RE:RE:Should make me new CEO...LOL!!! Yeah, a CEO should always remember the #1 goal of every business is to stay in business. Cutting or eliminating a dividend when the balance sheet is being crushed is a no-brainer. And it's totally aligned with shareholder interests, which is the fiduciary duty of all BOD members.
JMHO. GLTA.
sclarda wrote: WheresMeGold wrote
Although, imo the damage is done with the balance sheet. Someone like me was needed badly years ago to make sure VET lived within its means, including cutting or eliminating the dividend when oil prices were low.
VET needed a change. This all further validates my previous thoughts and arguments. I certainly hope we see the next CEO shoot straight, not pull any punches, and tell it like it is (cliches are great at moments like this). I wish the next CEO wisdom, foresight, and luck because he is going to need it all.
JMHO. GLTA.
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Yes once the oil price collapsed in 2015 and never came back they should have cut the dividend. Even a 50% cut over the last 5 years would have saved them $1 billion in dividends and this company would now be in much better financial shape and could be buying back shares and aquiring distressed oil companies at firesale prices right now.
With oil averaging in the low 50s over the last 6 years VET should never have been paying out over $425 million in dividends for all those years. Although its 6 years to late its good to see this goofball CEO finally got the boot for allowing this to happen.