Comments from ScotiaBank target $11Latest Research (January 19, 2022): OUR TAKE: Neutral. BIR’s 2022 guidance is consistent with the preliminary details provided with Q3/21 results. The company’s updated five-year plan is generally in line with the 2021 version, with moderately higher capital expenditures over the 2022 to 2025 period (+9%) and an increased emphasis on natural gas production (see Exhibit 2). The plan calls for roughly flat production through 2023, then ~5% growth in each of 2024 and 2025 to fill slack facility capacity. We continue to like BIR’s focus on debt reduction and see the potential for zero debt by 2023 as a differentiator for the stock. While debt reduction is the main focus, we expect the company to continue allocating some cash to shareholder returns though share repurchases and sustainable dividend increases over the next couple years. Beyond, we see potential for returns to trend materially higher.