BPT have proven they can't operate these assets efficiently through what was the perfect Oil market for a number of years. I would argue it doesn't get any better than the conditions we had for the last 2 years.
They now have circa $600mil in net debt. $800mil of capx in front of them. They will be lucky to make any money this year if you believe the forward curves for oil.
I think they will be doing a cap raise in the not too distant future or will have to give up on some of their growth plans.
BPT Price at posting:
$1.07 Sentiment: Sell Disclosure: Not Held
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