RE:Comments before I take another break from the asylumMarner, This is not rocket science.The company projects ~2B of 2022 DCF as unallocated. The options for this captial are: delever, acquire, additional dividend hike, organic growth, repurchase shares, or leave cash on the balance sheet, Leaving the cash in the bank is pointless. Leverage is already well within the 4.5-5x range. They made a decent acquisition in the US oil export terminal recently but good opportunistic targets like that don't appear that often. Organic projects in oil&gas face tough regulatory headwinds (L3RP clearly demonstrated that) and it's also challenging to find good returns on renewable projects That leaves essentially two options: increase dividend further or buybacks. Dividend yield is about 1% higher than historical indicating the shares are mispriced. That leaves buybacks. It's perfectly logical. No speculation about 'somehting big in the works' required (and that's unlikely anyway for this company since as you pointed out they are conservative and don't play games with the investor base). Nope. Share buybacks makes perfect sense to me and evidently to ENB management as well.