Energy Prospectus

Thanks Dan!

I've been playing with the forecast/valuation spreadsheets for a while now, and find them relatively easy to use. However, it was unclear to me how to update the oil and gas prices to properly take into account hedges or regional differentials.

Kevin

Dan, a few days ago you made the following comment: If you are bullish on oil prices, Continental Resources (CLR) should be a "Core Holding" for you. None of CLR's oil is hedged after May 2021, so it is set up for a RECORD Q3 2021 with operating cash flow that could top $1Billion for the q...

Will do, Thanks.

One additional concern with LPI.
Morningstar in their May 12th analysis was concerned that Laredo has not learned their lesson on well spacing, and thus downgraded them from $57 to a fair value of $33.

Follow up question. Laredo has an estimated PE of 2 using 2022 earnings estimate, and 5.5 using 2021 earnings. Is your favoring of XEC,CLR, OVV and PDCE more than LPI due to how far LPI has moved in the past 2 months? If so, I agree LPI is likely to have a pullback soon. However, over the next 2 yea...

Dan, could you clarify what is implied by "My valuation of LPI is based on lower oil prices."

Does it mean due to hedges LPI has less upside as oil rises, relative to XEC, CLR, OVV and PDCE?

Dan, in light of the recent shareholder actions against Schell, ExxonMobil and Chevron, how ho you think this will affect the short and medium term picture for the oil majors and the Sweet 16? Are these actions primarily targeted at the majors? Will this make the Sweet 16 more attractive? Thanks Kevin

Thanks Dan, cost savings on scale makes a lot of sense to me.

Dan, What do you think of the XEC merger with Cabot, and what that means for existing XEC shareholders this year?

Dan, when I look at Laredo's Assets vs Debt vs Net Book Value and Free Cash Flow, it seems to me they could pay down 30% of their debt this year. Am I understanding this correctly?
Thanks
Kevin