CVN - Could BPT be a Suitor?, page-34

Yes we have to move with the times & we all have different views. IMO the next 10 years or so could well be the era for SMALLER oil/gas companies with proven producing reserves and nil to no debt. For example just look at the cash flow HZN has at the present time.They tried a share buy back and bought 20m of their own shares but it made no difference to the s/p, so they tried a 1.6cent cash return which also made very little difference , so they lifted the cash return to 3cents , which at the time was a yield of 30%. CUE the other stock you hate has a great cash flow and no debt. The demand for oil is going to be there a lot longer than a lot of people are thinking , you might say this idea is supported by investments of STO $22b and WPO $44b. In the end it may be that smaller companies like CVN will have a massive cash flow which will have to be returned to shareholders. As you say who is going to drill wild cats in 10/15 years time? So the only option will be to move into another industry or let the resources run down and pay out shareholders.