Second quarter results came in as expected. Production of 66.7 MBoe/d (thousand barrel of oil equivalent) came in line with streets consensus. Management left the full-year guidance unchanged but a tighter spread on WCS (Western Canadian Select - crude) would likely be a tailwind for the second half of the year. TVE annual guidance for production is between 67 Mboe/d to 71 Mboe/d. Cash flow per share came in at $0.28, with a total capital spend of $118 million. The company disposed of a 49.9% interest in its Wembley gas plant. Management noted bids are due on its Cardium package, which will likely help reduce debt, as debt reduction remains a focus. We think this was an average quarter with nothing worth flagging yet. We would be OK adding a bit, cognizant of sector and smaller company risks.
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