Outside of the update to our 2016e capital projections that now reflect the mid-point of Management’s guidance, we observe very little change to our 2016e outlook that continues to drive anticipated cash flow of $456 mm or $1.71 per share (forward strip). Based on this, we estimate the Company will exit 2016e with a trailing D/CF ratio of 3.9x, which is a minor improvement from the 4.1x we were carrying previously.
