RE:RE:RE:RE:RE:Earnings My take.
1. I guessed Q1 at 10,400 which would have been close except for the 1500 barrels that went offline in March
2. Only 7 net wells drilled and completed so like expected Q1 was the lowest capex at 21 million - about 84 million to spend over the next three quarters, which means even faster growth for balance of year. Did anyone notice that the 7 wells came in 1.5 million UNDER budget? Nice job Jim.
3. 84% margins. Wow
4. nice debt reduction
5. very nice not having hedges cost tons of money here. Unlike every other oil co. I own.
6. 11,500 in current production based on field estimates is a great number. We are on track to exit around 13,500-14,000 at year end. Meeting or exceeding guidance.
7. the 12,000 boe/day is average production for the year. It can be found on page 3 of the corporate presentation under 2022 guidance. Noticed this was commented on a few times.
8. looking forward to seeing if they can roll out an effective optimization program. Not sexy but usually really profitable.
9. we must have drilled some pretty awesome wells if we were able to grow 1500 boe/d over Q4 (exit basis)
10. Ratios, net income and financial management all stellar (no hedging losses!!!) and getting even better.
11. shame about the low oil cut. Liquids are fine. Wish we would add a few oil drilling sites.
12. By end of next quarter we should start discussing a token dividend based on management comments.