This is a Montage Post Quarter Update
- 1Q19 was a partially merged quarter highlighted by a volume based beat, better than expected realized pricing and lower than expected costs.
- Guidance for full year spending was reiterated while volume guidance was edged higher and cost guidance was again marched lower.
- Montage is a liquids rich Utica / Marcellus player with ample inventory, a solid balance sheet and a conservative growth plan that targets near term cash flow neutrality.
Issues facing the stock:
- 1) Outspend / Lack of current capital return to shareholders - we see the