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MCF - Contango Oil & Gas Appears To Have Reasonable Upside Now Despite Burdensome Hedges
Contango Oil & Gas Company (TX)
Contango's hedges (from 2H 2021 onward) have over $700 million in negative value at current strip prices.
It should still benefit a bit from stronger near-term commodity prices though, with my estimate of its 2022 adjusted EBITDA increasing by $100 million compared to June.
At a bit over $4 per share, Contango looks like a reasonable value for a long-term (after 2022) mid-$60s WTI oil environment now.