I Really Wish...
I really wish management had finalized a sale long before June. Either they are having trouble finding a buyers at reasonable prices, or they are trying to squeeze every bit of goodness out of the property before selling. A recession is upon us, and since inflaation is still high, the Fed will be forced to raise interest rates much further, exacerbating the recession. As interest rates rise, the stock market will drop and the value of O&G properties will drop. In a sense, all this is good for POE, since they will be able to buy exploratory properties at lower prices and distribute more cash from oil sales. On the other hand, they will sell their properties at lower prices, distributing less to shareholders. Some reseaarch organizations are still predicting near US$200 for WTI because of shortages, while others are predicting $50 because of the recession and inflation, so travel is curtailed, etc. Which factors win?