RE:RE:Dec 2023 report...I am hopeful they will keep the fifth rig in storage and simply keep production at current level (125k boe/d) and payback some debt.
AECO prices for 2024 are mostly below $2.10cad/Gj except for Nov-Dec.
With the Repsol acquisition, some production will be sold at spot, with no profit margin.
They have proven in the recent past that growing production in a flooded market and hedging it below $2.10 is cash flow intensive and will eventually bring the dividend payments down, raise the risk of a covenant breach, and the share price will collapse in anticipation of it.
Let's see if they will be able to adjust their game plan with the business environment.