April 19: Tweaking valuation higher based on fine tuning assumptions around oil price and production. Holding 5x as target valuation as SEA proves self-funding growth of 50%+ and lowering debt. March 19: Trades are EV/EBITDAX of 2.9x which is low end at peer group. Higher rates peers, many which are self funding trade at 5x. At current price level, SEA should be able to self-fund with debt peaking this CY. With debt starting to decline, and FCF coming through post-capex, there is a strong driver for a re-rating of the equity.