RE:Top Draft Pick - Why No Dividend Discussion?I agree, the environment is not great for CDN natgas. My point is a dividend now would not hurt the story, and could be delivered if they just deferred 3-4 new wells per year.
They already plan to spend $45MM more than est. 2019 CF with 50% of the 2019 CAPEX to be spent at Glacier, which is a liquids light project That implies they are increasing debt and likely drilling some PUDS. Other CAPEX will focus on growing the liquids-rich lands.
They have a 10 year commitment to move about "20% of their gas production" (from Q3 2018 MD&A) on TCPL to Dawn, Ontario at a T expense of $1.10 mcf which they state will cost them $48.7MM in 2019. They have significant excess volumes over that commit so other hedges and forward sales are probably being contemplated now.
The marketing team needs to perform and they are capable.