RE:RE:encouraging day on fridayJust to add on this after doing somew more digging, both have similar levels of debt (when incorporating NWC), but CR's capital structure is a fair amount cheaper due to cheaper debt. CR also has less "at risk" - although both have a credit faiclity review in June, CR's balance is significantly less than PONY's.
On top of all of that, PONY's hedging program is failing them - it should be protecting them in these markets, but instead because they decided to speculate, they're getting burned, and that will continue to drag on 2020 results. CR's on the other hand is working marvelously, and acting as a proper buffer.
In spite of having much higer production, PNY had lower adjusted cash flow than CR. As both have a similar share count and similar debt levels, and as CR's FCF is higher, CR's market cap should be higher assuming that Q1 market conditinos are the norm. Unfortunately, we know that Q2 will be worse than Q1 - but that means PONY will be in even worse shape than CR. The only scenario where PNY ends up the better investment is if NG futures for AECO/STN2 (give Pony's gas market exposures) go up and stay up significantly, which is great news for CR anyways.
In my opinion, PONY is the more levered play. But based on that, I would be hard pressed to pay double for that compared to CR.