Ann: Interim Report for the Half Year Ended 31 December 2022, page-57

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Bill Gates

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22/02/23

16:05

Post #: 66400261
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Originally posted by bigal36 ↑

It was a terrible half year result and anyone who thinks this was a good result must be looking at a difference set of numbers to me.
Production down 10%
Underlying EBITDA down 4%
Underlying NPAT down 10%
Operating cashflow down 33%

FY23 Guidance revised:
Production down 20.0-22.5 to 19.0-20.5
Operating costs up $ per boe 12-13 to 13.75-14.75
CAPEX $M up from 800-1000 to 900-1000

FY24 Guidance withdrawn

Compare that to other oil and gas companies that made record profits for the half year and you will start to understand why the BPT share price has been dropping whilst other oil and gas companies have been going up.

The share price 1st June 2022 was $1.75 and is now currently $1.51.
During that period the outstanding short positions dropped from 2.23% to 1.62% so clearly the drop was NOT due to people shorting the stock.

So all this talk about the reason the share price is so low is due to market manipulation and people shorting the stock is not correct. Yes it can have daily one off impacts but over time it has no impact and the drop in the share price over the last 7 months is due to poor management and bad actual performance of the company compared to other o&G stocks that operationally have performed much better.

Having said that most of the above is now factored into the share price and I agree that over the next 12 months if the company does finally start delivering on performance the share price has a reasonable chance of going up which is why I bought back in.
Its all up to the company now, if they deliver what they say the share price will go up over the next two years but if they get further delays, cost blowouts and reserve downgrades it will keep dropping.

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You said bigal36 : "It was a terrible half year result and anyone who thinks this was a good result must be looking at a difference set of numbers to me."

Your post from the 13th talked down the prospects of Beach......... as you were accumulating shares. Joyously, it is did not keep dropping at all as your analysis had suggested, but it in fact kept rising, giving cause for all real shareholders to rejoice.

Good fortune all holders.

Last edited by Bill Gates: 22/02/23

BPT Price at posting: $1.46 Sentiment: Hold Disclosure: Held
4 Upvote

0 Great analysis

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