Post by
Theconsortman on Jun 07, 2021 11:30am
Surge
No patience for the ol SGY, they are doing the best they can in the circumsytances.
-Fact: They came close to a crisis before getting the emergency loan last fall from the government. Without it they were likely t1ts up
-Fact: The debt holders are the ones requiring the hedges. They are worried about their security. Quit blaming Surge management, they are not in control
-Fact. The debt holders also made PC sell off a crown jewell Sparky property (aprox 1800 bopd) for a fire sale price. This was UNHEDGED volumes so it is a double kick in the nuts.
With all the above the best management can do is continue to pay off debt and try to backfill the disposition and declines and hopefully hold production level.
Thats the future.
Comment by
downtozero on Jun 07, 2021 11:47am
When will they be in control of their own future? At what point will debt reduction be enough and they can start to grow production? I don't see a dividend coming back until they can show continued growth, at least not for a year or two.