RE:RE:RE:RE:Share buybacksThe Nav that justifies the share buyback is supported by a mid range commodity cycle price.
Its kind of the same rational they is used to establish the regular dividend.
So the Nav is based on the Mid Range Commodity price that Arc recognizes. These current high prices likely will not last forever and their will be a pull back to a more mid range pricing enviroment, which justifies a stock price in the $20 dollar range.
Otherwise, you could end up buying your shares back at the top of the market and maybe shareholders would rather have special dividend, or investment in more production.
That is why TOU and POU are not buying back share but rewarding shareholders with special dividends, they know the net asset value at a commody cycle midpoint, and will not overpay for their stock in buybacks, if you have a price blip.
Most of the current price increase is currently because of geopolitical risk, that is a product of the current energy crisis, this will not last forever.
IMHO