Q: Please provide your comments on the recent quarterly, thanks
5i Research Answer:
EPS of 13c missed estimates by 30%; revenue of $1.13B beat estimates by 8%. EBITDA of $486M missed estimates by 18%. Production was up 23% but profit was lower. BTE tightend up its guidance to production of 152,000+ b/d and deferred its ESG report. Debt is now barely above 1X cash flow, down from near 6X in 2020. Investors were a bit disappointed with lower profit on such big revenue gains, but it received one target price upgrade and we would still consider the results 'ok'. But they missed estimates so investors took some profits here.