RE:RE:WCPWCP's plan is not that different from CPG. WCP reputed to be the best, if not actually the best, managed companies in the patch. CPG is good but the history has been a bit rough and their priority is on balance sheet. I'd look for increases in the dividend for us in late 2022.
Anschutz wrote: Clearly this explains why WCP share price has been holding up better the last couple days than CCCPG. Those tail lights Craig has been watching are about to disappear from sight. Love the way Grant shows his respect by referring to 'shareholders'... not 'stakeholders' like Craig.
Corporate Priorities
Whitecap's corporate priorities are balance sheet strength, modest growth (3-5%) and sustainable and growing return of capital to shareholders through dividends and share buybacks.
In 2022, we anticipate generating approximately $740 million of discretionary funds flow after capital investments of $480 million and dividend payments of $171 million at US$70/bbl WTI. We expect to direct approximately 50% of 2022 discretionary funds flow towards our balance sheet to continue to build dry powder for disciplined and targeted acquisitions, as well as New Energy initiatives. The remaining 50% will be returned to shareholders through dividends and targeted share buybacks. The base dividend is an integral part of our return of capital priority and based on the current commodity price environment, we will have the ability to significantly increase the dividend again in 2022. We currently have 26.3 million shares available to acquire on our NCIB which expires May 20, 2022 and could repurchase approximately 30 million common shares or 5% of our common shares outstanding on an annual basis.
On behalf of our management team and Board of Directors, we would like to thank our shareholders for their ongoing support.
Dogsbreakfast4U wrote: Nice piece of news on Whitecap this morning. Now offering 27 cent per share annually starting now vs 12 cents for CCPG starting in January! In addition WCP stated that 50% of FCF is going back to shareholders. What is CPG mismanagement going to do? Conitinue to give themselves more shares? How about doubling the dividend and committing to returning most of FCF to shareholders like Tourmaline.