Member Info for SturdyPossum23

NSS - I think that we had to hedge a large portion of our oi land gas in order to raise capital for the Wintershall and LLOG acquisitions. It's a stipulation from the lenders so that we assure them that we can service the debt over the next few years. I believe this was mentioned years ago by upper management and they had said that long term they would want to reduce % of O&G hedged

*promotion and relegation

*BKG are 111th by my count

Damn this message board not being able to edit posts!

There seems a lot of optimism that Harbour will shortly be included in the FTSE 100. I’m not sure this will happen, especially if the situation in the middle east is resolved by late May. I'd imagine we would need oil over $100 in late May for us to be included.

For info, the market cap cut-off is 22nd May 2026 for inclusion in the June review.

How proposition and relegation occurs is that the 90/110 rule applies, where the incoming constituent must be in the top 90 constituents by market cap and a current FTSE 100 constituent must be below the top 110 by market cap. This is to prevent churn every quarter.

According to data on the following links, we would be sitting in position 94 and therefor outside the threshold for change. There also looks to be only one company which is below the 110 position – BKG (110th position)

https://www.londonstockexchange.com/indices/ftse-100/constituents/table

https://www.londonstockexchange.com/indices/ftse-250/constituents/table

What helps us is that this June review is the annual review (Mar, Sept and Dec are classed as quarterly reviews). At the annual review, FTSE Russell perform the annual reconsitition of the FTSE UK universe which includes full liquidity testing over the prior 12 months, nationality reassessments and reconfirmation of index universe membership. This leads to a lot more constituent changes at the annual June reviews (Jun 2023 – 4 swaps, Jun 24 - 4 swaps, Jun 25 – 3 swaps) than in the other quarterly reviews (averaging 1 swap per quarter over the last 3 years).

Though I agree with most of your post SD11, the debt isn't being inflated away since the products we sell don't rise with inflation (whilst our costs do)

Oil prices haven't been rising with inflation over the past 20 years

Oh baby...

From the RNS: "As at YE 2024, Waldorf's estimated total ring fence tax losses included those relating to corporation tax of around $2,450 million, supplementary charge of around $1,800 million and Energy Profits Levy of around $60 million"

I think certainly the first £60 million of profit from Waldorf production will be free from windfall tax.

I think today's drop is a signal that there will be no change to the windfall tax at next week's budget.

Ithaca down 10% at the open, and Harbour down 5%. No official news to cause this. All other international operators have only seen a small slide in line with the oil price.

I think it means implies there will be no upcoming windfall tax changes and that investment banks have found out that information