Yes , maintaining production will maintain FCF. Increasing production will be more lumpy and there would be periods of no FCF. This is very typical in O&G, particularly with production at these levels. I prefer they stick to a level, which they are now - circa 4000.
At WTI$80 USD+, FCF is strong after costs or CAPEX to maintain production at that level.
CALIMA ENERGY - Positive Outlook, page-74
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