Prior to the oil price crash Continental was one of the fastest growing companies in our coverage. But following a series of dramatic spending cuts 2016 production will fall 3% and further declines are expected in 2017. Despite the slow down in the company's growth story we believe the longer term outlook is positive. Continental has exposure to some of the top performing unconventional plays Onshore US with substantial running room: we forecast an 11% CAGR between 2016 and 2020 the second highest growth rate in the US focused peer group. The main risk to this outlook is that financial constraints limit growth particularly in the near term. Managing its debt position will be key by the end of Q3 2016 Continental s gearing was 62%. Asset sales of over US$600 million will be used to pay down loan notes making some progress towards the company s target net debt figure of US$6 billion. But further action will be required to meet this objective.