Just a perspective of how things are trending an potential options.
Recall Ed mentioned Clwarwater is self funding therefore FCF can continue to reduce debt and switch to shareholder returns. At $65 WTI below where we are today you could start Jan 1, 2022 if you wanted.
| | | Millions ($) |
| | Jun 30th Net Debt | $1,629 |
| | Jul payment (1H FCF) | $125 |
| 2021 Debt payment | Q3 FCF ( @ $65 WTI) | $100 |
| 2021 Debt payment | Q4 FCF ( @ $65 WTI) | $100 |
| | 2021 Ending Net Debt | $1,304 |
| | | |
| 2022 Debt payment | Q1 FCF ( @ $65 WTI) | $60 |
| 2022 Debt payment | Q2 FCF ( @ $65 WTI) | $60 |
| 2022 Debt payment | Q3 FCF ( @ $65 WTI) | $60 |
| 2022 Debt payment | Q4 FCF ( @ $65 WTI) | $60 |
| | 2022 Ending Net Debt | $1,064 |
| | | |
| | | |
| 2022 Share buyback | Q1 FCF ( @ $65 WTI) | $40 |
| 2022 Share buyback | Q2 FCF ( @ $55 WTI) | $40 |
| 2022 Share buyback | Q3 FCF ( @ $65 WTI) | $40 |
| 2022 Share buyback | Q4 FCF ( @ $65 WTI) | $40 |
| | 2022 Total Share buyback ($) | $160
|