Surplus cashAt least 4 options: a) debt reduction b) increase dividends c) NCIB or Dutch Auction d) combination of 2 or 3 of the above. The prudent course would be mostly debt reduction and maybe some share buybacks, since the share price is so low in relation to cash flow. At this rate BNE could almost buy all the shares in 3 years! Whatever the decision, the cash flow should make the shares more valuable over time. We'll know next week, but George seemed a bit spooked by what happened in Q4 2018, so debt reduction would appear to be his main goal.