$76WTI equal $450 FCFThough BTE is not paying dividend we did get over 8K of production increase and over 20M share buy backs. That production increase in absence of hedges is allowing large cash flow at only $76 WTI pricing with large allotment in budgeted made for inflation to Capex cost.
BTE does not need $120 oil to be a good investment, with that said 2023 averaging above $90 will fast forward returns and provide a very strong foundation for this company 2024 and beyond.
On the China note about uncertainties. Its the world 2nd largest economy with nearly triple north American population, them opening has to be bettered than them closed. I justbtjink its common sense. Lets see. Until then shares are being bought and cancelled and BTE is improving the asset base, another $500 million in Capex and a few hundred million dollars off the debt. What more can wr ask of an investment ?
Will hold and add once WTI continues to stay above $70.