HMENF and IPOOF

[dan_s]

Note from Stifel on 7-21-2022

2Q22 Canadian E&P preview: A broken record - Robert Fitzmartyn
- Second quarter financial and operating results from Canadian E&P are
going to be exceptional, and while it should be expected by the market, it could
inspire quantitative strategies queued off of strengthening earnings power measured
to valuations of common stock currently. Expect a lot of the use of ‘record’ in Q2
MD&As. There are no changes to our outlook for the space which remains decidedly
bullish and itself could be construed as a ‘broken record’, though we remain partial to
heightened shareholder returns as a differentiating facet of E&P capital allocation in
what otherwise continues to be a segment awash in a sea of FCF generation.