Take the Nutall Pledge CJWe are going to get a pretty decent look at FCF from Cardinal in Q3 results, as they are minimally hedged. (Yes prices are even higher now...)
So it would be good to get a more structured approach on
1. Target Debt Level in absolute terms
2. Share buybacks and Dividends as a fixed % of FCF after keeping production flat
3. Growth spending vs Debt reduction once Target debt level acheived
There is more than enough money to obliterate debt, while repurchasing shares AND paying a modest dividend. Once Debt gets to target, some cash goes to new production.
Looking forward to Q3 results.