RE:ResultsInteresting.....I found the results to be positive and 2021 indications to be encouraging. As travel restrictions within PNG ease, drilling should re-start sometime this year. Canadian operations are relatively strong given the market conditions. The company is coming out of the pandemic with an excellent balance sheet and in a position of strength as compared to its peers. In my opinion the cash balance (sitting idle) is a necessary evil to preserve shareholder value in 2020. I support this approach however a focus in 2021 should be to look at potential mergers/accquisitions to improve shareholder value. This is exactly what is stated in the Q4 report:
1. The recent rally has exposed potential opportunities in our industry sector, and prudent deployment of capital, judicious consideration of acquisitions that strengthen our service base and enhance shareholder value as well as strategic reflection on mergers that strengthen both parties will be carefully considered. Probably my wild speculation but, there is the possibility of a Total/Oil Search- HWO merger in PNG
2. Our 2021 Strategic Priorities build on the platform created in 2020 and includes- Disciplined working capital management and capital stewardship to improve returns for shareholders including dividends and common share buybacks. This is different from the 2020 strategic objective of maintaining value. As conditions keep improving, management wants to bring back dividends this year.