Excerpt from TD
TD published a review of the presentation this morming.They rated the impact as slightly positive which is about as excited as they get on any company. Interesting observation on the dividend.
"Expect Modest Dividend Increases and FCF-funded M&A in 2022: The presentation suggested that ~50% of funds flow would be directed towards acquisitions. This implies that ~50% of funds flow would be directed towards the dividend — modestly below the low-end of the long-standing targeted 60-80% range. Under our current US$67/bbl WTI forecast, incremental dividend increases in 2022 could be comparatively modest at 8-30%. Notably, the company sees more opportunities to create value through M&A than an NCIB"