RE:free cash flow to pay down some debtIMO debt to equity at 20% is a terrible waste of capital - in an upswing market more debt is better, as debt is more efficient than equity, as far as return on investment; higher debt translates into higher ROE ... so I would not be hung up on the debt level too much, if oil prices stabilize anywhere near these levels; I'd rather they carry the debt and retire some shares, if they're making decent margins at these levels; as share price appreciates, any buyback would be harder and harder to execute; or, use the debt funding to drill more; either way, keep the debt and use it's inehernt leverage to improve investor returns, I say