Great Opportunity - Europe Gas Price really good.
VET has a great 3rd quarter, driven by great gas results from Europe, Europe gas is their best performance, and they are hedging a lot considering.
When you can hedge gas at over 15 dollars i don't know why they don't hedge all the Europe gas production and ramp up production in Europe.
Even with some of the turn arounds they acheived their production objectives for the quarter.
Really in Germany with a lot of running room, they could drill a lot of wells and this play could take over the entire company.
Essentially 1/2 of FCF is buying back shares that are really cheap, and 1/2 is going to debt. I like that because it adds equity to the balance sheet and allow them to be opportunistic with a stonger and stronger balance sheet.
VET is really cheap, and even with keeping production flat they are throwing off a ton of cash.
Next quarter looks for better production at wandoo, adding gas produciton in Europe.
VET has opportunities all over the world, i think they should lock in prices at these higher gas prices and accelerate production in Germany.
IMHO