CAPEX or DividendI think we can all agree that the current CAPEX plan AND the dividend are not sustainable. Assuming CAPEX comes down in Q1 as drilling slows, the cash position should swing back to a positive number but some hard decisions will need to be made by mgmt wrt Q2 and beyond. If WTI/WCS stays where it is either the CAPEX or dividend will need to be cut.
I believe there are some tailwinds in our favor and will hold on for another year. I see:
1) China reopening - increase demand
2) Limited new supply coming online - flat supply
3) Transmountain expansion - tightening of WCS spread