my take on CR...I am a long time holder and trader of CR...i have been a general supporter of the CEO with his strategy of having decent reurning hedges in place.
I NEVER AGREED with the selling of their heavy oil assets as their BOE netbacks were consistantly higher and would have continued to do so even today with some of the strongest returns in years.
Yes, i know that ship has sailed and if it got them $$$ to invest into more liquids rich gas so be it..
Is not CR targetting 7k bbls/day of condensate by years end?? So why not hedge even more at these prices??? The downside need addressing might be a more balanced policy on returns to shareholders - dividend/share buy backs while adressing debt levels.
In general, Nuttal has been both consistant and absolutely correct with nat gas SHORTER TERM. Just too much gas until more cdn gas gets to LNG both in Canada and the US..late 2024/2025. Meanwhile the returns are in cdn heavy oil..BTE, CVE, MEG etc etc. Good news is nat gas inventories only 6% above 5 year averages going into winter..bad news is more of CR's in the money nat gas hedges are expiring..its the liquids that will hopefully compensate..one example-where's all this oil at TOWER??
Final note, CR has done OK relative to some of its peers-look at BIR being punished for a dividend that they can no longer afford ..their CEO passionitaly believes in NO HEDGING and its now caught up to him so careful what you ask for...dwdc
PS i saw that chart-some dude saying that CR had the highest amount of unbooked reserves ie 100 years ++...Is this just one persons OPINION?? does it align even close to what CR says in their presentations??