The results were in line with consensus, on the back of the higher oil price and with the upstream division contributing 85% of the EBITDA.
The market was spooked (-4% at pixel time) by a large build in working capital, pushing net debt back above the target. In our view this seems overdone, with management guiding for an improvement in the coming quarters and taking into consideration this temporary issue when deciding on the variable distribution at the year end.
25 Oct 2021
Q3: net debt temporarily higher on surging gas
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Q3: net debt temporarily higher on surging gas
- Published:
25 Oct 2021 -
Author:
Kevin VO -
Pages:
3
The results were in line with consensus, on the back of the higher oil price and with the upstream division contributing 85% of the EBITDA.
The market was spooked (-4% at pixel time) by a large build in working capital, pushing net debt back above the target. In our view this seems overdone, with management guiding for an improvement in the coming quarters and taking into consideration this temporary issue when deciding on the variable distribution at the year end.