An alternate dividend universe
> In a research report, J.P. Morgan Cazenove analyst Fred Lucas suggested that the energy sector embrace an earnings payout dividend model in which it sets a percentage target over a period of time, in conjunction with a modified share buyback program. He argues that this alternative model would mean that, during price valleys, they would return less to the shareholder but be able to invest more for future growth. Current share buyback programs usually correspond to oil prices and generate poor returns. Lucas advises against companies selling assets to maintain dividends.