Post by
andy604 on Apr 04, 2024 10:40am
The Return on Capital working good
2023 SHAREHOLDER RETURNS o Fully completed first Normal Course Issuer Bid (“NCIB”) • $225MM share repurchases (April 2023 – March 2024) • 58MM common shares at $3.88/sh avg. price o Exceeded commitment to return >75% of Excess Cash Flow • 94% of ECF returned to shareholders in 2023 2024 RETURN OF CAPITAL FRAMEWORK o 100% Free Cash Flow returned to shareholders through buybacks • ~$73MM repurchases YTD (14.8MM shares at $4.91/sh avg. price) o Annual NCIB renewed midMarch (55MM shares)
Comment by
vwbusman on Apr 05, 2024 9:02am
Thinking it would be great if they do an SIB - they may have to as the cash is piling up fast at current WTI price and the nicely narrowed WCS/WTI diff. Another few months at elevated oil prices and I would not be surprised to see them put an SIB on the table.
Comment by
mugs19 on Apr 05, 2024 9:46pm
"Thinking it would be great if they do an SIB " I will admit up front that I don't know the ins and outs of SIBs, a cursory look at what it stands for: Social Investment Bond It appears like corporate virtue signaling to me. Admittedly, I may be wrong but it sounds like money down the toilet. mugs
Comment by
Eoj123 on Apr 05, 2024 10:04pm
A substantial issuer bid (SIB) allows you to distribute excess cash to shareholders by purchasing shares for cancellation beyond the amounts permitted under normal course issuer bids (NCIBs).
Comment by
mugs19 on Apr 08, 2024 11:04pm
Point taken Eoj123 and thanks. When you google SIB you get what I posted about. I much prefer your version. mugs