If I may Chime in??Fundamentally this arguement comes down to : Do you think that oil prices will tank? If you do, you should get out of ANY oil stock. If you think the price will stay above 100 or even higher. Then this is the best move EVER!!
IF (big IF) oil prices stay high or get higher, EVERY CEO will be wishing they made a move like Grant just did. I started buying the last few days because, I just had a feeling a move was gonna happen. Ive lost money but Im not concerned because I suspected the people in this for dividends 'might' run like babies. I hoped they would be smarter.
The world has changed since the commitments of sharholders returns last year. Governments are demanding oil companies reinvest or a big old windfall tax is in your pipe. LOL. WCO announced they will expand production. the rest will follow.
Personally, my belief is that oil will continue to climb regardless of a recession. That is how poorly I think the world is invested in exploration at the moment. SPR releases can only last so long since the reserve has to be 'strategic' in case of war. NATO has announced x 8 expansion of forces. So once these releases stop, look forward to a 10 million barrel draw every week for 10 weeks.