$155mn was a positive contribution from Working Capital, and a further $142mn were the proceeds from asset sales! Adjusted for those two non-recurring items, FCF was actually negative at $(73)mn.
Even if production rises in 2024 to about 580bcf (+5%) and capex drops to the maintenance level of $500mn (-23%) in 2025, the company would need materially higher gas prices to generate an attractive FCF.
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