$80 Oil Price At these prices, OBE FFO in 2022 will be over $5 per share and Free cash flow over $3/ share. If they applied all FCF against debt, they would be at about $150-175m by end of 2022. They are trading at less than 2% of their all time high of $270/share taking into account 7 for 1 reverse split. They could pay a $1 dividend in 2022 and still have debt down to $225m which would be a debt to FFO of about .5.
If you see a better deal than this stock, please advise but this is crazy cheap.