RE:Who gains more buying back shares than WhiteCapTotally agree and these guys have a low decline rate along with low costs, low debt so they can do something like that.
Then once the purge is complete, they can ramp-up production or exploit their reserves at decent prices instead of pizsing it away.
If we were talking about a couple $100's of millions to buyback 10% of shares as it was only a few weeks ago it would have been too much but, now $80 million is small vs a capex budget of $360 million and a rounding error vs $1.2 billion in net debt.
Why is it so hard to buyback a lot of shares at $29,000 per flowing or what you know best while they have no problem buying companies like they did recently for $16.2 million for 600 boe/d or $27,000 per flowing?
Was it that much better than the company itself?