RE:Debt free?Unless they sell off some stuff you will be waiting a while...
It takes 2 minutes to scan a quarterly on here...
- Long-term debt was reduced by $7.1 million to $152.0 million at quarter-end. Net debt(1) of $130.8 million at the end of Q2-2023 represented 0.5 times trailing funds from operations. Net debt was up from $127.9 million at year-end 2022 reflecting the reclassification of $24.4 million of income tax deposits from current to non-current assets.
It will reduce quicker with better oil price, but likely not crazily... Your likely looking at a couple years without any extra acquisitions.
But it is worth noting that the debt is very low for its size and it's rather meaningless as it's well covered. As per the dividend policy they aim to payout 60% (I believe) to shareholders with the other 40% funding growth, paying down debt and I don't keep up on share buybacks. After the last dividend raise they were still shy of that 60%, but during the last few quarters of lower priced oil they were above that goal line (last quarter at 77%)...