Without understanding how costs are allocated, it is impossible to determine whether the refinery is accretive to cash flow or not. What would cash flow have been if CLL had bitumen refined at a tollage conversion independent refinery? Or a straight sale of bitumen to a hevy crude refinery? Wthout this information, it is impossible to know what the impact of MRC is on the integrated profitability of Connacher. The reality is, none of us have access to this information.

Brian