Indeed, re STO/WDS. My take on this corporate activity in O&G is...

Indeed, re STO/WDS. My take on this corporate activity in O&G is that there is compelling value in the sector right now and the majors are using their war chest to buy more leverage in the run up to next year and beyond. Effectively, the pool of available companies that one can invest in has shrunk dramatically, which will drive investors into fewer counters driving share prices higher.

Re cash flow I was working on approx $30 mill revenue pcm based on 40% ownership and 81p/therm at roughly 50% gross margins. At 20%, those margins improve as they won’t have an interest component to their costs, but overall revenues drop accordingly.