RE:EnerplusI am sure this is typical for most O&G companies in North America (and probably oveseas also )
The whole industry is being treated as a sunshine industry with a rapid obsolessence rate according to the 25% and greater returns that the market requires.
This of course is preposterous and is descriptive of a lack of investor knowledge sponsored by a deliberate attempt to on the one hand coerce institutions to divest and on the other hand to force the industry to either underinvest or worse to divert funds into projects that have either extremely long paybacks or zero payback.
The constant unrelenting attacks by ecoterrorists have now become standard government policy.
Natural gas is however different from Oil. Oil is sent to refineries, most refineries have alternate supply means so they can source their oil from nearly anyone willing to supply it. If not then they could import product. Nat gas is sent to power utilities but it is also piped dirctly into,homes and myriad commercial enterprises. It is not replaceable without massive investments by individuals.
If you think getting everyone vaccinated is hard , then imagine asking people to replace their space heating with unreliable electrical supply.
In my opinion, all attempts to frustrate Oil production will ultimately result in more Nat gas production as the only economically feasible alternative.
Companies such as Crew , who are able to see the future and prepare for it by increasing nat gas production will profit handsomely.
Seeing that Crew already has a much greater discount than nearly all of the other O&G companies, just makes the Cake that much more delicious !!