If you know what to look for and what is water under the bridge. First reminder. Hedging "losses" are not really losses like out of pocket I lost money. They are profits I could have banked but I gave up to shut the bankers up and cover my downside. Much more important to look for is
1]guidance for the rest of year. Cash flow,production,debt reduction, op costs, etc
2)Changes to reserves. Last year. Q1. Sgy recorded a "special charge" of $590.73 million. This was due to the decline in economic value of proven reserves. The reserve report had a huge reduction in proven, probable, and possible reserves. Not because the oil disappeared! No, it's because at $30 oil or less, whatever assumptions they were using, a lot of barrels became uneconomic to ever drill, never mind produce. Now, through the magic of accounting, the next official reserve report will result in an equally massive "recapture " of all that value. So, in addition to a one time, non cash earnings bonanza, there will be a huge jump in book value, 2P reserves, NPV10, etc etc etc. all the things that drove the stock under 20, will drive it back over $1 and beyond.
3) growth. It used to be a filthy horrible word but some of that flow through money and asset sale is going to go into the ground rather than to the evil bankers and debt holders. Like pointless.
4)ATH and BTE recently reported. Both reported mediocre headline earnings and Free cash flow. BUT, they both reported fantastic guidance and jumped 20-40%. Others have done similarly well and I see no reason SGY won't have similar results. GLTA longs of stock. Pointless and his bonds GFY.