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  "documentTitle": "Capricorn Energy PLC (CNE)",
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  "presentationDate": "2022-10-27 00:00:00",
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      "kind": "callout",
      "text": "Shareholder returns delivered by the current management team have been nowhere near the often cited US$5.5 billion amount",
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      "text": "Annual Cash Return to Capricorn Shareholders (US$ million)",
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      "text": "Management should not be credited for the Cairn India success which was led by an entirely different group of executives. The vast majority of headline capital returns took place in two tranches which were returned to shareholders over a decade ago. Excluding returns from the sale of Cairn India, cumulative value returned from investments executed by Capricorn's existing management team is just US$358 million over an 11 year period. This represents less than 7% of the claimed US$5.5bn amount",
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      "text": "Annual Cash Return: $358 million",
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      "text": "We continue to see a commitment to shareholder returns as being a strong differentiator in our E&P investor offering. Since 2007, we have returned, or have committed to return more than US$5.5bn from monetisation of exploration and production successes through a combination of special dividends, tender offers and share repurchase programmes.",
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      "text": "\"We continue to see a commitment to shareholder returns as being a strong differentiator in our E&P investor offering. Since 2007, we have returned, or have committed to return more than US$5.5bn from monetisation of exploration and production successes through a combination of special dividends, tender offers and share repurchase programmes.\" — Capricorn 2021 Annual Report",
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      "text": "Source: Company disclosures. Note: Total annual cash returns to shareholders include dividends, tender offers and completed on-market share buybacks",
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      "kind": "title",
      "text": "A Spurious Track Record of Shareholder Returns",
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