Not a Fan of the update
Thanks for the update John. nice work.
To me it is back to the future with oil companies that announce a budget, run into some higher prices, accelerate first half spending and then announce a big increase for the second half.
It is basically verbatim on the management style that Nuttall always throws under the bus.
I would have liked stay flat production spending in the Cardium/Pembina with spending to fill out facilities in the Prop area - and a bit of exploration money spent in Clearwater. Instead we have money thrown at everything, including Viking wells which apprear to be more expensive and slower than all of their competitors.
unless they are raising production on the viking assets so they can monetize it from a sale to Saturn or someone similar this is really disappointing.
this management team is not making choices. They are throwing money around like it wont end.
Decline rates will be increasing dramatically, we will need to spend more to maintain production and who wins? Did someone get a nice big options bonus for hitting growing production targets?
not a fan.