RE:Saturn trading under 2 x PE, 1.3 x CF in its worst quarterForget about the PE. The earnings statement included a non cash unrealized gain of 50m (for the whole hedgebook, years out). Without it their income would have been zero + the saved taxes...so maybe 10m.
They're no wizards there...the missing 2500 bpd wildfire oil was a close to direct hit to the bottom line. So under normal circumstances (without fire, derivative gain) the income would have been 20-25m, I guess.
Oil C$ 111 now, which is good for their cashflow...bad for the Q3 income statement. They'll take a 50m hit then, which would drive the earnings in the red.