BPT -11.08%: Fell hard today after reporting an underlying profit for the full year of $504.3mn, up ~40% for the year but well below consensus of $573mn. Expenses and other costs well above where we thought while FY23 guidance also underwhelmed due to a slightly lower production target and higher field operating costs. They now see FY23 production of 20 to 22.5 mmboe, capital expenditure $800 million to A$1.00 billion and unit operating cost per boe A$12 to A$1.
BPT is our least preferred Energy stock
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