Member Info for mrc_mrc_mrc_mrd

Yes that’s true Tarmak - I forgot about the mid cycle ambition. My feeling is they will announce something next week or in March. But equally the FCF for the next 4-6 months will be needed to pay the contingent consideration and bond.

It’s a difficult one to call, but it would make sense to announce it as part of the capital allocation for this year.

What is needed is a proper costed and risk assessed net zero plan from government.

Give these extremists something real to challenge. At the moment all we seem to have is a headline of 2050 and a general statement that it is a “crisis”. Without a plan they can make up their own plan and attack anyone they deem to not be following it!

I didn’t realise people made careers out of their activism.

Maybe if they did an actual job they would realise that what they demand is impossible and dangerous. Clearly truth doesn’t matter when the planet is at stake!

Hi Kamrat - what is your EBITDA estimate?

Do you think AB will be able to announce the net debt/ebitda target has been hit?

Chilting…

Tidal is not commercially viable (though I am invested and expect it to be in 5-10 years time).

The EPL is designed to encourage investment. It is frustrating but Rishi has played it well with the initial EPL. It does encourage investment.

I think the second EPL discourages investment purely because of the chopping and changing. The rate itself is not a big problem. Labour threats also discourage investment.

I expect toys to be thrown out of the pram by operators and some pragmatic changes to come in the budget, particularly if POO/gas does not spike too high before then.

I can see ENQ UKCS capex budget increasing this year now that debt is pushed out. BBK FID may have to wait until EPL changes but I can see it this year. I don’t think it is sensible for ENQ to exit the U.K.

Dumbly - 75% is not the problem (as we hear Norway has a higher headline rate). The problem is the changing of the rules after investments have been made in good faith.

The encouragement of extremists is also destabilising. That Kinnock chap got away with saying some appalling things in his interview the other day…laughing all the way to the bank, war profiteering etc.

This sort of language should not be used lightly (in this case to trick people into voting labour)

Ammu is a clown type character. Definitely in his parents basement and gambling his unemployment benefit IMHO.

The bashing feels phoned in. The truth is there is very little fear here for his nonsense to exploit. Solid company making solid profits in an unpopular sector.

I am expecting a good climb to start soon as the narrative is changing. More and more investors will start coming back into this sector.

Yes they should definitely put the Enquest explorer to work Chilts.

Jeffrey - it is never too late to sell. It is pretty stupid to stay invested in a company that you think is badly run! It’s a very liquid market so why the heck wouldn’t you sell??? That is why I asked about your intelligence.

Could it be that you don’t actually own any shares?

Jeffrey,

If you don’t like the way the company is run then get yourself out mate!!

Are you low IQ or something?

Why don’t you go and invest in BP, Guru.

Any government that thinks it is a good idea to back date tax is headed for disaster.

At least he suggests that this should only be on excess profits.

Lol mate, are you looking at your charts upside down again??

Quest for oil

“That was before we got hit with 35% windfall tax that might last forever and before oil dropped to $80“

You are wrong. The quote is from the 24th of November. autumn statement was on the 17th.

Try again.

QfO

in the words of the company:

“Supported by the successful refinancing of our capital structure, we continue to progress towards our net debt to EBITDA target of 0.5x, which will enable us to consider our broader capital allocation priorities, including potential returns to shareholders in the longer term.“

Of course a new target could be set for debt, or they may choose the shareholder returns to be zero with focus more on acquisitions or capex in the near term.

However I do expect some guidance to be given on shareholder returns once 0.5x is hit (potentially at the next update or in March). The quote above is a pretty strong hint that dividends or buy backs are not too far away.

AIM - there is no delay to the ops update.

The BP settlement is immaterial. Just normal business.

Thankfully the tea leaf forecasting method is often wrong.

Brent has a floor of around $70 due to Opec and SPR refill.

A small dividend announcement of say 4p would see a decent rerate.

0.5x net debt to ebitda should be hit in H1 IMHO.

Anytime in the next 2 weeks IMHO. IR have said mid Feb according to some other posters.

What BOD is that? Him and his nephew?

Governance here is non-existent IMHO

https://www.bloomberg.com/news/articles/2023-02-05/oil-market-faces-production-issue-in-2024-goldman-s-currie-says

https://www.reuters.com/business/energy/price-caps-hit-russias-export-revenue-by-about-8-billion-jan-iea-official-2023-02-05/