Fourth quarter produc on came as no surprise as it was previously disclosed with the year-end reserves release, while cash ow beat on lower cash costs. In response to further weakness in commodity prices, Management has reduced 2016e guidance for the second me this year in an e ort to protect the balance sheet, while also cu ng the dividend by 67%. We have updated our forecast leading to improved sustainability measures in 2016e and have maintained both our Outperform ranking and $3.00 per sha ....
