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Low debt, with room to issue more to cover dividend or existing growth project if needed by YE 2025 as a low fiscal risk position. Allows for strategic M&A if a downturn occurs for pulling ahead of competition. Would like to see excess cashflow above plan from high oil prices toward debt targets of zero.

High liquids yield vs direct peers with stronger margin reliability.

Cash use as growth projects over buybacks or dividend growth indicates insider confidence in growth project discounted ROI > dividend yield.

Once growth project is operating, it would be nice to see a token <1% buyback for small share count reduction given bonus structures, 1% dividend growth plans, debt maintenance around zero to prepare for next growth project or M&A. Consider de-risk second growth project considering pipeline constraints 2026+.

Overall, very pleased with results and management.

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The user BrandonH has a position in TSX:CJ. Simply Wall St has no position in any of the companies mentioned. The author of this narrative is not affiliated with, nor authorised by Simply Wall St as a sub-authorised representative. This narrative is general in nature and explores scenarios and estimates created by the author. The narrative does not reflect the opinions of Simply Wall St, and the views expressed are the opinion of the author alone, acting on their own behalf. These scenarios are not indicative of the company's future performance and are exploratory in the ideas they cover. The fair value estimates are estimations only, and does not constitute a recommendation to buy or sell any stock, and they do not take account of your objectives, or your financial situation. Note that the author's analysis may not factor in the latest price-sensitive company announcements or qualitative material.

CJ Canadian Oil Gold Standard

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