Sanchez Energy's (SNEC) Q1 2019 report points to a company that is very likely to restructure. Production declines are significant due to its well below maintenance capital expenditure budget, while it is also hampered by increasing production expenses (per BOE) and low realised prices for NGLs. With its current interest costs, Sanchez would need WTI oil in the mid-$70s in order to maintain production levels without cash burn.
This is clearly not a viable scenario, as oil strip prices are now over $20 below Sanchez's breakeven point. Even when oil prices were much