New research: Santos' Growth Strategy, page-4

You can’t completely write off the report, some of the points they make (while blindingly obvious) are accurate. For example, a big share buyback is a much lower-risk value accretive approach for shareholder returns. However it ignores the fact that investors may discount a stock multiple if they don’t see a growth pathway forward in tandem with shareholder returns.

But yes, let’s not ignore the ACCR’s clear agenda: they’re promoting capital returns, and not capital spend, because they want to stymie future investment in the O&G sector - evidently they are looking forward to living in the economic/literal dark.