Year End Out.... ...via SEDAR or Stockwatch. Here are my first thoughts from five minute scan:
Looks like 2011 despite the fall pipeline shutdown.
EPS of $.17 or $58M vs $.21 in 2011 expected due to pipeline outage.
CFOps before WC Changes of about $100M and Free Cash Flow before WC Changes of $66M.
$35M of cash on BS but current ratio just under 1.00X. Overlift liability at year end was $35M, basically exactly matching cash which is interesting.
Only real surprise we have never seen before is the $10M "Tax Benefits Contribution Charge" for 2012. This has never shown up before. I guess Mart has to funnel some of the tax benefit to Midwestern/Suntrust?
Without this $10M charge our Net Income looks very similar to last year. It appears it was paid in cash as it is not adjusted for in CFS and not disclosed in accruals.
Here is the explanation (Note 22)
"For the year ended December 31, 2012 the Company recorded $10.6 million of tax benefit contributions. This represents the Company’s costs relating to the tax incentives granted to Mart’s co-venturers with respect to the petroleum operation at the Umusadege field. The payment of the tax benefit contributions will cease upon the expiry of the tax incentives period in 2014. There were no equivalent charges in 2011."