Ann: Strategy Update, page-8

TEX is affected by falling USD WTI oil price which over the last 3 months dropped from USD104.50 to USD90 per barrel. That is a loss of USD14.50 per barrel and comes right out of the bottom line.

US is now over producing oil for local consumption and exporting refined gasoline. Local gasoline consumption is stagnating as Americans switch into smaller cars including hybrids and much smaller numbers of pure electric cars. Natural gas is also at annual lows which is affected by weather, and approaching swing into cooler autumn weather which will crush demand for air conditioning.

Both of these factors impact free cash flow for TEX which seems to be developing into a very solid little company. Good luck to all longs.