RE:ATB Raise TargetsI initially thought that SDE would go the return of capital route with the volatility in commodities and valuations present, but supposedly SDE is still going the M&A route. Don't ask for a M&A pipeline because my primary targets have been knocked off already, but yeah. Furthermore, dividends are unlikely in a ROC program. That is because aggressive buyback is the preference over dividends at SDE.
I don't know what SDE's relationship is like with ATB, but VIII Capital is pretty close with MGMT, which is where this guidance is coming from.
VIII Capital hasn't steered me wrong with SDE guidance yet, so I'm leaning towards that. They also happen to be SDE's primary banker, so if they say there's a M&A pipeline, there must be one.
I'm confused as you are with this guidance, but it is what it is.