RE:CVS Albright Start Comissioning -Next WeekDry gas is a very tough business. Liquids rich gas is much better because Oil and NGLs diversifies the revenue stream and acts as a natural hedge against low natgas prices.
I ran a few comparisons to confirm:
In Crew's Q2 - they produced 21% condensate, 8% other NGLs and 30,000 boepd or so after bringing 9 wells on line - they recorded field netback of $17.70 ($5.70 to $7.70 after sustaining capex?) despite only realizing $1.31 per Mcf on natural gas. (Dale Schwed ran a good operation it seems.)
ARC claims an all in cost of $1.10/Mcf on Sunrise ($3.90/boe cash costs incl. royalties?) and which has to be the lowest cost dry gas field in Canada. Even then, the cashflow would only be $1.32 per boe if they realized $1.31/Mcf on their NG like Crew did ($4 of netback). And this super low cost dry gas field is now shut in (wouldn't be if they had hedged specifically for that play).
I took a stab at guesstimating Peyto's netback as well had they realized $1.31 on NG in Q2 and came up with $6 (their fields produce more liquids than you would think). Their sustaining capex is $8-9 per boe.