$4.5 BILLION debt against 2016 revenue of $1.6 billionwho are these guys kidding ? not only should the divy be gone they need to think about selling half the business just to survive , time is not your friend here as the last of the hedges run out ... they might get close to $3 billion for 60,000 barrels of the best assets priced at $50k /flowing then the debt becomes sustainable .
The problem is not temporary as anyone who bothers to read quarterly reports knows , almost every producer is reporting 'better than expected' drilling results , technology is basically killing pricing power as the oil flows from shale like never before using longer horizontals ,higher pressure fracs and highly accurate 3D seismic. It is not just contained to north america .
Prudent management would plan for multi year sub-40 oil price .