RE:MEG 'Expects' Adjusted Funds Flow Of ~ $ 1,070M In 2022 ??? Only 25% of FCF willl go to shareholder returns until the $1.2 debt target is hit. Therefore, if FCF is $695 that leaves only about $175 for shareholders. Not very excitng, however, I think FCF will be nearly double that if they hit the upper end of the production forecast and oil averages between $80 and $85. This will enable them to easily hit their longer term debt target by YE22 and then bump up returns to 50+%
Looking out to '23 it is very possilbe that MEG could be returning $500-750 to shareholders if oil stays above $80. In which case the stock is an easy double from today's price.