Cash from operating activities was $180 million after they lost $87 million on the hedges. Working capital was negative $20 million. Their sustaining CapEx typically runs about $6.75/bbl. CapEx is heavier this year to bring production back up. Strictly going off Q2 results with lower production puts pro forma free cash flow at $850 million when WTI averaged $66/bbl in USD.
Going forward, I have them free cash flowing $820 to $970 million (Canadian) per year at $65 WTI USD depending on differentials. That is about $2.70 to $3.10 per share in Canadian dollars. They can do this for 50+ years. Luckily, they can't go back in time and make more hedges at sub-$50 oil. I'm sure most boneheaded senior management teams would do this if it were physically possible. If they hedge more, it will at least be circa-$70 oil. I don't like it. If they lose money on them, present value still increases, just not as much.