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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (43139)8/16/2011 10:08:14 AM
From: Spekulatius  Read Replies (1) of 78673
 
Bought DVN @ 68.4$ I believe it is a comparatively safe pick and valued attractively. They have 2.8B BOE in reserves (~60%oil) and a 29B$ market cap, so that is only 10$/BOE. in addition they own midstream assets with 500M$ in EBITDA, those are worth ~ 5B$ too. There is almost no net debt and all reserves are North American.

High Mid single digits reserve growth but they are FCF neutral/positive and bought back shares in the past. I like this better than 15% reserve growth with substantial negative FCF (UPL).
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