$140 million impairment charge says it all, page-19

Those of us sitting on the sidelines have been rewarded for our patience. I haven't been telling people but watching MRM for the last 18 months - good you did for sure.
I see oil producers as a bit different, the likes of STO get a direct boost as the price of oil rises where MRM will take longer for capex to recover as well. STO is breaking even at $43 U.S. oil which is pretty impressive, it's debt is higher than MRM but I have no doubt it will survive and have a lot of confidence that the impairment assumptions are conservative.
The timing of when to buy is not simple; I take the view that waiting for conditions to improve is leaving it too late. If you know something can survive the worst case conditions then holding a year or two while business improves will be very lucrative.
You may be right about management getting the recovery timing wrong.
My take on it is that management have taken their best stab at something totally unknown - I don't need them to be correct exactly. If they are out by 12 or even 24 months it's a small matter to a long term investor.
Looking foward to results to dig deeper. Will be listening to AHS' earning calls for sure. Other companies are a great source of industry info.