RE:RE:RE:Well Gonatgasgo My summary with some observations.
Debt to EBITDA is at 0.5x. They want to keep it below 1.0x so they may increase the debt back to $300M or more (my interpretation) but they do not give a target other than 1.0x EBITDA.
They will not refinance the long term debt, but rather use the line of credit (my interpretation; not clearly stated).
Capex over the next 4 years: $1.4B - 1.5B
Capex including infrastructure
2023: $230-250M
2024: $400-450M
2025: $400-450M
2026: $325-375M
I am not sure if AFF will even exceed capex in 2024 and 2025. However, they should be significant free cash flows positive in 2026.
Production
2022: 32,000 - 33,000 boe/d
2023: 30,000 - 32,000
2024: 35,000 - 37,000
2025: 41,000 - 43,000
2026: 60,000 - 62,000
They are clearly an outlier here versus the majority who are limiting growth and paying back shareholders. They focus on LONG TERM growth and not annual growth. If you can keep your eyes closed for 4 years, when you reopen them it will look amazing.
Let's hope this is well received tomorrow but I am a little bit nervous.