Dividend at 100% NPAT - very brave assumption. Unless of course...

Dividend at 100% NPAT - very brave assumption. Unless of course I’m being a donkey and missing something completely.

I’ll assume the merger has been finalised and BHPP shareholders are paid $1.05US. That then leaves around $1.2B US to be counted as WPL profit post merger.

We will also have another fantastic half, and as side from the forward contracts sold when oil dropped back into the high $60’s, sales for the half are $80 plus. We will also see the current US$90+ Price flush through in Q2.

Spot LNG has been insane, so the 15% sold without contracts will be taking in US$150+, giving tremendous cash flows. There is the 15 million barrels hedged at $75, though I’m assuming this is contract LNG and not all our LNG spot.

I’m seeing Brent continuing around this price or higher as the northern hemisphere shakes off winter and the last of the covid restrictions.

All BHPP H1 revenue should also come straight to WPL, which will be higher than the US$2.2B we’ve just seen.

So some NPAT USD figures without cracking open and reports or excel:

- $1B BHPP H2 - ‘21
- $2.2 WPL H1 - ‘21
- $2.4 BHPP H1 -‘22

So WPL+ H1 ‘22 NPAT ~US$5.6B

Dividend total at 70%, US$2 including any special dividend.

All wild speculation obviously.