RE:RE:RE:Strange trading last two days!Debt reduction is a priority. It is not the only priority. If it was it would have been gone before the dividend was raised to 6 cents per month.
If they hadn't raised the dividend to 6 cents last September the debt would be zero by now.
Something has to come first on a list and that doesn't necessarily make it number one in the hierarchy just number one on the list.
Now I am guessing that debt is costing more than the div so debt reduction may be the best use of any FCF if there is any but they may not see it that way given how low the share price was and still is. A zero debt level with extra FCF will probaby raise the share price out of what might be considered a good buy back range so maybe they chose to buyback shares before that happens.
GLTY and all
vwbusman wrote: CJ is not doing any buybacks - they have stated the priority is debt reduction / elimination first. Even with the good WTI price this quarter there is no money beyond debt reduction.