Looking back...If you look at end of 2019, before Covid...with WTI at 55-60 band...the three Cardium players were in this range
IPO 65 cents
BNE 2.90-3.5
YGR 1.30-1.40
During 2022 with Covid reopening and Russia war making healthy WTI prices, it really makes logical sense that IPO and BNE with much older assets would out perform YGR.
IPO and BNE got benefit in two ways from 2022 elevated oil prices. High WTI allowed companies to keep very marginal old oil wells that produce under 5 barrels of oil per day, and use lots of electricity and water disposal active....producing instead of being shut in.
By keeping a well in "active" status instead of non producing it makes the reclaimation counts look better. It also spits out break even or slight profit at over 80 oil.
One of the reasons if OIl trades at 60-70 band I dont see BNE or IPO outperforming YGR. I mean past history has shown this. Financials for them are publicly avialable for 2015-2019.
Sure BNE and IPO have less debt but their operating costs will feel it at 60-70 band as a 1972 well producing 1.4 barrels is a problem. But that same well at 90 oil is not a problem.
I hope all do well though.
Keeping a healthy drilling location inventory should be focus for BNE, IPO, YGR and PEtrus.
These long extended horizontal reach wells is burning drilling locations fast for all companies.
I want to see BNE and IPO add more land and locations.