Ann: Rangers Well Operations Report, page-68

Share buybacks create an unusual dilemma for oil companies. when oil prices are high and company cash flows are strong, that is when companies do more buybacks – but, of course, that is also when share prices tend to be expensive. “And, vice-versa-low oil prices translate into weak cash flow and thus little to no buybacks at a time when share prices tend to be cheap, Partly for this reason. it is, by definition, hard to win this game. ”.BRK has no debt when WTI crude oil prices exceed $60-70 per barrel, most companies are able to generate enough cash to more than cover their planned capital spending. I believe that an annual share buyback program is an option .. such a move would be viable if it could be sustained over the long term instead of buying large amounts over a short time BRK can look at purchasing smaller amounts over a longer period. … I don't see BRK developing all 20 wells honestly. You want to have confidence around the excess cash generation in future years and a strong enough balance sheet to weather some downturns in oil prices.