RE:RE:RBC Greg Pardy SEES MEG OUTPRICING CVE In 2024The debt math does not work for me when looking at Meg's Aug presentation. I am wondering if Greg's $1b in debt is in USD while Meg was talking CAD. Meg itself flips back and forth between currencies, while it reports its total debt in CAD, it then talks total debt paid and debt maturity profile in USD.
Meg's total debt target is $600MM USD, but it's July ending total debt was ~$1.1b USD, so a current $1.0b USD is a debt reduction of $100MM USD no $300MM USD or CAD
vwbusman wrote: If the debt figures are correct in this case (Q3 debt down to 1 billion from 1.32 billion) - that would mean the debt target for 100% of FCF to shareholders (600 million) could be achieved by mid 2024 if WTI cooperates. I think Q3 was a bit of a top point for oil for the next while and the WTI/WCS has widened recently so that could be pushed out another quarter.
My estimate would be Q3 next year unless Trans Mountain actually comes online and has a good impact on the WTI/WCS gap.
With Pioneer/Exxon as an example of M&A we may not make it to Q3 next year as MEG though......(hope we do though)