RE:RE:RE:New operations update out
Those comparisons are false as BNE's FCF is not 60 cents. A neutral budget to maintain production would see FCF of about $1.50 @ $60 wti. That is why BNE trades similar to the names you mention.
We can rehash OBE offer ad nausem but the fact remains it has been rejected twice because it is inadequate. BNE is now in a much better finiancial position at $60 oil then when offer was made. 2022 at current commodity pricing should see $2 FCF and if all 2021/22 FCF was directed to paying down debt PDP value would increase substanially and debt to cashflow in 2022 would be under 2X.
If oil rises to $70 over next 12 months as many believe it will as bullish sentiment increases BNE will become a go to name. A wall of FCF under $70 is just too compelling. (However $60 oil is still a FCF bonanza for BNE)