hanrahan,
I am not sure that your first assumption is correct - i.e "The "old" WPL is an oil company". Ever since the NWS development in the 80's it has been a significant gas producer (measured in bblev).
I see no reason to split the company. Having two separate income streams, one exposed to the day to day oil price and one with a lagging exposure means that the income stmt is "smoothed" and not as volatile as it could be - this makes for ease of planning cash flow and expenditure. A critical element for a gas and oil producer.
HT1
hanrahan,I am not sure that your first assumption is correct -...
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