Si, desde un principio la tesis de que CNX era la apuesta “mejor” está ahí, a corto plazo se han comportado bastante bien ambas teniendo en cuenta los resultados de otras que llevan en cartera.
Yo a largo también con más potencial CNX, igual coincidió la publicación de los pesos con que CNX estaba cerca de maximos, que este quarter iba a ser “malo” (previsto, había menos pozos funcionando, igual que el 3º será también “flojo”) y que CEIX había corregido algo.
Pero si te lees las Call de CNX, el equipo directivo lo tiene muy claro a medio/largo plazo.
De la Call de hoy, que recomiendo escuchar o leer entera:
Holly Barrett Stewart - Scotia Howard Weil
Maybe, Nick, just kind of starting out, talking about all the different capital allocation options, you've obviously been pretty active on the divestiture side. Are there any assets out there right now that maybe you could fill holes or you think would be strategic to kind of the current portfolio?
Nicholas J. DeIuliis - CNX Resources Corp.
Holly, I think that as time sort of marches on, the opportunity or the asset packages that are out there are actually growing. Some of those would fit quite well with us. But I will also say, and I want to really emphasize this and it's consistent with our messaging the past year or so, those acquisition opportunities, they have to compete with the rate-of-return metrics that we see from our organic drill bit capital as well as our share buyback opportunities. And right now – based when you run all that math, right now, share buybacks and our rate of returns tied to our CapEx program are clearly far and above something that would be a bolt-on acquisition opportunity.
So, I think the environment or the target-rich environment continues to grow. But right now, it can't compete, from our perspective, with the capital program that we've laid out along with our share buyback opportunities.
