He is one of the largest shareholders in most of these names through his energy fund. He claims to be speaking to their boards on a regular basis and demanding 50%-100% cashflow return to shareholders otherwise he would sell those positions. -placebo

 

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The cash flow estimates are based on commodity strip pricing. 

 

In an ordinary, more typical commodity pricing environment, returning 50% or more returns of cash flow to investors would not be feasible.

Unless, a company was in dire need of a capital raise, I wonder if most companies would prefer to be not promoted by Eric Nuttall. Mind you, all this talk is about future  'intentions' so just like this talk of net zero emissions by 2030; whether they actually materialize or not might not be that important.

 

Are Nuttall's threats changing the way Canadian E&Ps and majors operate?  I would tend to think not.  The anti-oil & gas environmental activism targeted at supply, the rapidly increasingly cost of issuing debt, the prospect of global economic recession and the violent conflict currently helping to support higher prices strike me as more than sufficient to inspire a conservative, downright cautious approach to planning capital budgets and growth.