Fair point JK
... so COE redirecting CH gas (processed at Athena ... which should have have higher EBITDAX margin than Sole) to fulfill GSAs ....but sales price likely below spot price (?) ... the -ve you're raising. Seems a little like we are letting APA off the hook (again) as they are meant to "make COE whole" on the overall net margin under the TSA.
I'm attributing the reduced EBITDAX more on the reduced top end of production of 0.2MMBOE for FY'22 .... so 0.1 at the midpoint which is 0.6PJ and if I call the 2 month delay 60 days that's ~6 TJ/d .... (I think my math is right). Sort of fits for my way of thinking for the impact of the 2 month delay.
Happy to be reset on this logic.
Ann: Operations update, page-9
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