With SNE @ 10% return at $45USD POO, would depict a margin of $4.50 per barrel.
For every $4.50 increment above this, would it be fair to assume the margin doubles?
Perhaps at $90 Oil - the margin would be $45 per barrel based on this, or 10 times the current profitability of $45 Oil.
Totally agreeing that "profitability goes up dramatically" with the price.
Trading looking better, page-24
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