This is absolutely the most important thing management need to answer. Questions were raised on this on the last quarterly call and they said they were working on it but there’s nothing in the recent presentation that answers this.
The answers to that ultimately will define capital management and provide clarity as their strategy has been as clear as mud - buybacks, no buybacks, growth, FCF, putting it back into the ground, Montney divestment, Montney investment etc.
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