Member Info for mrc_mrc_mrc_mrd

The tax jurisdiction for production is The Netherlands.

The decomm work cannot be used to offset tax due in the Netherlands.

P&D or incompetence?

IC Have been talking up PMG for years despite abysmal company performance and failure to make any progress.

I’ll be honest I am baffled as to how they have made a loss after the exceptionally high gas prices this year. I genuinely expected to see a decent profit.

The decomm work next year leaves us with £4m in the bank. Not even enough to drill skerryvore in 2024 (estimated at £10m).

It looks like skerryvore will need a placing, or luck with the Dutch drills plus sustained high gas prices.

Why didn’t Tom spend this decomm cash during the lower for longer oil price environment? Rig rates would have been a lot cheaper.

Finncap (usually have the inside track) and are stating 2024

They don’t do a call for ops updates. Just at half and full year.

See last years update for what sort of thing to expect.

Whatever happened to the monthly GM that BD promised to hold the BOD to account?

Money still flooding out the door to these guys (actually borrowed money at the moment!)

In a right pickle if it does fall through

SoTB - decomm is next year, skerryvore 2024 (if ever)

Protect.scot- the liability has increased by a cool £7m.

PMG and posters here make a lot of noise about cash in bank, ignoring the ringfenced amounts. Reality crashing in now.

Poor results however you spin it

Oh well there goes all the Dutch gas money from this year and next?

https://www.energyvoice.com/oilandgas/north-sea/west-of-shetland/462616/equinor-rosebank-windfall-tax/

Maybe not as uninvestable as I think.

I think H2 last year was pretty terrible production-wise. And realised oil price around $10 lower.

Hi Jan,

With realised oil prices being higher in H2-22 than H2-21 our rolling EBiTDA we could potentially hit 0.5x sooner than you think.

That makes me think…I’m sure AB has said that it is 0.5x at a certain point in the cycle?

He certainly like to “keep it in the family”

Is he still the CFO?

And that $1.69bn profit over 3 years is just from the U.K. assets!!!!

$182m I should say.

From the recent credit update:

“ $2.6bn UK tax loss position available to shelter profits, with no material UK corporation tax payments expected over the projection period”

We keep at least 65% (in all likelihood a lot more) of that - $1.69bn over 3 years.

Quest. Well obviously they would be left with 25% of profits if they made no capex investment.

I would estimate they would make £182m profit in 2026 based on $40 profit per barrel, 50k barrels per day, and zero eligible capex.

Still not bad is it considering we need to make more than a couple of billion profit to use up the tax credits we have by 2026.

And also it won’t be 75% rate unless there is no capex spend.

Lol some folks are a bit thick.

If there is no profit there is no tax.

Moodys seem to be disregarding the political risk of spending billions in the U.K. NS? Cambo and Rosebank are far from nailed on IMHO.