WPL has low cash in the bank at present, partly because of the...

WPL has low cash in the bank at present, partly because of the 2-3 billion dollar acquisition of the Apache component and fields around Chevron's Wheatstone project but it's all relative. Cash flow is the key and WPL's is rather healthy and when Apache comes online it will add 0.5 to 1 billion or so of free cash flow and in the next 5-6 months - at current levels. Any bank would be rather silly not to extend credit. They also would have recorded a still healthy profit of 1.1 billion or so had it not been for an excessive write down of asset values to reflect mark to market values but that's all good in my books because it lowered taxable revenue and if the oil price rises from here the assets are then under appreciated and will need to be revalued. We have already seen oil rise 46% from $26 to $38 since.