Nuttal ignores debt and exagerates free cashflow fromhis top positions such as VRN and BTE. He also always uses an oil price higher than it currently trades at until it becomes obvious he is way out of touch. i.e he was using 80 dollar oil when a range of 60-70 is most likely and certailny one should always be conservative and should now be using 60 and 70. instead of 70 and 80. i.e give free cashflow and other finahcial metrics at 60 and 70 wti. Throw in 80 if you want, but 60 and 70 estimates should be used.
But even using 70 now, when he pushed 10% free cashflow, that doesn't help when your debt means you need to chew up 5-10 years of free cashflow just to pay off your debt as is the case for bte and vrn. BTE is especially bad if one uses 65 wti and the relatively short reserve life.
IF you want to chirp about free cashflow use the likes of ATH, HME, or service companies that have no or little net debt not companies like VRN and especially BTE where so called free cashflow is using up a hudge portion of your inventory. i.e if you have 12 years of inventory, then 8.5% of so caslled free cashflow each year is the depletion of inventory.