Softer EBITDA than expected driven by higher opex
Underlying production in line with company guiding
Lower capex offsets EBITDA miss and results in FCF beat
We expect trading fairly in line with peers

25 Feb 2020
Lower capex and higher opex – overall neutral

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Lower capex and higher opex – overall neutral
Softer EBITDA than expected driven by higher opex
Underlying production in line with company guiding
Lower capex offsets EBITDA miss and results in FCF beat
We expect trading fairly in line with peers