TB,
"if my figures are right "
They are not right at all, as per usual. Q1 $A was ~73c, same as Q2.
If 62% platts is $43.42 on average, then AGO after 20% discount for 56% is only $US34.40 =~ $A47.
$53/t COP-$47 income = $-6/t. Then add cap spending, D&A etc.
Why do you think the deal has been done to take 70% ownership for the bond holders in exchange for ONLY 1/2 the LT debt?? If your figures were correct, why would they do this?? The answer is your figures are incorrect!!
Did you notice the lack of buying today?
Into 2016 and beyond, page-151
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