) CEO Tim McKay says if oil prices “continue to decrease or stay low” the oilsands firm may miss its net debt target for 2023, delaying a plan to return more cash to shareholders.
“It’s going to depend on where commodity prices settle out,” McKay said on Thursday morning. “I don’t think it’s unrealistic to get there by the end of this year still, but if prices continue to decrease or stay low, then it may push out early... into 2024.”, ending the first three months of 2023 with $11.9 billion in net debt on its books, as well as $6.1 billion in liquidity. The company reported $10.5 billion in net debt at the end of December.
“I think the message is to just remember that we're generating a lot of free cash flow now,” McKay added on Thursday’s call.