Parity is looming, page-108

If you accept the potential oversupply argument post- McGowan argument (which I do not), then this only highlights the importance of Strike and Warrego merging. If you are worried about over-supplying the domestic market, it makes no sense for WGO and Strike to be undercutting each other in future GSA negotiations. Better to control the supply and negotiate the best price for a merge entity, right?
I don't understand why people can't see the economic rational of WGO and STX merging. If we had locked away the merger this year, we wouldn't need to be speculating about when WGO will sign a GSA or how they will process the gas. And we wouldn't be need to be asking: why are we paying top dollar for two CEOs (three if you include SN) for a project that would benefit from have just one.