It's great to add inventory for sure but near term.. BTE has moved backwards on capital stack measures... Net Debt to EBITDA moves to 1x from .08x and will add $1.6B of debt now bringing it to a whopping $2.6B of debt. So basically another long 5 years of watching debt levels (risk).
The divi aspect is at least something if you LOOK AT IT AS A NEW OIL COMPANY. So, let the market punish it... I'll be a buyer in the $4's and/or lower.
Long term I think this is fine. But the timing sucks, as usual. High rate environement and pending global recession.
Also brings mgmt. credibility into question imo. As usual the other side of the deal wins while BTE shareholders return to the basement cellar and told to look forward to sunlight down the road sometime into the future. In the meantime, eat your debt sandwiches and pray the oil price remains elevated loll