RE:Buyback dividend plus 18.9m capex !!At the end of Q3 GXE had a surplus of $6.959 M. At the end of Q4, the surplus was gone and in its place was a debt of $2.220 M. The dividend payout accounted for $7.795 M of that difference. In other words, the entire dividend was financed by using cash on hand along with some debt.
GXE reported that WTI averaged $82.65 last quarter but today WTI is sitting at only $74.00. The WCS / WTI differential is better but the drop in WTI means they still have the same problem.
People in this forum have been saying for months that you cannot keep paying out an almost 12% dividend if the cash flow you are generating cannot cover this. Nothing has changed.