RE:Last Conference Call TranscriptThis is also why we have a capex budget of $250m to $300m for 2020 and with this disbursement, we won't be able to walk on the path of paying down the debt.
So, what's in it for shareholders in 2020? A little like 2019:
A too big of capex program.
No stock buyback.
No paying down the debt.
Anyone sees the smoke screen, here?
Also, when you read the answer provided, there are some flaws in the logic.
"...If commodity prices turn and all of a sudden, there's opportunities to buy land and gain future development opportunity, we felt we wanted to have that dry powder in hand. If we bought back stock with it, then yes, we would reduce the float, but we'd have to then rely on the equity markets to be there to fund some of that opportunity, and we weren't quite sure whether or not the equity markets would be back or not..."
So weak....