Naamkat whose posts I value commented on SRX q1 release. As with all producers very positive. I would recommend you read his analysis on the doomonyou moderated Board.
It is very similar to the improvement that BIR announced and the share price too is very similar SPX had cash flow of 30c BIR 33c. They both trade around 3.30
The principal difference in my view is one hedges the other one does not.
SPX had a 5.3m hedging loss, BIR is not hedged at all. My point as to which company to invest in is if you really believe in the emergence of a secular bull market why would you want to limit your gains by investing in a hedged producer. And if you buy a hedged producer you see risk in the key reason why you invest in this sector and that is risk of declining commodity prices. As long as my view of crude and NG prices is constructive I want to be in an unhedged producer. Once that view changes I would be inclined to sell. I dont think there is anyone here that does not know the damage to share prices in a commodity bear market-with or without hedges.