A bit of storey about January 22 2020 guidance and the Five year plan made by Jeff and his team !
Completely ''wrong'' ans their thinking at the time has not ''materialized'' according to plan .
Just to say that not even the best of the best can determine where the price of Nat gas and Oil will be in a year ...two...or five years
At the time of the Five year plan BIR share price was at $ 1,50 going down to $ 0,75 and Bir was in big trouble with a huge debt !
-FIve Year PLan was
2020 2021 2022 2023 2024
Production
80/82 90 96.5 96 .5 96.5
Total debt 655 615
485 325 100
Year end debt
Results 761 499 zero **
Zero **according to Q1 FR May 11 2022
total debt end of Q1 $409 M
Total debt end of Q2 $ 267 M
Total debt end of Q3 $ 186 M
Total debt end of Q4 Probably not Zero but assuming the Q1 2022 net debt reduction of 99 M would show a
debt of $ 186 less $ 99 M or $ 87 M but Jeff know where the debt level is at the moment
The special dividend of 0,20 paid would have made the diffence of zero or some debt at the end of 2022
.................2020 2021 2022 2023 2024
Sh price $ 1,50 AV $ 4,5 $ 9,0 ?? ?? See chart
Just to say that the best of the best have not been able to forecast the Nat gas and Oil price but the fact that Bir did not have any fixed -price commodity hedges and still not currently intend to hedge any future production which has allowed BIR to take advantage of the robust commodity price environnement so far .
So any new 5 years plan does not mean any thing
because of the high commodity price volatility but
beeing a debt free operating mid cap nat gas producer put BIR in the top of the list !
Chart
