RE:newbie question I have been asking this lately also, once debt starts to reduce demonstrably, growth at 10% or more, you take what you can get when prices are high.
Another question is as a lot of Peyto's production is longer term now, the decline rates go down so they don't end up spinning their wheels trying to just replace decline rates.
A good factor in this if you look at the production of ERH wells they not only produce a lot more, but it is the full curve all the way out.
So you need fewer drilling rigs to replace the declines you don't need as much capital spent each year.
Peyto is building pressure ready to pounce up at any time assuming we are not in the tsunami of rising interest rates time frame. We all know it is going to be this year.
One other comment many may not know, Peyto's wells can last 50 to 100 years or more because it is tight gas. As Gee says like an Annuity. Thus the cost to reclamate a well are very very low on a yearly basis. Whether they have to plug money away ahead of time for this I am not sure like putting money in a trust for a funeral plot.
I am mostly into PEY and CR and GXE. Wish I had some VET lately but can't own everything.