4Q15 results will be ugly, but 1Q16e is obviously shaping up to be much worse. We anticipate further capex budget reductions and have moved capex estimates below current guidance for several companies. Bitumen prices are single digits. If they go negative we suspect some bitumen producing projects could curtail output at least modestly. Liquidity Analysis: futures strip pricing would imply massive debt increases in 2016e-2017e for most names, but most names have sufficient liquidity arranged. We ....