Canadian Montney plays, page-20

I think having half your enterprise value in debt is very troubling when a sectors cash flow metrics go into free fall. suddenly all people see is the debt and not the assets.

I'm the first person to agree the troubles in the Montney have read through here , but trying to highlight being leveraged in a troubled sector is when prices can reallly have a shakeout. take a look at the spreads on some of the montney players corporate debt if you don't believe me. I don't believe the sector will go into free fall because of the good thematic around global LNG and Canadian infrastructure.