Wake Up!Management is tone deaf and overly cautious. Current shareholders bought this name for torque, and at a time when it was left for dead. If we wanted safety we would buy CNQ or SU.
Managment is playing the wrong ballgame to maximize shareholder returns, and instead is focused on longevity and their jobs, since they don't have any skin in the game.
They have a long reserve life, low cost operations, and just signed 5 year term debt. They should be trying to hit doubles and triples at this point. I agree with getting to zero net debt, and hedging 25% of output but 75% is ridiculous.
Hopefully we will hear more next week, but they need to emphasize an aggressive focus to maximizing return capital to shareholders, ideally through NCIBs and SIBs. I reserve finally judgement till then.