RE:Rex Took another look at PNE, Kav. Have a very small amount in my wife's accounts because I like the ceo and the yield. My plan was to add a little if it hit the skids in August with the usual TRP pipeline access drama but it held up in June and July so who knows.
if you look at their numbers, the last six months are the second best in the history of the company after 2022.
they were forecasting under 28 million capex for 2023 and about 40 million for the dividend so 30 million in cash flow in the first two quarters isn't bad when you also have 50 million in cash on the balance sheet.
I was a little disappointed they didn't drill the last planned Pekisko well since they are such great producers but that was also the only big ticket program planned this year. Yes, 3 wells was the big plan, lol. they have about 3000 barrels of liquids production to keep cash flow churning - wish it was 5k. Spending will be lower every quarter now for the next 12 months. Hedges are reasonable.
production is in line. Revenues are down but they can cover all obligations and wait for an opportunistic buy. No reason to run out and buy the stock, but no reason to sell either. Revenues will spike in the next two years as LNG production doubles. It will have its day and pay a decent yield in between.
saw your note on IPO. Maybe they picked up a little acreage that they can play with using open hole drilling. Lots of new plays popping up all over that are economic with that technology. Even CJ found a Rex pool...