April 23, 2024 06:26 GMT
Var Energi Headline Figures In Line; Credit Metrics Worse On Neptune Deal
ENERGY SECTOR
- Q1 revenue and EBIT look in line with consensus at -6.6% and -26% YoY respectively.
- Production/price guidance left unchanged.
- Leverage of 0.7x is up from 0.5x at FY23 in the wake of the Neptune deal. Q1 CFFO of USD 1bn from USD 1.4bn in Q123. Q1 CapEx of USD 694mn from USD 642mn in Q123 to give a CapEx coverage of 1.5x from 1.3x in Q423 2.1x in Q123. USD 2.3bn liquidity down from USD 3.7bn at FY23.
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