RBC conferenceAnyone listened to it? Same thing as the previously provided slide, 1 billion of FCF at 55 wti, 1.5 billion at 60, 2 billion at 65. They're putting 6 rigs on the Clearwater area and they expect good economics on that land. He figures one year payback and currently the 5 year economic plans doesn't include any of the potential Clearwater project. Light oil to hold current production levels. Grow heavy oil a bit, it's about 23,000 to 24,000 bbl/day but generates roughly 140 million of FCF. RBC asked about slaying the debt and put balance sheet issue away but Ed replied that it's a phased approach, but they plan on earmarking 300 million for the balance this year. Next year FCF generated at 55 wti levels are earmarked for balance sheet. Should reduce debt from 1.7 billion to 1.2 billion. Anything above 55 wti, then they start looking at direct shareholder returns (buybacks or dividends). RBC asked about 2022 hedging, baytex replied that 47% hedged for 2021 and 38% right now for 2022, 3 ways, upside participation up to mid 60s (this is in the original presentation). They hope to have 40 to 50% hedged by end of calendar year. RBC asked about Clearwater economics. Ed replied 2 of the 6 wells should be done by the end of the year. They expected 200 to 250 bbl/d per well, and he thinks the area is the number one oil play in western Canada (take with a grain of salt but that's what he said) and competes with the eagleford. He guesstimated the land could produce a couple hundred wells if it works out as well as they hope. RBC asked then if they would be able to say yay or nay by the end of the year and he replied that he would think so, and that the rigs are moving on this week as they speak. RBC asked about cost increase in general operations, and he replied that those have been mainly offset by increased efficiencies and then some. RBC asked whether they prefer dividend or share buyback, he said he'd be seriously looking at share buyback since they're valued at lower valuations than peers. Deleveraging comes first. Then after everything they might target single digit growth, and maybe a little of dividends.