go away dividend terds. Stock was at $14 a couple weeks ago.Instead of coming out with a PR updating outlining a significant buy back plan to buy back 30% of the shares ( this is what you do if your 2p nav is $25-2.5 times current shareprice) They will give us 3 cent a month dividend. Gee, thanks. Down 4.50 dollars in shareprice, but hey, I get 3 cents a month to make up for that.
Also of note, who the H cares if they are producing 23,000 boepd or 21,500. Makes no difference. What makes a difference is buy back 1/3 of your shares and your intrinsic value per share goes up 50%. The 2 p nav per share goes from 25 to 37 your cashflow per share goes up 50% and they could easily do this.
Tie it into the price of oil remaining above 95 dollars. But in a 10 % buy backk and announce that a ductch auction will occur in the last week of september for 20% of market cap---provided wti is still trading at a certain level.
Instead it is more of the same--3 cent dividend. and NO END OF QUARTER UPDATE LIKE VET HAD TODAY!!!
Shareprice goes from 14 to 9.30 and nothing.
Bottom of the barrel managment strikes again.