Free Cash FlowsIt will be interesting to see Peyto's forecasted FCF tonight.
Tourmaline published theirs yesterday. $1.19B expected for 2024 vs $1.69B done for 2023.
Basically, using diluted shares of 355m TOU ($63) is trading at 18.8x expected 2024 FCF.
If my spreadsheet is correct, I have assuming for 2024:
- Capex of $440m
- Average production of 128m boe/d
- Current commodities spot and strip price.
- Share count of 196m.
Using my expected $350m FCF for 2024, PEY trading at $14.70 is at 8.2x expected 2024 FCF.
Anyone playing with numbers see this?
TOU - PEY spread has narrowed in the last 3 months. I expect it to narrow further.