Wednesday, November 22, 2023
Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2023-2Q production rose as expected with new wells coming online. A robust summer of drilling resulted in higher production. Post-quarter flow rates allow us to bump up future production estimates.
Realized prices came in better than expected. The basin discount was reduced adding to the rise in oil index prices. Management added swaps at attractive prices in response to higher oil prices.
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