RE:WTI/WCS Price SENSITIVITY: $150M GAIN On USD +1/B PD !!!Here's the thing with the nubmers.
On the corporate guidance for 2021 the base price assumption was WTI $46.50. They updated that corporate guidance to $66 in Q2.
They planned on paying down $3 B in debt to $10 B with the initial price assumption at the start of the year.
They also stated that for every $1 in WTI there's an increase of $250m
WTI has averaged much higher for the year. Even with hedging, they should still be well ahead of that target, yet they appear to only just achieve the debt reduction goal.
There should be a much larger than expected cash flow. What am I missing?