COMMENT

Very optimistic for energy investors in 2023. Expecting $100 oil in near term future. Two major headwinds gone: 1) China pandemic ending 2) SPR releases have passed. China re-opening will unlock ~1MM bbls oil a day of demand. Supply is still not growing at material rate. Return of capital to shareholders limited further investment.

TOP PICK
Expecting $100 oil in the coming months. Planning for $6.80 share price this year. High oil torque and leverage to rising oil price. Pledged to return at least 75% of cash to shareholders (starting April). Expecting SIB & NCIB in the coming months. 31% free cash flow yield with $100 oil. 22% free cash flow yield at $80 oil. Massive ($3B) tax pools available.
TOP PICK
Very aggressive at consolidating Clearwater acreage. Company continuing to pay down debt. Expecting a $12 share price given strong oil prices.
TOP PICK
New CEO is capable and market friendly. Potential to expand Eagleford potential. Clearwater exposure with strong free cash flow yield. Interest falling off the company which creates a buying opportunity. Expecting $20 share price assuming $100 oil. Company is very focused on paying down debt.
PAST TOP PICK
(A Top Pick Jan 28/22, Up 18%) Gas weighted company (Condensate as well). Recently sold shares. Blueberry dispute recently solved, but has been a concern. 20 years of tier 1 drilling inventory.
PAST TOP PICK
(A Top Pick Jan 28/22, Up 44%) If bullish on oil, very good name to buy. Strong leverage on oil price. Company trading at 33% free cash flow (privatize in 3 years). 35 years of reserves. Example of mis-pricing in energy shares. Expecting a double in share price.
PAST TOP PICK
(A Top Pick Jan 28/22, Down 6%) Pure player in the Clearwater oil play. Exploration wells not panning out. Perception that company is inventory light. Public data suggestion new wells could be better. Will continue owning shares in the company. ~5% dividend yield helping shareholders.
HOLD
Has since sold shares in the company. Free cash flow yield from Europe natural gas prices has since fallen. Irish government demand for 75% windfall tax unacceptable. Shares still cheap, but better names out there.
BUY
Very good name with strong yield. Good name for retail investors. Inventory light with higher operating costs. If believe in $80 + oil price, you will benefit with large torque in prices. Medium to heavy grade oil.
BUY
Great job at meaningfully buying back stock. Setting bar high for return of capital to shareholders. Trading at premium to peers. Quality company that is a safe bet for long term shareholders.
BUY
Led by very strong management (Murray Edwards). Has bought shares in company. Very strong inventory depth. Can buy decades in inventory for nothing. Trading at 22$ cash flow yield @ $100 oil. Paying strong dividend. Expecting meaningful share appreciation.
BUY ON WEAKNESS
Concerned on price of natural gas and names associated with it (short term). Long term natural gas will be fine (base load supply). Best gas marketer in the business (has California exposure). 75 years of inventory. Dividend yield could be ~7.5-10%(base + special dividend). Waiting for gas to hit $0 and will buy shares.
BUY
Very similar to Cardinal energy. Better names out there with large inventory. Quality company that is returning capital to shareholders. Trading at slight discount to peers.
BUY
Recently bought 9.9% of company. Implemented new design on oil well drilling. Quality company with strong prospects. Current share price mis priced. Share price target is $22 in the next 1.5-2 years.
BUY
Likes the inventory depth. Strong decline rate in oil assets. Valuation is slightly higher than peers. Expecting a dividend increase. Strong management team.