RE:RE:Another shale-gas business in playI doubt it. They were probably approached by Chevron and declined the invitation. Otherwise we would have learnt it as a "fait accompli".
I expect a shakeup in the industry in the coming months.
Only the heavily hedged will prevail in this cycle. PEY is one of the few with 60%+ of 2024 and 2025 production hedged. BIR is the first to fall, some others will in 2024.
Even TOU has lost 25% relative to PEY in the last 6 months, and TOU is the leader. I think some hedge funds are seeing its last two trades with Chenieres and JKM not as lucrative as it was only a year ago.
If big funds are to reduce their natgas industry exposure, I can see TOU trade down to $45 and PEY in the low $10. I'll be ready...
Those are my thoughts, have your own...