Another ViewTVE is currently trading at only 2.8x Forward P/E. The adjusted fund flow per share grew by 46% to $0.41 compared to the same period last year of $0.25. Production went down slightly by 4%. Capex decreased to $86M for the quarter compared to $118M last year, which helps free funds flow. The balance sheet is getting stronger, with net debt reduced to $883M. TVE recently accelerated its capital return to shareholders, within the first half of 2024, TVE returned to shareholders $75M through a combination of dividends and buybacks. As noted, TVE is very cheap, and with accelerated capital returns, we think the prospective returns for TVE from here are potentially quite attractive. (5iResearch)