RE:RE:Crew’s performanceOldNagger my ears were burning so I thought I had better check Stockhouse to see if anyone was taking my name in vain!
Sorry for not posting lately but I have been so darn busy running back and forth to the bank to get new $100 bills to light my cigars with and in addition it has been exhausting trying to find an artist who can air brush the Crew logo and Dale's image on the bow of my boat!
I truly have been lost for words watching Crew's share price run from $0.30 last September to $3 this September. Cheadle, Gonatgo and yourself did an amazing job of sharing your DD and your thoughts to help investors choose Crew. Thank-you and congratulations on your success.
Perhaps we can put our heads together to try and figure out what is really going on with Crew? I will take a read through the latest presentation and check the BOE report to confirm any new drilling and report back. As I mentioned in one of my last posts, Crew is now on cruise control, they have commodity pricing on their side, approximately 20 well bores available for completion and 1000's of drilling locations on their lands. A very, very nice position to be in.
On the acquisition front one article that did catch my eye was the dispostion of Shell's Permian assets to Conoco. Crew's next door neighbour is now very flush ( $9.5 Billion USD) with cash and a move from Shell's carbon intensive Permian oil to Crew's "greener" Montney gas may fit in well with Shell's Powering Progress initiative. Always fun to speculate.
Crew has gone from being almost down and out to a position of power with production and FCF ramping up. They will now have a number of options abvailable to them as they move forward. GLTA
From the Shell/ Conoco press release:
Nearly $10 billion has exchanged hands between oil and gas giants after Shell sold its Permian Basin operations to Houston’s ConocoPhillips.
Shell, a subsidiary of the Royal Dutch Shell based in the Netherlands, hands roughly 225,000 acres of their property over to ConocoPhillips.
“After reviewing multiple strategies and portfolio options for our Permian assets, this transaction with ConocoPhillips emerged as a very compelling value proposition,” said Wael Sawan, Shell’s upstream director in a press release.
“This decision once again reflects our focus on value over volumes as well as disciplined stewardship of capital. This transaction, made possible by the Permian team’s outstanding operational performance, provides excellent value to our shareholders through accelerating cash delivery and additional distributions.”
In its release, Shell trumpeted its Powering Progress initiative, a strategy to reach net-zero carbon emissions by reducing the use of fossil fuels. It’s one part of a broad effort by some oil and gas titans to head off environmentalists’ calls to eliminate fossil fuel use.