BIR vs SDEBIR is generating tremedous profits and bringing debt down at a stupendous rate. So is SDE. But believe it not, SDE is more compelling. Production is more or less the same. Debt I have BIR at $310M + prefs ($80M?) vs $352M for SDE. SDE first half netback was $39.69 per boe vs $35.04 for BIR - more liquids. Translates into $124M on an annual basis. At 20%, that's $600M. And I dare say SDE has more land optionalty - growth and/or better yield. Capex is similar but a bit more for SDE so overtime we can expect as much or more growth from SDE (regardless of annual forecast). Of note, BIR is doing buybacks and dividends, SDE is not.
BIR has 280M shares fully diluted, SDE 177M. Translates including debt to $3.2B EV for BIR, $2.8B for SDE. But as we saw, the cashflow from SDE warrants a valuation $500M more ie $3.7B at least relative to BIR's $3.2B EV (and BIR is yielding 20%+). So SDE is the way to go, IMO.
Note that RBC does not cover SDE.