Athabasca Oil Corp T.ATH

Sandbagging

[Rational43]

Here is one definite evidence of sandbagging in their own slides:

1. Net debt at YE ~ $200MM.

2. Expect FCF of $180MM in 2022.  

3. Expect to be net cash position byYE 2022. 

So that tells me they are really expecting $200MM or more of FCF in 2022.

They likely want to beat guidance every quarter, and maybe tuck some cash away to drill Duvernay wells.  Their 'Net carry position" likely impacts cash flow vs FFO.