Im back inBeen waiting for this pull back. The board raised max hedge to 80% for a reason. I expect april and may at the very least to be near 80% and hopefully more months after at a lessor portion. We are about to finance. Those hedges just gave more surety to the debt profile. The key is to get rid of capital return restrictions of our notes. With that gone, and a long term debt profile, you simply start paying a small div or buyback shares. All possible with 85+ oil with my math.
The risks around this investment is macro. But real rates are still negative so you can sit out and think the world will boil over and loose on inflation or take a company that is literally months away from a capital return. Frac spreads are still down. US production aint climbing fast. Saudi and russia remain steadfast.
Do not forget that the market has not awoken to our massive clearwater position. It is only starting to show up on the comp maps. We should have results soon too.