Oil & Gas for dummies, page-2

1.Based on the first half Actuals:
Tapis 49%
Gas 35%
LPG/Eth 6%
Condensate 10%
But this will vary based on price movements and currently with the lower oil price the Gas % would be higher.

2. Most of the Gas is based on short/medium term fixed priced contracts.
As at 31st December 2019 BPT had no hedging in place.

3. My understanding is that both drilling and production costs are quite a bit cheaper in the USA but it also depends on the exchange rate and where the wells are located (particularly onshore/offshore).

4. By cashflow negative do you mean for the company as a whole or 1 new well?
If its the Company it depends on their CAPEX spend and the longer they delay drilling new wells the higher the breakeven rate would become due to natural depletion of the existing wells.
It also depends on the AUD so you have to look at what the TAPIS price is in AUD rather than USD.

As a rough guide for 20/21 I would say cashflow neutral would be Oil around US$24 if BPT spent $500M on CAPEX and the Gas price/Customer Volume stays at current levels.

If they then continue to underspend on CAPEX spend the B/E price for the oil would increase each year as production continues to decline.