RE:FIRST $ 200M In FCF In 2022 Will ALL GO TO DEBT REDUCTION !!That's essentially how it wil play out since they said that 100% of FCF will go to paying off debt until they hit 1.7. They stated today that they expect net debt YE21 to be 1.9, therefore the first 200 mil will go against the debt.
It is almost certain that they will anounce at or prior to YE reporting both a quarterly dividend as well as an NCIB. The Dividend will be set fairly low and NCIB might be as much as 10% to allow for aggressive buybacks in the event of higher than forecasted oil prices and hence lots of cash generation. Of course if WTI is $70 or less, then they will ony purchase a small fraction of the NCIB