Next down turn in the oil price Will murder this thing. All the bulls already forget what $40 to $65 oil feels like. The next two years will be extremely painful if oil drags and EBITDA gets hit while high interest payments return to the forefront of everyone's mind.
If we get $85 to $105 plus oil for 3 years it will have been a bold and profitable move.
A lower break even point brings little comfort to a global collapse and $2.4B of debt while reducing leveraged production capacity in HARD TIMES.