EM is forecasting record profits. In profitable times past, EM would throw the profits down a pit called Stock Buybacks. The stock price would not be affected, so basically just erasing profit and erasing company value at same time.
Going into this recession, EM needs some money saved up to not just survive, but to thrive. Equipment and services are cheapest in a downturn. Rig rates drop and fabrication rates lower. The downturn is the time to grow the business, not wait until all rates peak again to start spending money again.