RE:Um those earnings sucked .....how is this running????TheDude, you can't look at Net Income anymore, way too skewed by accrued accounting (ie $1 billion impairment loss). Rather, look at cash flow statements. Baytex managed to pull close to $600MM in CFO and reduced debt by $450 million via share issuance. Dilution isn't good, but at least they managed to operate near cash flow even for the year.
With no dividend in 2016 and lowered capex guideance, we should expect further cash conservation to offset the lower oil price in 2016. Q1 of 2016 will be tough, but we have seen some price stability in crude. Plus, as people have mentioned, increased reserve will also be great for Baytex once oil recovers (which IMHO, it is inevitable)
Cheers