I think the reason for their new distribution policy from Dec 7 is to mainly keep the share price bouyed to avoid a low ball takeover during higher oil prices. There is no point in preserving profits only for another company to benefit in lue of current shareholders. Share price being at 52week lows recently and being way off fair value while having record production, record reserves, and record profits, in a high oil price environment is not ideal because if any of these factors turn the share price will truly get hammered and that's when the low ball offers may arise.I think the board is well aware of this hence the sweetner of distribution from asset sales.
5% PNG LNG Sale due in April, page-6
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