RE:RE:RE:RE:RE:RE:RE:Free cash flow over 50% in 2022You are on the right track, the only thing anyone can argue about is the assumptions. Mine is that VET may already have allowed for backwardation for everything for their FCF calculations. The other assumption I make is that their production rates, operating and transportation costs ,royalty rates have been held by VET to remain constant. The costs and royalty rates however will likely rise in line with higher petroleum pricing.
The very good news is the decrease in hedged volumes as we move into 2023.