ATB research report on production updateThe ATB Quick Take: On February 1st, after market close, YGR released its 2021 reserves report and provided an operations update which included the release of key Q4 metrics. Overall, we view the event as neutral (a balance of positive and negative news items), with this year’s reserve report hitting the reset button and right-sizing what were clearly previously overbooked reserve volumes. While some may experience some short-term ‘sticker shock’ from the negative technical revisions, in our view, the risk of the Company’s reserves bookings should have been apparent to investors given the Company’s recent production track record and should have been largely priced into investor expectations. On the other hand, with the reset, YGR has now turned a corner that provides easier reserve comps for growth going forward, and Q4 production beating both street estimates and guidance, despite challenging cold weather operating conditions in Q4/21 (10.1 mboe/d vs cons. 10.0 mboe/d), is an exciting positive development. The Company also showed a CF beat in the quarter ($0.38/sh vs cons. $0.34/sh). YGR currently trades at a discounted valuation to its peers (1.4x EV/PDP vs peers at 3.9x); 2022e EV/DACF of 2.4x vs peers at 3.7x), while holding a 2022e D/CF of 1.4x (vs peers at 1.1x).