Ann: Flames-Maroons Development Multi-Well Drilling Underway, page-21

In my opinion, a dividend will likely result in a Davis double play for this stock and will have immediate and very likely high uplift in SP. While a buyback will lower P/E in the long term, based on the last buyback, a significant uplift in SP is less likely.

The double play comes in the form of the outperforming earnings (which shareholders are 100% guaranteed to a share of if they pay a dividend), and market sentiment (general market favourable views for dividend paying energy stocks). Therefore $10m spend in dividend distribution will produce a c20% dividend return based on current market cap. That level of dividend will very likely entice a whole population of the market to take an interest in BRK and may generate an even bigger uplift in SP, let's say 20%. That is a combined 40% return if one sells their shares, hence the double play.

The same $10m spent on a buy back will reduce SOI by c20%, while that notionally should increase the SP by 20% or more, it is not guaranteed. There is no double play. The only benefit is if enough of these buybacks are done the P/E will get to a point where it is just ridiculously low.