RBCQ4 As Advertised
2022 Budget +6% on Inflation Our view:
WithQ4 as expected (and largely pre-released) focus shifts on the continued execution of the 2-year plan amid buoyant commodity prices. Strong operational start of 2022 sets the stage for CR to meet/ exceed 2022 targets; however, cost control and efficiency moves into sharper focus as inflationary pressures build in the basin. First impression: Neutral