So let's start with some numbers. Capex for next year is $6.5B. That is the biggest capex for the foreseeable future. Current cash as at 31 Oct is ~ $5.5B.
WDS would be doing multiple scenarios around POO and POG over the next 12 months so that it can manage cash flow to pay for the capex and not be stressed. With Ukraine still not resolved and potential for recession in US, then flowing through to reduced demand from China, under a worst case scenario, there could be a significant reduction in the price for oil and gas.
I suspect that WDS will be a bit conservative and hold some cash back for a "rainy day". Remember that there is now 1.9B shares on issue, so a $1 share dividend would remove 34% of the cash on the balance sheet in one fell swoop. Now that might be OK, based on the scenarios of cash flow. I suspect that $2 is a bit much.
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So let's start with some numbers. Capex for next year is $6.5B....
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