Market not recognizing cost reductions in ATHManagement has done a very good job at reducing costs in ATH over the past four years.
Op costs per barrel, SGA per barrel have gotten really lean, part of the benefits of a soul crushing plunge in prices and liquidity.
Once you run that lean for a while, and see that you can, its usually easier to stay lean.
This company is trading about 1 x '22 EBITDA, and about 2 x '22 Free Cash Flow.
It could have zero net debt by the end of '22.
Payback on its light oil assets is in months at these prices, so CAPEX spent early in the year will actually INCREASE FCF in the same year!
We're up 12-0, in the Bottom of the Ninth, with Two outs on the other team, our pitcher is up 0-2 in the count...and the market is still pricing us to lose.
Its a good bet!