Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<p>Whenever I get a bit too interested in macro economics I see it as a signal that I need reduce my commodity exposure. I wrote short write-ups on CLF (steel), PXD (mostly oil) and TOU (mostly gas) in the past month or so. And was long all three. I still like them, but not enough to hold on to them.</p>

Whenever I get a bit too interested in macro economics I see it as a signal that I need reduce my commodity exposure. I wrote short write-ups on CLF (steel), PXD (mostly oil) and TOU (mostly gas) in the past month or so. And was long all three. I still like them, but not enough to hold on to them.

Cleveland-Cliffs, Pioneer Natural Resources, Tourmaline Oil: Too Much Commodity Exposure

<p>One of lowest cost producer in North America at $1.5/mcf FCF break even. Trading at &gt;10% FW FCF yield at $2.8/mcf gas prices with &gt;10% ROIC. Debt free by 2022. Depreciation overstated due to significant cost reductions in F&amp;D costs in past years. 2/3 of North American natural gas supply will show muted reaction to higher natural gas prices. Consolidation and investor focus on FCF will provide incentive against production growth. Let’s start with why Tourmaline is cheap.</p>

One of lowest cost producer in North America at $1.5/mcf FCF break even. Trading at &gt;10% FW FCF yield at $2.8/mcf gas prices with &gt;10% ROIC. Debt free by 2022. Depreciation overstated due to significant cost reductions in F&amp;D costs in past years. 2/3 of North American natural gas supply will show muted reaction to higher natural gas prices. Consolidation and investor focus on FCF will provide incentive against production growth. Let’s start with why Tourmaline is cheap.

Canada

Tourmaline Oil Corp. is an intermediate crude oil and natural gas exploration and production company. The Company is focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tourmaline Oil (TOU CN)

Cleveland-Cliffs, Pioneer Natural Resources, Tourmaline Oil: Too Much Commodity Exposure

Whenever I get a bit too interested in macro economics I see it as a signal that I need reduce my commodity exposure. I wrote short write-ups on...

Turtles all the way down

Tourmaline Oil

One of lowest cost producer in North America at $1.5/mcf FCF break even Trading at >10% FW FCF yield at $2.8/mcf gas prices with >10%...

Turtles all the way down

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)