Q3 numbers and debt goal Q3 numbers are out - debt is only down to 6.0 billion with the target of 4 billion for 100% FCF to shareholders. The warrants from the Husky deal ate up 600 million in the quarter. There is still $111 million of warrants to be purchased from the deal. About 400 million was used to pay long term debt in Q3.
So correct me if I am wrong but they should have almost 1 billion for debt reduction going ahead per quarter to we have to wait 2 more quarters to hit the debt target?
A little frustrating as it is always something. I think they should suspend buybacks and put all funds towards debt reduction until they hit that goal. I am also concerned the same "forgetting about income tax" issue will arise in 2024 and that will further kick the debt goal down the road.
They better not do any acquisitions - just stick to the plan and give us all the FCF!