according to their 2015 guidance (so fy 16 presumably) STO...

according to their 2015 guidance (so fy 16 presumably) STO expects GLNG to produce ~60m boe at a notional $32.6 production and depreciation cost per boe for 2015 (they dont specify for when in 2015).

if you assume $us50 oil and a 70c aud that gives a $1.45bn free cashflow.  there's no realistic way a company with that much free cashflow would be seen as an albatross around the companies neck.

it would be worth knowing what the debt maturities are like - as that may drive some pressure- but that much free cashflow would make rolling debt over a breeze.

what I think theyve done is shift most of the debt to be treated as if it is head office debt - effectively that would mean it will come in after EBITDA and before NPAT.  think its what is called capitalising the debt.

so than they can truthfully say the 2016fy forecast is for positive cashflow inclusive of interest payments - but it wouldnt tell the whole story.

OR

perhaps the majority of interest costs for glng dont kick in until after July 2016. Which would also make a kind of sense - given that would allow a cash build phase as the facility comes on line.

otherwise none of what the pessimists are saying makes any sense.