You have to take into account the hedging gain as it can't be put into the operations section as it is an investment decision.Therefore the IO operations with the hedge in place:$28,195,000 (receipts) + $2,851,000 (hedge gain) - $30,092,000 (production costs) = $954,000So they profited nearly $1m from JWD alone, not taking into account all other expenses which would have been there no matter if JWD was operating or not.
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