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
Bond should remain stable, oil price risk mitigated by hedges for 2020

25 Feb 2020
Q4 production in line, but higher opex

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Q4 production in line, but higher opex
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
Bond should remain stable, oil price risk mitigated by hedges for 2020