Ranger Acquisition Adds Quality Eagle Ford Scale
FREE CASH FLOW ALLOCATION POLICY
Direct shareholder returns increased to 50% of free cash flow (1)
Total Debt (2) Above $1.5 billion
Adjusted Funds Flow (3)
Less: Exploration and Development Expenditures
Less: Abandonment and Reclamation / Leasing Expenditures
Total Debt (2) Below $1.5 billion
Adjusted Funds Flow (3)
Less: Exploration and Development Expenditures
Less: Abandonment and Reclamation / Leasing Expenditures
Free Cash Flow (1)
50%
Balance Sheet
50%
Direct Shareholder Return
Share Repurchases
Base Dividend
69;
Free Cash Flow (1)
25%
Balance Sheet
75%
Direct Shareholder Return
Share Repurchases
Base Dividend
(1)
Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial
Measures section in this presentation for further information.
(2)
Total debt is calculated in accordance with the amended credit facilities agreement which is available on SEDAR at www.sedar.com
(3)
Capital management measure. Refer to the Capital Management Measures section in this presentation for further information.
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