Crew Energy (OTCPK:CWEGF) generated a total negative netback during Q4. Compared to some similar Canadian producers, the company operates at higher costs and its leverage is high.
Based on the midpoint of the estimated 2019 production, the 2P reserves represent 50 years of production. But the company needs higher oil and gas prices to realize the value of its important assets.
In this context, the market doesn't value the company at a discount compared to some similar producers. Before getting into the valuation, let's have a look at the Q4 results.
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