RE:RE:RE:Sellers about to have regretCobalt, imo a better measure would be net asset value (NAV) = debt + market cap. NAV already has netback therefore operating revenues minus operating expenses incorporated into it. It would take into account the sharply rising drilling, completions, production and shipping costs on the expenside along with the per well decline in production rates and price fluctuations on the revenue side.
Anyway today the market is all of a sudden worried about future netbacks. The only thing that I can think of that might cause that is, given that the market is forward looking, it sees risk of commodity price decline in the future and/or inflation driven increases in operating expenses causing lower netbacks. Or it could be market makers just f'n around.