RockRose (RRE) reported adjusted EBITDA of US$98mm in 2019, slightly ahead of our forecast of US$96mm on production of 13.9kboe/d (19.4kboe/d proforma for the Marathon acquisition). CO2 emissions (operated assets only) were down by 18% in 2019. RRE ended 2019 with 61mmboe of 2P reserves plus 21mmboe of 2C reserves. We believe RRE is in a strong position to navigate the COVID-19 operational impacts and the financial impacts of a low oil price, given the large cash position on its balance sheet (U ....
