Ann: June 2023 Quarterly Activities and Cash Flow Report, page-39

I personally don't like the new reporting. It's almost like more disclosure but in a bad way. I know @retorn123 and I disagree on the definition here, but CE1 have been putting adjusted working capital as part of their net debt (see below). Now there's no doubting that this is a claim and obligation but it's generally not included in debt, debt covenants, debt ratios and EV calculations - it's working capital. By including it, any comparisons investors might do may not be like for like. Examples below.

CE1's net debt, which includes adjusted working capital



Here's HZN, another oiler I own. Working capital not part of debt


Here's OEL, another oiler I own. Working capital not part of debt



Now what's the benefit of including adjusted working capital in CE1's net debt when other oilers don't? Note, I've had a quick look on oilers I own. If someone wants to do the research on other oilers to see what's standard that might be interesting. Anyway, I'll leave it at that.

And @anatagamu - that mouse comment was very funny. Glenn wasn't happy haha

Also I got this as a text from another holder, which for me is super interesting - top question. When management say 'no comment' to being in blackout there's a good chance there's something material being discussed/negotiated. Where there's smoke there's fire? Make of it what you will.