The Million Dollar Way (The Bakken Oil Blog)

Tuesday, September 6, 2022

STR And MNRL — Bloomberg — In Pre-Market Trading MNRL Up Almost 8% -- September 6, 2022

The Deal

Breaking: deal announced. Also here.

all-stock merger;
aggregate enterprise value: $4.8 billion, based on closing prices
brings together two of the largest public companies in the oil and gas mineral and royalty sector with complementary high-quality assets in the Permian Basin
259,510 net royalty acres
32,800 boepd
50.3 net line-of-sight wells
annual operational cash flow projected: $15 million
projected too reduce Sitio's 2W22 G&A per boe by 19% to $.172 per boe for the combined company
float to increase Sitio's publiic float almostt 6x; from $320 million to $1.9 billion

For comparison, Devon, 1Q22:

$45 billion
616,000 boepd

Two metrics:

Sitio-MNRL: $4.8 billion / $32,800 boepd = $146 thousand / boepd
Devoon: $45 billion / 616,000 boepd = $73,000 / boepd

Original Post

Before we get started, this "ESG" thing is working to our advantage.

STR website.

It started here.

Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. Full disclaimer at tabbed link.

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.

Pre-market, September 6, 2022:

STR:

market cap: $2 billion
p/e: 23
forward yield: 11.54%
trading at $25

MNRL:

pre-market: up almost 8%;
market cap: $1.8 billion
p/e: 14
trading at $30

Wordle -- The New York Times -- September 6, 2022

Link here.

The favorite starting word among players [is] ADIEU, the French word for “farewell.”

It was used by an average of 5 percent of users each day, which still included millions of people. And even after a June 22 CNET article discouraged using ADIEU — because its abundance of vowels may interfere with the chance of getting some good consonants — it was still one of the top five guesses.

Most popular "wordle" first guesses: adieu, audio, stare, raise, arise.

Finding a good balance of non-repeating vowels and commonly used consonants, such as R, S, T or N, is also said to give the player an advantage.

And yet, there are nuances to that strategy.

In a request from The Times for the experiences of players, Kat Whyte of Central Point, Ore., said that she starts with ADIEU. “It contains all the vowels except O and possibly Y,” she said, adding, “D is fairly common.”

On the other hand, fellow Wordle player Michael Lounsberry of Seattle said, “Finding consonants is where it’s at! Finding vowels is a bad strategy.”

The second attempt, the prevailing wisdom goes, should use completely different letters to increase the likelihood of solving the daily puzzle in the fewest guesses.

Me? I haven't missed a game in months. I often stay up to midnight just to get the next puzzle. With one exception -- and that was some months ago, I never miss. I generally get it on the fourth try. Seldom on the sixth. Very seldom on the third.

My starting word used to be adieu, but now I use adept. I was surprised to see adept not among the most frequently first used words.

My wife uses adieu after I suggested it to her. She generally solves the puzzle much more quickly than I do, generally in three tries.

The game is not yet monetized. That was a prerequisite for the inventor of the puzzle to "give it" to The NY Times for free. I believe the small print says it must be kept "free" for a certain number of years, after which The NY Times can monetize the puzzle.