Ann: Fourth Quarter and Full Year 2018 Results, page-4

My main takes were

• Economic uncertainty in oil demand. However, mentioned Opec and Russia supply cuts + Iranian cuts + reduction in shale. Production threatened by regulators in Colarado. Sees overall favorable environment 2019
• Generating cash flow in 2019 with organic growth. Retaining $50M liquidity (and will drawdrown $25M Q1 but then repay). So SEA will keep $50M liquidity buffer
• Objective to generate growth on a per share basis
• Breakeven requires oil in low $40s to be profitable
• 1,500-2,000 boepd being foregone due to midstream contracts. Adding 2 cimpressors, expecting to be resolved by April.
• Overall pricing works out to a $3.50 premium to WTI
• SEA will hedge 50-80% of production 24-36 months out to ensure return on and of capital.

Can't really complain with the $100M EBITDAX, but wasn't exactly unexpected either.

There wasn't much new information provided really.