Buybacks/FCFJust doing fun math .
At current strip .
Baytex+Ranger will produce 1bill combined FCF with total share count of 840 million.
Remember WTI >75 still .
25% is to share buybacks currently and 50% once merger closes in q2 end.
So thats approx 375mill to share buybacks ,so at 5 bucks thats 75 million bought back which is share count down to 775 million . In 2 yrs they will can reduce debt to 1.5 bill and sharecount to 690 million (if share price remains 5$) .
If stock price ramins 5$ and its 1 bill to buybacks then its 200 million of sharecount wiped out further and count drops to 490million.