RE:ObliteratedWell, i'm not sure there's much else to say beyond their palor in the q3 PR. But from my view, They simply won't have the funds flow to buy back shares. And they can't risk leverage ratios drawing on the credit line for that at these levels of EDM. So that leaves cutting the div or capex for a share- buy back. I'm here for the yield, but admittedly could see the accretive value buying the common at this point with that capital. Tough situation.
They're going to have to draw on the credit line in Q4, and practically suspend any new drilling. They might be commited to completions started in Q3 for some, but i think we're potentially looking at under 15mm for q4 fundls flow if the current WTI and spreads persist.
I'm not sure they will cut q4, but if this doesn't dissipate by march next year i could see at cut.