RE:So Much For CPG.................POS New management might have a positive impact on share price, but I think it would all be window dressing. What would new leadership actually do that would be different from what we have now? Maybe raise the dividend to a meaningful level... that would be good. Maybe crack the whip with more austerity for CPG staff-- that probably wouldn't have any meaningful impact on company performance at all. Maybe change strategy on hedging... that could be good or bad-- Hedging saved the company a lot of grief in 2020.
But, as far as running the business (capital expenditures, running operations, generating revenue), the current management have clearly stated what they will do. Run the business prudently with hedging and limited Capex, maintain production and reduce corporate decline rate, pay down debt, execute a small NCIB program in 2021. And when debt is reduced to a more comfortable level, start paying a meaningful base dividend to shareholders. That is what they say they are going to do and it appears they are doing it. As a shareholder, the lack of meaningful dividend is very painful (especially when it seems they could start paying one). But it looks like we will have to suck it up and deal with it for some months yet. On the bright side, you can see how oil price has recovered from the 2020 debacle and how it could recover a lot more... just look at FCF estimates for 2021 and 2022 in the May presentation. Some of that money will eventually make its way into shareholders pockets.