Peyto as growth stockTwo points from Peyto's new corporate presentation:
1. They have essentially erased their 2022 lower capex limit of $350MM (see p.43);
2. They changed their 2022 capex to $400MM "organic" spend from total capex (p.44)--if we add in both corporate acquisitions to land sales, that's an extra $56MM;
My take is that production will rise more quickly and that total debt will drop more slowly--other debt metrics won't be affected as much. I'm predicting a $475MM capex for 2022, or about 20% over budget. I'm fine with the growth, but those in the Eric Nuttall "pay me now" camp may be less enthused. Peyto will continue to require (and I hope ultimately reward) patience. GLTA...