That's the kind piece we like from the Oz, spelling out the double pendulum effect.
I do wonder whether the comment about break even at 30usd oil and NPV of 10 at 50 are inconsistent. It could be that 10 is the old figure, and the revisions (both cost cuts, and easier recovery characteristics) are pushing us towards an NPV of 20 at 50? In other words 11 dollars at current spot price !!
I don't believe that 'break even' applies to operating margin only, as this would be an irrelevant indicator to quote at this stage. He is surely saying, in DCF terms, that the IRR of the project is zero at 30 oil.
Cheers and have a good one.
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