Ann: APA: APA sell Orbost Gas Processing Plant to Cooper Energy, page-18

Share the concern on the price paid ($210M plus incentives)

However, lets not forget that



DM is selling to the market "swapping" of OpEx (tolling payments to APA) for CapEx (Interest Payments and Depreciation) - hence to focus on EBITDA improvement vs earnings ( @Bullseye80 hits the bullseye). Banks of course like EBITDA for lending to O&G and determining loan ratios.

The real problem here I think (other than price) is the drilling cadence ... no drilling = no production growth and revenue growth coming from commodity price (hedged via GSA's ... let's not be greedy ... it works both directions ... stable, predicatable cash flow needed with debt).