RE:RE:RE:RE:RE:RE:RE:RE:Capital allocationHey for sure and I appreciate the discussion.
I think they could raise it earlier, it's only 4mm. Company as doing 46mm FCF right now at current WTI and Diff...
| WTI Price | 53.6 | | | |
| diff | -4 | | | |
| exchange | 1.31 | | | |
| | 64.976 | | | |
| Quality dis. | -3.25 | | volume | $$/ Day |
| Realized | 61.726 | | 8300 | $512,325.80 |
| | | | | |
| AECO | 2.75 | | 24000 | $66,000.00 |
| NGL’s | 32.16 | | 900 | $28,944.00 |
| | | | 13200 | $607,269.80 |
| | | /boe | | |
| Revenue | $221,653,477.00 | $46.01 | | |
| COP: | | | | |
| Gorr @ 4.1% | $9,087,792.56 | $1.89 | | |
| Crown @ slide | $14,961,609.70 | $3.11 | | |
| OPEX | $67,933,800.00 | $14.10 | | |
| SG&A | $7,227,000.00 | $1.50 | | |
| Interest | $14,400,000.00 | $2.99 | | |
| COP | $113,610,202.25 | $23.58 | | |
| Op netback | $108,043,274.75 | $22.42 | | |
| | | | | |
| Share Comp | $1,268,000.00 | $0.26 | | |
| Depreciation | $90,400,000.00 | $18.76 | | |
| Net Income | $16,375,274.75 | | | |
| EPS | $0.49 | | | |
| | | | | |
| Add: Dep/depr | $90,400,000.00 | | | |
| Less: Sus. capex | -$63,000,000.00 | | | |
| Norm. Income | $43,775,274.75 | | | |
| Norm EPS | $1.32 | | | |
| | | | | |
| Add: Interest | $14,400,000.00 | $2.99 | | |
| EBITDA | $122,443,274.75 | | | |
| | | | | |
| add: G&A | $7,600,000.00 | $1.58 | | |
| Less: Sus. Capex | $63,000,000.00 | $13.08 | | |
| FF from Assets | $67,043,274.75 | | | |
| | | | | |
| BNE FCF | $45,043,274.75 | $1.36 | | |
| | | | | |
| Less: | | | | |
| Dividend | $3,987,720.00 | $0.01 | 2.07% | |
| | | | | |
| Residual | $41,055,554.75 | $1.24 | | |
| | | | | |
| Free Cash Yeild | 23.37% | | | |
They could boost it to 3 cents which would only be 12mm, and the yeild would be 6.2%
Payout ration would be 11%. and they would still have 30+ million to allot to debt.
The company sounds like they are commited to a dividend structure, and i think people like George, Dan an others who have 39% want some appreciation in the div to reflect the oil realizations improvment. After all, the company did say in the cut release that it would be reinstated when CDN realizations improve back to normal. That has happened.
The company could pay it's former 10 cent payment, but there wouldn't be much lefteover for debt reduction at current prices.