At the end of Dec, WDS had more than $6B cash on the bal sheet. That is very close to capex for this year. I like that. Now out of that will come the dividend, but with the prices where they are, they should be able to replace the dividend with the FCF. Also, remember that Sangomar will start contributing at the end of the year, they still have undrawn debt facilities and they have not yet sold down Scarborough.
Having a large cash reserve on the bal sheet will tell all potential Scarborough investors that "we don't need the money, so we will not sell cheaply. If you want it, you will need to pay full value. Do not look to us for discounts."
Good result, good dividend, executing to plan.
You know what really scares me, big oil has excess cash, they may see WDS a nice t/o target, assuming the Govt would let them. (I think they would now)
HT1
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