cpg payoutI have calculated the payout as total cap x plus cash dividends divided by cash flow. I exclude the drip. The reason I do this is because I am most interested in the impact on the balance sheet and the debt to cash flow ratio as well as the debt to ebitda ratio. The drip is a non cash item however I do calculate the number of new shares issued each quater from the drip and the additional dividend impact.
Some of the basic questions: What oil price is required and what level of cap x needed to maintain flat y/y production on ending numbers, while managing the balance sheet to keep their lenders off their backs as they muddle through this period of low commodity prices.
splurge