Q2 Cash Flow EstimateQ1 Net Revenue: $828M (SCO sales minus Crude purchases)
Q2 Estimate
Net Revenue: $927M ($99M more than Q1)
Operating Expenses: $537M
CF from Operations: $390M
Change in Non-Working Capital: $50M (Est)
Cash from operating activities: $440M
Capex plus maintenance: $300M
Cash available for distribution $140M
Cash available for dist/share $0.29 (29¢)
Cash required for distribution $170M
Cash burn for Q2 $30M
Cash in the Bank as of Mar 31,2013: $1471M
Looking ahead to Q4 when hopefully production is at least 300,000b/d and they get $100/b for SCO, the cash from operating activities is the same as cash required for Capex, maintenance and the divvy. If they could keep that up, COS would not have to use any of the cash stash they will have at the end of Q3. Note that they have a $300M bond to pay back in August. They borrowed that money last year when $CDN was $1.05 U.S.
Namsoc