Find and dev costs fir oil 9-12
For wet gas. 12-15
Dls currently trades at 10 dollars per barrel on an EV basis - even less is cash has grown .
So reserves on an F and D basis alone more valuable than entire market cap. Even cheaper if you look at a more realistic value of reserves 15 oil, 8 for wet gas for current oil environment and probably. 20 oil, 10 wet gas medium term . Used to be 30 and 15 when oil was 100. If I add in pipeline infrastructure , production facilities acreage etc DLS is cheap even when one uses the most conservative assumptions. One of the cheapest way to buy the view that oil won't stay this low
DLS Price at posting:
50.0¢ Sentiment: Buy Disclosure: Held
