RE:RE:RE:RE:RE:Production Gains Biased to LiquidsI don't understand your motivation to keep beating this dead straw horse of stock buybacks. No one is expecting them to buy any shares back. They're negative cash flow and won't have FCF for a while (I'd guess Q4 2025 or Q1 2026).
I made a wild guess recently for FFO next year of ~$C500M. Expect capex will be around that for 2025
If & when KEL gets to a point of FCF, buybacks are an option. At the very least stop selling $3 shares and just pay insiders (make compensation a company cost and not a shareholder cost).
I believe there is value, but the NAV is almost as meaningless as analyst targets. I think shareholders are making a reasonable gamble that no one wants to buy the shares but someone may be interested in the assets...if that persists KEL will have to be the one buying the assets (via buybacks with FCF If they ever have any).