This is an interesting paper from Deloitte.
Whether anything in it applies to SEA is for the reader to decide. One large and one small E&P filed for Ch11 today. UPL was a (large) gas producer so different primary commodity but financials are financials.
Deloitte-analysis
Keep in mind the capital structure of SEA with the BB/Term Loan & Accordion feature that their Credit Facility has.
Options are good.
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