Re: Even after wipeout of Canadian E&P's, PWE/PWT still conservatively worth C$2.92/share based on comps
that's a good question that i have thought about. honestly i don't know.
Ignoring the fact that i would have hedged. From my recollection SU did hedge but i could be wrong about that. so putting that aside - as you know my view on that.
well, first if i haven't spent the money i raised in 2013 (i think he raised the money), i'd try to spend it on some distressed assets.
in terms of PWE - i'd do the following:
1) get rid of the dividend
2) another major round of cost cuts
3) attempt to find a buyer for the company in it's entirety. pretty much at any price.
4) assuming that doesn't work - get any asset sale off that they can, get leverage down a bit and then in 6 months (hoping oil prices stabilize) try step 3 again.