In short: Conestoga Capital (Small/SMid/Micro Cap Growth Composites): a new position in the Delaware Basin, initiated "based on the company's low-cost operating model, disciplined capital allocation, and ability to consistently grow free cash flow across commodity cycles." The flexibility argument: "continued operational efficiencies, investment-grade balance sheet strength, and a deep inventory of high-return drilling opportunities provide flexibility to create long-term shareholder value." A short, criteria-led write-up rather than a commodity-price call.
Permian Resources drills in the Delaware Basin, part of the Permian. Conestoga started a new position on three qualities rather than a view on the oil price: it costs them less than peers to produce a barrel, management has been disciplined about what it buys and builds, and cash generation has held up through different price environments.
The point of a low-cost producer with an investment-grade balance sheet and a deep inventory of good wells is optionality: it can keep drilling when prices are weak and others cannot, which is when acreage and companies get cheap.
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