RE:Divi in DangerYeah, Sukhi, Peyto's 23'Q3 payout was over 100%.
But unlike Birchcliff, the dividend is far far away from being in peril.
Peyto has already sold most of its 2024 and 2025 production at higher price than what it got for its 2023 sales.
23'Q3 FCF was $50m, 23'Q4 and 24'Q1 will be over $100m, so payout will be back under 70%.
Its all written in Peyto's corporate presentation.
The only risk resides in JPL hands. How much capex will Peyto disburse in the current context of low strip pricing. They screwed up in 2017, hope lesson was learned.
On the other side, it is not uncommon to see Market participants throw the baby with the bath water. I'm still looking to add some PEY if it goes to low 10's.
Good luck in your future endeavours.