Equity Field Notes from temporal sources

[DanWebzster]

CPG is a small cap oil producer that has transformed itself from a growth-at-any-cost strategy to mostly deleveraged and modestly profitable.

To do this, CPG has sold $1B worth of assets and paid down debt.

Further, CPG has lowered production guidance for 2020, cut capex and shut in 25K barrels per day.

CPG management will release those barrels if oil prices stabilize. This could yield an additional $150M EBITDA before decline.

As of 8/20, CPG is breakeven at $30 WTI and has paid down $450 in debt so far this year.

Along with XOM, this will be one of the first oil stocks I consider if bullishness returns to the oil market.