Forgot to add, in case $50 for 2017 was considered too harsh (or delusional), that Strip pricing for Jan'18 is $45.34 and Dec'18 is $47.30 .... so still not $50 in 2018!!
Now the Strip price is not always a good predictor of forward price ... but it is used as a basis for those pesky future asset valuations.
IF the strip is anywhere near true then it is a disaster for E&P in general and whatever Phoenix's can rise from the ruins will do extraordinarily well. I can only hope the Strip is wrong wrong wrong.
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Ann: December 2015 Quarterly Report and Appendix 5B, page-6
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