I will start cashing-in my short positions at that price.
You are probably right with you assessment, but where does the money come from to pay $600 million in dividends every year?
They are currently selling NG and liquids below cost.
Algo & HFT's have moved on and trading volume is down by more than 50% - this is when ECA stock trickles lower.
It's a valid question - the obvious answer is out of cash - but we both know it's not that simple. They can't continue to show a loss and pay dividends.
I'm not so sure they are selling below cost. We all know that they can show almost any cash basis for product cost with accounting tricks. But for how long???
I suspect they are becoming a target for acquisition based on thier reserves