- Share buybacks back! at discretion of board
- 7,756,156 shares out as of 1/31/21
- Quarterly dividends going forward. Starting at $2.75/share. 1% regular div yield
- $44.8mm net income; $5.77/share
- Income down $24.3mm vs $4Q19. Primary driver of that was $20.4mm reduction in land sales
- First month WTI futures were $35.82, $45.10, and $48.46 to close Oct, Nov, and Dec 20 respectively. Compare with 2019 at $54.15, $55.41, and $61.12 over the same three months.
- Expenses $6.1mm lower Q4 to Q4
- Water top line down, primarily on price, but so are expenses. Will be interesting to see where water goes from here given consolidation and the long term thinking touted by the E&Ps
- Largest customer OXY is slowly de-levering and has found some stable ground
- Search for new compensation consultant being undertaken by comp committee
- Are the independent directors not paid enough at $24k a piece?
- $281mm in cash on the balance sheet. Will be ~$250mm after March dividend payment. $250mm = 2.9% of market cap
- BOE: 2019 = 13,700. 2020 = 16,200
- DUC: 2019 = 486. 2020 = 531