由于在公开市场上落后于勘探与生产公司，一些非运营的石油和天然气公司正在更严格地控制钻井决策，因为高管们希望重塑其商业模式。
非运营石油和天然气公司的抱怨相当明显，那就是他们在华尔街没有得到应有的待遇。
一般而言，尽管它们的收益稳定、负债较低且向股东返还现金（就像获得更多投资者关注的勘探与生产公司一样），但其交易价格仍比勘探与生产公司的同类公司低很多。
例如，Granite Ridge Resources 的收益率约为 7%，但交易价格比运营的 E&P 同行低 1.5 倍至 2.0 倍（并且落后于其他非运营公司 0.5 倍）。
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As they trail E&Ps in the public markets, some non-operated oil and gas companies are taking firmer control of drilling decisions as executives look to reinvent their business model.
The fairly audible grumbling from non-operated oil and gas companies is that they don’t get their due on Wall Street.
Generally, they trade at a considerable discount to their E&P cousins despite generating consistent returns, carrying low debt and returning cash to shareholders—just like the E&Ps that get more investor attention.
Granite Ridge Resources, for instance, offers a yield of about 7% but trades at a discount to operated E&P peers of 1.5x to 2.0x (and trails other non-ops by 0.5x).
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