"This decision has no impact on our business or our strategy for providing solid returns to shareholders," the company said.
"We had another impressive quarter with strong earnings growth, record cash flows and solid returns to shareholders through dividends and share buybacks," said Randall L. Stephenson, AT&T's chief executive.
"These transactions further demonstrate Faroe's ability to deliver solid value for shareholders both through the drill-bit and transactions".
Graham Stewart, the company's chief executive said Faroe has "demonstrated its ability to deliver solid value for shareholders" by the "strengthening of its reserves and production base".
BofA, which was added to the Dow in 2008 and has been trying to turn itself around since the financial crisis, said the decision "has no impact on our business or our strategy for providing solid returns to shareholders".
Enron and its brethren aside, however, isn't the economic rationale for awarding managers stock to align their interests with those of shareholders as solid as it has always been?
On page 110 we profile Thomas P. MacMahon of Laboratory Corp. of America, who has given shareholders a solid 42% annualized return since 1998.
With another solid quarter in sight, shareholders are mostly waiting for the next thing, which should be new iPhones and iPads in the fall.
"While economic conditions remained challenging for much of last year, the strengths of our business model and client franchise, coupled with our focus on disciplined management, delivered solid performance for our shareholders," said the bank's chairman and chief executive Lloyd Blankfein.
Harmony offered Gold Fields shareholders nothing more solid than its own shares, at a mere 13% premium to Gold Fields' pre-bid share price.
