BBQDAYS YOU ARE CORRECT

From the 2007 Connacher Annual report.

Connacher’s refinery operating results were outstanding in 2006 and 2007, with record levels of throughput, profit and profit margin. This performance was due to improved efficiencies, implemented subsequent to the acquisition of these refining assets, increased throughput and sales volumes and high product prices and differentials for the heavy crude feedstocks used. As a result, the original cost of the refinery (excluding inventory) has been fully recovered with after-tax cash flow within 18 months of its purchase.

FROM Q2 2008

The company’s refining margins have fallen markedly in 2008, as the selling prices of refined products did not keep pace with rising crude and other feedstock costs. Our Montana heavy oil refining margins also typically capture the difference between heavy and light crude oil costs. As this differential narrowed in 2008, there was less differential to recover. However, narrowing differentials resulted in higher oil sands bitumen revenues and netbacks, affirming the company’s integrated business model.

I will stand by both my statements that MRC is paid for and poor refining margins effected earnings.,.I prefer to make my assesments from CLL itself.

I'm just a normal Joe,,In MY BOOK if I pay cash for, or make the last payment on, for example a car,,IT'S PAID FOR.. After it's paid for in full and I want to spend money customizing it ,,IT'S STILL PAID FOR..When I spend money to maintain it,, IT'S STILL PAID FOR... Costs to maintain or upgrade don't count on whether it's paid for or not... UNLESS of course debt was incurred to pay for the upgrades. To the best of my knowledge any improvements and maintenance costs were taking out of MRC sales.