Year ResultsI read the results drinking late late last night and was pretty obvious CJ would be up today.
CJ has solved one of the problems they had before, they have really improved their drilling location inventory. Job well done to management team.
THey are taking advantage of technlogy gains in the patch. Multi leg wells has become their niche and finding plays to use that. They should be able to hold production no problem for at least next 2-4 years.
High ARO spend is also brillant move.
Low debt and ARO profile over time should allow them to trade a nice multiple compared to peers.