I listened to the webcast last night. The main points I got out...

I listened to the webcast last night. The main points I got out of it

1. 84.9mmboe was a record, with this year expected to set another one.

2. Pluto is operating at 89%, vs a plan rampup of 65%. This has meant that spot cargoes have been able to be sold at prices higher than the contract price.

3. WPL is making $44.50 gross margin on every boe.

4. The PRRT positive is correct, but a once off. It has to do with the BROWSE sell down and do not ask me to explain why it is so. (You can listen to the webcast Q and A and be as confused as I am.)

5. The capex of $2.6B this year includes $850m to purchase the stake in Leviathan. (As at Dec 31, we almost have all the cash on the bal sheet for this CAPEX this year, so all cash flow in 2013 will be above CAPEX needs)

6. A BROWSE update will occur in QTR 2. (It was unclear whether this was in QTR 2 or the release of QTR 2 production results or the half year report).

7. PC was not worried about the US exporting LNG or all the new capacity coming on line. He said due to the complexity and long lead time and delays that have and will occur, demand will exceed supply until 2025.

8. As contracts come up for renegotiation, WPL is realising upside in price.

9. PC was unhappy with a 88% replacement ratio. He wants it more than 100%.

10. Slide 24 shows the growth strategy and options available to WPL. P.C. wants more in the opportunities and Pre FID.

11. Slide 27 IMO BROWSE and Sunrise are still on the backburner. Leviathan domgas and Greater Enfield (Laverta and Chinatti) are more likely. Leviathan FID is in H2 this year.

12. P.C. indicated that WPL is a growth company first and that cash would be used for growth, if it can. If there is no M&A that meets the WPL criteria, it will be returned to shareholders.

HT1

P.S. Plucker, if you are going to have a dummy spit, at least get the heading spelling right!!!!

p.s.s. BB - great post and chart