EPS was a loss of 5c, vs estimates of +15c; revenue of $1.01B beat estimates of $951.7M. Q4 production fell 4.7% to 153,000 b/d. Cash flow per share was 59c vs 60c in the prior year. Production guidance was maintained, but multiple brokers cut their target prices, and the stock is down 22% YTD. Most brokers cited BTE's 'high leverage in a volatile market'. Debt did decline 5% in 2024 (more in US dollars). Debt/EBITDA is 1.1X. Reserves rose 8%. Share buybacks continue. The quarter was not great, but we do not think so bad. Still, we have a stock that is down 85% over the past ten years. The stock is cheap but investors want to see less debt and more production growth. This becomes especially more important as it looks like oil prices are going into a decline phase. The dividend yield is now 3.16%. We would not consider it a SELL at current levels, but it is hard to generate a lot of interest here in the phase of very negative momentum.
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