IMO the message on that slide is the average .... which is 4.05.
So if SEA was valued on the average of its peers (?) then EV of 2019 EBITDAX = 4 x $175M (easy math) = $700M EV etc. etc.
The only 2 peers I'm measuring against is CRZO and LONE. No future in including Sanchez, Halcon, even Earthstone (pivot to Permian)...
Ann: Corporate Presentation, page-10
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