RE:RE:PETRUS SHORT? It is frustrating to see significant increase in production, when new wells are at their highs, coinciding with a collapse of national gas prices. Yes, most of the revenue is coming from oil and NGLs but gas is also important.
My feeling is that this stock, and natural gas prices, are close to the bottom.
The weather is unpredictable but Freeport is on the way to full recovery, it's just a matter of weeks or slightly more than a month maximum. People say that 2 bcf/d is not significant but if it wasn't for a fire in early June, this facility would consume more than 500 bcf, a difference between closely watched U.S. storage levels staying below 5-years average, vs current above average.