Impact: Positive. Seven Generations has reported 2Q15 production and cash flow that exceeded both our forecast as well as consensus estimates. Corresponding capital expenditures were higher than anticipated given a number of accelerated projects completed in the period; however, the Company has maintained both its full year budget of $1.3-$1.35 billion (FCC was $1.35 billion) and production guidance for between 55,000-60,000 boe/d (FCC was 58,000 boe/d).
