RE:Shares buybacks 101In 2 cases the shares buyback is a smart move. 1- if the debt level is in reasonable level in relation to FCF, which for BTE is not the case, no one knows what will be the oil price in the future, could go to $120 or $50, so a company should reduce the risk by reducing debt while oil price is up, reducing debt should be first.
2- Buyback is good if a company keeps its promise and put existing shareholders in periority and not doing unnecessary acquisition by diluting existing shareholders' shares, for example buyback 200M shares at the expense of existing shareholders, then issue 350M shares will hurt existing shareholders.
all these are my opinion, every body has different perspective.