If you own any shale producer then it’s a trade not an investment. There’s no real value. I still can’t find any pubco that doesn’t trade at least 4x what a private PDP valuation for the company’s enterprise would be worth. Still can’t find one that’s not dramatically

technically insolvent using any reasonable price assumptions.

Inventories are so much lower than stated and most companies have given away most of their reserves averaging ~50s. They needed ~80 average to make money. Like they say, you can only sell a bbl once.

All this to say there’s perfectly fine trades to be made when dumb asses and algos own the market, but over a 10 year timeline your equity investment today is almost guaranteed to be worthless.

There is real value in some Canadian names if the commies don’t ruin it.