RE:RE:RE:Oil selloff gift to investors: Eric Nuttall
"dump" may be the wrong word. He sold at a huge profit.
His well publicized preference is for oil producers to pay down their debt and boost dividends and share buy back for 75% of net cash flow.
Management at WCP decided instead to borrow $1.3 billion dollars and make the deal with Exxon and Imperial Oil - increasing their future cash flow and profits - but no immediate extra reward for shareholders except for a relatively small dividend increase.
The fact that Eric sold while short position increased substantially in the first half of July are all very good signs for WCP as Eric will eventually buy his 9.9% position and shorts will cover.
Regardless of daily or weekly fluctuations in the price of WTI, I still expect $14 to $15 per share in late 2023, in addition to two dividend increases in the meantime.
All is good for long term investors with patience.