Buybacks, Buybacks, Buybacks Management should not even be thinking about blowing money on dividends. The shares are undervalued, the market is not buying them, therefore the company should use any funds set aside for their return on capital plan as buybacks.
I made a pact to myself that I will never again invest in an oil and gas company whereby I need to periodically check the company's investor presentation deck to see the price sentitivies for how safe the dividend is.
If you think the float is too small for buybacks, we now if a compatible in the marketplace on how effective they can be even with a tight float: KEI