RE:Why bte rallied on earnings Dividends are a long way off. The market liked the cost reductions, but at current oil prices if they keep capex to within cash flow, their production will continue to fall. They need $50 oil to start modestly growing production. They need more than $60 to consider paying a modest dividend, but I feel there's a good chance they will abandon the "dividend model" for good, which is not a bad thing IMHO.