Metrics per shareThe company has a few per share metrics in their deck. Production per share and fcf per share.
I think these stats are an illusion and what I really don't like is I think it is a deliberate illusion. The fcf has gotten worse since the Ranger deal. When the Ranger deal went down, they were talking 1B fcf at 75 wti. They're nowhere near that now.
Fcf per share. If every month you buy back shares (using our money), you're changing the denominator and therefore the fcf/share ratio should improve.
Is the fcf/barrel improving or worsening? Because that tells you something
Debt. The debt to EBITDA ratio is basically stalled. You have to go back 9 quarters for hit to have been worse.
This share price is in the tank because for 9 quarters they have done sweet f$$k all with respect to debt ratios. Meanwhile the majority of the cdn oil patch has cleaned up the balance sheet. IR will tell you "our balance sheet has never been better" which may be true, but if you push on that, relative to cdn peers, the balance sheet isn't cleaned up which is why the share price is in the tank.