2022 LAID the foundation for Oil plays.2022 has positioned many oil companies, ro give real solid returns to shareholders. Lets look at BTE.
A few short years ago we were running 2 billion in debts. 2023 Free cash flow will be higher that 2022 at lower oil prices because of production increases and lower debt cost. BTE does not need 120 oil to be a money maker, anything over $75 is gravy. They are forecasting at just $76 oil over $400M FCF, every $5 above there is another $120M roughly.
Do the math, debt will be less than $800M by Q2 2023 and the company has the ability to pump out over $400M in FCF at just $76 WTI, think how quickly share buy back can be accelerated, NCIB will have to give way to special buy back with that arsenal of cash flow.
Oil gives to $100 cash flow will increase by $100 of million. 2022 really set the foundation, 2023 will now add the first level to spring years of growth. BTE can survive at $50 oil but this $76+ environments will really put winds the sails for solid future returns. Good luck to all do your own DD.
Their presentation is on their website if you wang exact numbers.