RE:RE:RE:OPEC+ Extends Voluntary Production AdjustmentsManitobaCanuck wrote: HeavyBanana wrote: This OPEC extension to the end of Q4 should lock in the guidance for FCF in Q4 which means buybacks will continue providing some support over the next 2 months.
Middle East fireworks will ignite the stock upward and that should make Q4 guidance ultra conservative.
Pretty nice setup in front of us.
The cheap buybacks are a blessing , Last year they bought back 40mil shares . This year they are already at 45 mil shares bought back till Oct 31 2024 . Another 10-20 mil shares can be bought back easily with FCF at 70 WTI .
Thats like a 50% jump in buybacks from 2023 to 2024 , EPS and FCF per share increases by 5-7% per year with these buybacks , not bad.
YE 2027 I see double digits if Oil holds.
Thanks
I think they have bought back about 20 million shares sine the NCIB renewal beginning in July with an allowance to buy in aggregate 70 million shares to the end of July 25.
Can see them being able to fulfill the entire NCIB this time around at the clip they are going and if they do take out close to 20 million more by the end of Q4 it's pretty much inevitable that they complete the entire 70 million repurchase by the end of July 25.