RE:RE:RE:Zero plan for Production Growth while robbing shareholdersHere's some earnings numbers from a company I know nothing about but illustrates the point perfectly. Imperial Oil:
- Quarterly net income of $2,031 million and cash flow from operating activities of $3,089 million
- Upstream production of 430,000 gross oil-equivalent barrels per day driven by strong production at Kearl and Cold Lake
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- Sustained strong Downstream operating performance with quarterly refinery capacity utilization of 100%, highest in over 40 years
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Reduced debt by $1 billion using proceeds from the sale of interests in XTO Energy Canada -
Quarterly dividend increased by 29 percent from 34 cents to 44 cents per share -
Completed accelerated normal course issuer bid program in October, returning over $1.9 billion to shareholders -
Announced intention to initiate a substantial issuer bid to purchase up to $1.5 billion of its common
The theme is industry wide. Share buybacks, debt, dividend. IMO was up 9% on Friday and is surpassing 52 week highs. Rerating in real time. I expect the same results from ARX on the back of a banger of a Q3. More of the same in Q4. Victory laps. TOU and POU are different animals, ARX represents the deepest discount and value imho. Hold on til Thursday, honey pot. You might be glad you did.