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Will A Recession End The Commodity Bull Market? | Rick Rule
Forward Guidance
Oil Companies Are Not Rewarding Investors for Their Patience
Investors need to segregate between companies that are returning unsustainable amounts of capital to shareholders and those which are rewarding shareholders at the same time as they are investing in the future. You have companies like exon despi, mister byden's continual bullying, that have invested twice free cash flow in sustaining capital investments and new project investments. But that has been the ception, not the norm. Most institutional investors have asked the energy companies to do is de capitalize, which is to say, du share by backs and due dividends. In other words, in effect, cannibalize themselves. And roughly 80 % of the issuers that we look at ... are doing precisely that. They're decap
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