2022 Guidance Question
In the latest investor presentation they are projecting 250 mm adjusted fund flow for 2022 at 70 wti. They have about 13,000 bbl/d hedged at 54 wcs (66 implied wti) and other hedging has wti ceilings above 90. I am confused why the 2022 adjusted fund flow would be so low. For Q3 2021 even with 20,000 barrel hedged below 60 wti average the adjusted fund flow annualized is over 275 when wti averaged just above 70 for the quarter. Based on rough math I would have thought AFF would be well over 300 at 70 wti. Not sure if anyone here can explain. Thanks. I have also heard it here that Ath is not rising due to poor hedges but I feel it is incorrect. Even with current hedges they still have 20,000 bbl / day unhedged which is as much total production as similar market cap companies like CJ and SGY. Anyone with more experience... Could short interest possibly be linked to a takeover bid?