Results Presumably the shorts will focus on the exceprt below from the results and comments:
The Company exited Q3 2018 with a net debt to Q3 2018 annualized cash flow from operations ratio of 2.4 times, which is currently in-line with the guided range of 2.1 to 2.5 times at year end 2018.
The Company anticipates lower field net backs and cash flow in the fourth quarter compared to Q3 2018 and therefore a negative effect to the annualized net debt to cash flow from operations ratio for the year ended 2018. A shortage of pipeline capacity and recent refinery maintenance has led to material apportionment and price weakness for Canadian light oil, making Canadian oil much cheaper relative to the US benchmark. Light oil has been trading at discounts up to US$30 per barrel in Q4 compared to a differential of approximately US$6 to US$7 per barrel in Q3.