US Independents: cash flow framework
The latest iteration of our US Independent cash flow framework examines tight oil financials under a 5% growth scenario. The 17 companies included in this analysis are growing production at an average of 5% this year. Though some companies are inching higher from “stay flat” mode, all remain committed to capital discipline and maximizing shareholder distributions. Even so, cost inflation and supply chain issues are preventing companies from revisiting production targets at US$100/bbl WTI.