Companies are beginning to put capital to work away from the drill bit, but should they be targeting debt?
Several high-profile share repurchase programs have been announced recently as oil and gas companies look for ways to reinvest their free-cash flow.

Anadarko Petroleum Corp. (ticker: APC) said in September that the company plans to repurchase $2.5 billion of its stock while Phillips 66 (ticker: PSX) reported earlier this month that it would put $3 billion to work through a share repurchase program. Anadarko’s announcement sent the comp...

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