RE:XOM punished due to lack of share buyback We can think that if Suncor's strategy does not protect the stock well at present, it will ensure the maintenance of the dividend. Exxon has been able to protect its dividend but the question of maintaining it over the years, which arose last fall, will come back to haunt Exxon investors if the barrel drops to $ 40-50. The repurchase of shares gives a saving on the dividend in the long term coupled with an appreciation of the stock. Not over six months of course ... Moreover, if for the time being CNQ is doing better than Suncor, in a context of low crude prices, Suncor's refining margins could reverse the roles. But for now let CNQ shine, for us the current share price promises excellent returns.