That's the key to enduring success. I am glad they spoke about...

That's the key to enduring success. I am glad they spoke about reserve replacement yesterday. It shows a board that is focused on the long-term ongoing success of the company, rather than just more short-termism. Building up an O&G business in particular is all about building blocks. Once you have the foundation layer built, one must focus on how to build the next few layers. Else the cash inflows will just be wasted via overheads, unproductive spends and dividends. Dividends are only useful if one can have better rate of return for that money than the company. Else I'd rather have the company use that money to add more value to the business and compound the returns.

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