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Valeura Energy Inc. T.VLE

Alternate Symbol(s):  VLERF

Energy Oil & Gas E&P
Valeura Energy Inc. is a Canada-based upstream oil and gas company engaged in the production, development, and exploration of petroleum and natural gas in the Gulf of Thailand and onshore Turkey. It is also pursuing inorganic growth in Southeast Asia. It holds an operating working interest in four shallow water offshore licenses in the Gulf of Thailand, which include G10/48 (Wassana field), B5/27 (Jasmine and Ban Yen fields), G1/48 (Manora field), G11/48 (Nong Yao field). It holds a 100% operating interest in license B5/27 containing the producing Jasmine and Ban Yen oil fields. It holds an operated 70% working interest in license G1/48 containing the Manora oil field, which produces approximately 3,200 barrels per day (bbls/d) of medium-weight sweet crude oil. It also has an operating interest in 0.407 million gross acres of prospective rights in the Thrace basin of northwest Turkey. It holds interests ranging from 63% through 100% in various leases and licenses in the Thrace basin.


TSX:VLE - Post by User

Valeura Energy Inc.
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Comment by Viking2017jorsaon Feb 08, 2020 4:45pm
96 Views
Post# 30662994

RE:Equinor CFO Bacher

RE:Equinor CFO Bacher
Subject: Equinor - Buy: No surprise in Q4/CMD – lot’s of focus on ESG
 
Check with Norway's renowned broker firm ABG Sundal Collier that asked Equinor about the Turkey write down:

  Company Fast Comment

ABG Sundal Collier, Equity research
 

Equinor 
BUY, EQNR.OL: SP, NOK 167.65; TP NOK 200.00

 

 

No surprise in Q4/CMD – lot’s of focus on ESG

 

  • Q4 adj EBIT 3% > FactSet, in line with Nordic Core
  • Guidance as expected. Quarterly DPS to USD0.27 (0.26)
  • Unlikely to see significant estimate changes

 

Q4 pretty much as expected, weak FCF is explainable 
Adj. EBIT of USD3.55bn was 3%>FactSet, but 1% < Nordic Core. Strong results in Norway (production slightly above estimates and slightly higher than expected realised oil price). International results were opposite – soft due to mix of lower production and slightly lower realised oil price than expected, but also negatively impacted by ~USD100m in write-down of assets in Turkey. FCF was negative with ~USD200m, we had expected a positive FCF of USD1bn. The reason for the weak FCF was higher payable tax (IR tells us that they have “overpaid” tax in Q4 and that this will mean lower payable tax in 2020) and negative WC development. We are not worried about the FCF. Q4 is usually a weak FCF quarter due to two tax payments in Norway.

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