Undervalued, or Depressed because of bad Management
Really Kakwa has produced 60,000 more boe/day historically.
That means ARX has 33% upside in terms of production at the Kakwa play area, all half cycle with a proven production history, what is wrong here?
I think it the Green Movement, you don't want to be to efficient or make to much money because you need to support the energy transition. You need to subsudized green energy, that has a different standard regarding carbon footprint, and uses slave labor in manufactoring and development.
If Kakwa were to increase production 33 percent it would likely add 25% to ARX FCF.
That would take the place of 2 billion in share buybacks, and i think they could do it a lot cheaper than that.
Really ARX need to determine if they are in the energy business, or if the want to be lead by a group of Accountant to fiscal disaster.
IMHO