RE:RE:RE:Hedged/Unhedged doesn't make a difference Take a look at the assumptions from the January 18th, 2023 news release regarding their five-year plan.
https://www.birchcliffenergy.com/sites/default/files/docs/News%20Releases/2023/PR%20-%20January%2018%2C%202023.%20FINAL%20230118.pdf
Now look at the updated assumptions in their November 2023 corporate presentation.
https://www.birchcliffenergy.com/sites/default/files/docs/Corp%20presentation/Q323%20Corporate%20Presentation.pdf
You might conclude that Birchcliff is nowhere close to meeting the assumptions they've made with respect to generating free funds flow and dividend maintenance for 2023 and further into 2024.
I would certainly not be surprised to see the new CEO cut the dividend - or even move to eliminate it completely. They also still have their NCIB for the repurchase of up to 13.3M shares which, if timed right, they could scoop up on the cheap once the stock takes a nosedive after a dividend cut is announced. Such an action would still increase shareholder returns, while reducing their quarterly liability in terms of future dividend payouts should they move to reinstate the dividend in the future.
...of course this is all pure speculation and acting in such a manner would certainly signal to investors that the corporation and its leadership shouldn't be trusted at all. Not the best foot forward for the new CEO.