If I were an oil company board, I would announce tomorrow I was cutting the dividend 100%, slashing capex in half and use all cash flow to buy back my broken stock. Step 2 would be calling my bankers to line up financing for m&a.
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Isn't the BoD giving employees (senior management) carte blanche on either the budget or capital allocation in effect giving up its oversight (which is its main role)? I am on a non-profit BoD and I cannot imagine giving the CEO that kind of leeway.
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No. Berkshire has it right now.
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