The outlook for 2021/22 is ok but not great.
The downside for me is the high CAPEX $900M-$1.1B
The lower production forecast of 21-23 MMboe is also quite a significant drop but what makes it a bigger hit is that the mix of oil drops from 31% in 2020/21 to 20% in 2021/22
As oil is far more profitable this reduced oil % hits profits by around $90M
Production costs also forecast to increase by around $2 per boe
Based on mid point forecasts I see 2021/22 EBITDA between $800M-$900M
I also see net cash generated to be negative $230M - $300M excluding dividend payments.
Clearly there will not be an increase in dividends.
I sold
Ann: Beach Energy Ltd FY21 Results Presentation, page-7
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