...Fifth, Noble must focus on generating positive free cash flow from operations. Noble’s basic problem is you do not generate free cash flow from operations.
Increased dividends and share buy backs paid for with more debt may keep shareholders happy for a while but is not a strategy. It just worsens the problem and is not sustainable.
Your share price is about the same as it was 10 years ago yet your debt levels keep increasing. Just recently Noble announced negative operating cash flow of US$850 million and an increase of debt of US$900 million, in just one quarter.