RE:Debt levelThat's basically where they're at now ($3B or so is a current liability, ratio of current assets to C/L is actually ~$1B more favourable at 12/31/2022 than a year prior).
Last year they spent $5B on buybacks, reduced debt by $4B and paid $2B something in dividends. Q1 wasn't very good for oil prices, Q2 will be much better it seems, back to normal? Almost. They're also selling some assets (some cash in 1x but less onigoing cashflow) and more capex I believe.
I'm curious where theyll spend the money this year. Looks like cashlfow based on WTI forecast should be below last year but not too much so. hard to pay debt down when a) its favourable, not due and reasonable level but maybe they will. Buybacks I expect to continue? Increase dividends? Special Dividend? Acquisitions? SIB? Won't be nothing. Maybe they wait a couple of quarters to see if WTI holds up and after new furniture delivered to incoming CEO? Who knows. Long SU.