RE:Buying back sharesEveryone will have their own opinion, the reason for buyback is how they see the value of the company it future cash flows. Debt is not a concern for this company, it is well below $50M by now. The company believes in the future of oil and so does many others, they know their dividend is safer in the $60 range. Thus they are buying the shares now to reward the longterm holders who cam wait longer that most retail can. The big dogs with 10M shares loves the buyback and wants it because they will be holding this puppy 5 years from now. So for example 20M less share in this name is so much more divh for them and valuation. Remember these guys and girls use their portfolio on margin so they like a buyback as it increase their margin protection as well.