- Management needs to make low-cost competitors the number one priority.
- This industry has low visibility. Annual dividend growth in a volatile industry may not be really practical.
- The balance sheet strength priority is too low and maybe overruled by the dividend priority.
- Sometimes all the cash flow is needed in the business. That would especially be true at industry bottoms.
- Basic business strategy does not appear to be followed. That can present additional risks for shareholders.
For further details see:
ConocoPhillips Strategy To Dampen The Stock Price