RE:RE:RE:RE:RE:2022 Crew Employee Awards OldNagger, I generally agree with most of your comments, the only thing about your last post that I might add with regard to the low percentage you ascribe to paying down the debt is:
1) the high debt/risk level just not too long ago with a moderate commodity price made Crew a 2nd rate O & G co. Compared to many of its peers, reducing volume/exposure/share Valuation etc. It is a major handicap when comparing with CO's that have a better debt/risk ratio. Albeit, termed out debt much more appreciated than the likes of Painted Pony debt. But I never want to be in a position again where the banks have their way with me and my investments again.
2) Other companies are completely unhedged right now and making incredible FCF while debt straddles companies are loosing potential income by being largely hedged in this more bullish gas environment. It's a missed opportunity largely taking the debt load into consideration when assigning a % of production to hedging.
just my take.
I like a balanced approach. I was hoping they, with Groundbirch Wells looking so great, took themselves to the Plant capacity, (40,000boe) ahead of guidance, while pricing is strong, unhedged appreciated production, then an aggressive loan knock down to <200M.
then moving forward, with less hedging in this bullish market, and then using those FCF of largely unhedged production to fund some growth.
still hoping blueberry issues are on the mend and Attachie property (non core) can be dumped at a premium to bolster the balance sheet even more.
sold some at 4.01, a 10bagger for me (wife wants me to build her a house) she has been pretty patient with me, but still sittting on 300,000 shares. This is my retirement fund, so I'm still very long on Crew hoping for a continued ride up, which looks quite likely.
feel very fortunate to have stumbled into Crew from a fabled pony experience. Wish I could have grabbed more at my .40 entry, but if I did, might not have a wife at all!
just happy to be here....
PonyBoy Outsider