RE:RE:RE:RE:RE:RE:RE:RE:Kelts is projected to growth Commodity Sales SignificantlyI would say that although VET has hit its debt target(833 million) and is .6 times trailing FFO the lowest it has been in 15 years.
Their FFO anualized third quarter is 1.1 billion dollars, while their marketcap is 2 billion dollar roughly, they are trading at less than 2XFFO.
If you consider their european gas sells for 15.52 MMcf, it is over $93 dollars a boe in europe, and it likely has a higher thermal content.
So Liquids is where all the money is made and if they lump in their europe gas with liquids they are 67% liquids.
Spending 40 million a quarter on share buyback, they have meaningful addition to production per share number of approx 2%, compounded every quarter. (Just from buybacks)
I think they have an advantage of being on the right side of LNG shipping, and while ARC got $1.78 MMcf, Vet Corporately got $6.57 MMcf, and a average oil price of 103.55.
Their FCF was 154 million for a company with a 2 billion market cap, ARX Free Funds Flow was 134 million. 14.7 Billion market cap.
I believe VET will have a better quarter next time as Wandoo Oil will be a full quarter, and Croatia gas will be over 2000 boe/day.
ARX was on your list to consider.
The spin off company your concerned about, they own approximately 20 percent, and the company is debt free, and waiting for their two rivers to come on that should be about 4,400 boe/day. This is the adjacent landblock to Mica, and their share is worth roughly 100 million dollars. TSXV:CEI 64.4 million working cap, 960 boepd, Two rivers east 4,400 boepd tested (april 1, 2025 startup) , no debt
IMHO