"It is important to understand BPT stated strategy. Organic growth plus inorganic growth."
That's not true, inorganic growth is not a part of the BPT stated strategy (re: p5 2018 annual report) You still need to explain how a gearing ratio of 35% is consistent with the stated strategy #4 to "Maintain financial strength". That is, the buffer against unforseen problems is destroyed with a high gearing ratio. Not long ago, production decline in the Bass Basin asset was reversed by some well directed expenditure. Large debt commitments destroy the buffer and also put the company at the mercy of bankers with even temporary troughs in the oil price.
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