JD, I agree 100%. Not going to battle management teams here (WCP vs BTE) as I do like both and invest in both....that said BTE does NOT use the word "discreationary" cash flow (I will just say I don't like that term and leave it at that)
The BTE plan is CRYSTAL CLEAR . Also Ed and team have been crystal clear and consistent in communicating that plan.
Step #1 (Cyrstal Clear and communicated by management)
Debt to $1.2B (Crystal Clear)
When Debt hits $1.2B step 2 (Crystal Clear)
Step #2 (I assume $1.2B hit sometime in April)
2022 FCF (2022 FCF Jan through TBD)
Share buybacks WILL be 25% of FCF (Crystal Clear)
Debt WILL be 75% of FCF (Crystal Clear)
When Debt hits $800M step 3 (Crystal Clear)
Next phase later in year to be detaied
Step #3 (I assume $800M hit based on these prices before end of year 2022)
FCF continues to Debt %? (To be communicated as we get closer)
Buyback %? (To be communicated as we get closer)
Dividend %? (To be communictaed as we get closer)
In closing what we saw with WCP today was texbook imo. Just like some of the clowns here that flip all over the place...
Cdn O&G holders are notorious at earnings time flipping from name to name...some probably expected a different bump didn't see it and moved to the next earnings call company...give this 3 weeks and the dusts settles as it always does....and we continue our climb waiting for those blockbuster Q2 earnings reports....which most don't understand how the contracts match the financials reporting periods.