Scott,

Could you please explain what the "intricate hedging program on its natural gas production" is. I guess people who recommended that post can add some inside info on this subject.

In last few Quarterly and Annual Reports CLL did not indicate any info about NG hedging. The latest company slide show mention no NG hedging. Remember you are quoting the Article in the paper written by reporter who has less knowledge on the subject then you.

On the contrary to the info provided in the Article the CLL official documents are showing that the NG production and sells are the money loosing operation based on the net cash flow*. Refinery is not bringing any significant net cash flow either.

Integration idea is very good, providing that it brings the benefits to the bottom line (more money) and increase the shareholders value.

*net cash flow= cash flow - Capex (capital expenditure). One may olso subtract the amortization related to LUCK purchase price.

Ps. Brian , this is a good question. Prior to 2009, what did we spent the $900M on? POD1 was on time and on budget ($330 or $360M as per CLL management). What happen to $900M ? Any ideas?