Stock BuybackSo because ARX claims that return of capital is done through share buybacks. (50-80%)
Does that mean, regardless of market conditions they are going to buy back shares?
Clearly NAV for buybacks is determing from mid cycle commodity prices.
The dividend is also established with a view to sustainability, and if the return of capitial for dividend is done based on very low price for sustainability.
Should not share buyback use that same criterial, so that shareholder capital is not wasted on over paying for shares during a high commodity cycle Blip.
IMHO