserves, so the depreciation every quarter is absolutely irrelevant to the underlying value of the reserves, but that depreciation is more relevant to companies with inferior reserves. For all intents and purposes you can subtract the depreciation figure in ATH's financials when figuring out its cash flow because the reserves will never run out. However ATH's P/E metric won't reflect this reality.