Agree with your points in isolation.
But you can not ignore the March sales figures, more rigs coming on line, general demand for commodities and the outlook over the next 12 months.
Sales numbers will actually be at the top end.
Mixed in my view.
It may not be clear until all the new rigs are fully operational and new CAPEX has finished what "normal" EBITDA and cashflow will be.
Ann: Quarterly Investor Update, page-5
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