"GTE also had no debt and lots of cash when I bought it but GG took care of that. Maybe I should have added another Resolution:
3.a I will sell any E&P stock I bought as debt- free if they leverage above >1x CF"
Hmm.... in hindsight, that rule might have saved me some pain too. I like it Nikos.
That said, there have to be careful exceptions to any rule of thumb.
I believe that natural-gas producer Canacol Energy with an ND/CFFO ratio of 2.4 has a bright future over the next couple of years. Currently yields 4.6% with good dividend growth prospects.
Then Colombian natural gas prices are rather high and stable compared to natural gas prices elsewhere and are notably stable compared to oil prices.