You are correct I should have said $7.4 billion excluding the...

You are correct I should have said $7.4 billion excluding the impact of capex, not $7.7 billion.

My point is that with the latest capital raising you will see a reduction in total liabilities on the balance sheet in the upcoming results (i.e. that was the whole point of the capital raising). You should also see reduced capex, so the outwards cashflows you have described will be lessening, and they will increase the volume of sales from completing GLNG, so this might go some way to offsetting the reduction in revenue from the price of oil. I agree however that assets will likely reduce with an additional impairment charge which is coming. But as I've said before, I always treat asset valuations with caution - they are non-cash items that tend to fluctuate wildly in this type of environment.

If they get to the point where they reduce capex and debt, then the number you need to focus on (IMO) is their net cashflows from operating activities, which was still quite positive - as at end of 2014 net cashflow from operations was $1.8 billion. I don't think anyone knows what that operating cashflow figure will be in the low oil price environment as there are many variables (including how well they can control costs).

I'm not claiming to know what the numbers will be - as all will be revealed when their results come out. However for my money, I'm betting it won't look as bad as people seem to be factoring into the share price at the moment.