Debt Target & Shareholder returnsJust some perspective.
Back in Sept the Management team discussed "As we sit today we would be very focused on buying our shares back at some level in the first half of the year""
So where are we now?
When that comment was made oil was $70 so simple math
Debt Sep $1.564B
FCF Sep-Jun @ $70 = $365M
Debt Jun $1.200B (target reached & commencement of shareholder returns)
HOWEVER OIL HAS NOT BEEN $70 SEP-FEB
Impact of $80 oil (with unknown production change on Clearwater)
Debt Sep $1.564B
FCF Sep-Mar@ $80 = $365M
Debt Mar $1.200 (target reached & commencement of shareholder returns)
So the difference between $70 and $80 is the difference between June and March (not including Clearwater additional production which is being drilled at a good pace as you can see from my prior posts)
Who knows what we see Feb 24th...but it will be interesting.
All I know is there is LOTS of Clearwater activity so for me that is exciting!