I don't necessarily think no dividend is the way to go at this point in time.
It really comes down to just how comfortable SHV is with the debt they have on hand and their plans for reducing that debt from free cashflow.
If SHV believe it is very manageable then it's not unreasonable for them to pay a conservative dividend.
Traditionally SHV had paid a dividend of 50% of profits (starting in 1995) which continued until they had paid down most of their debt and had more cash than they knew what to do with.
Ann: CEO Retirement , page-8
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