I think you could have applied that second vote.
Mr. Plexman, as you know, what's really behind this whole thing is a sneaking suspicion on the part of some Canadians that the oil sands are making like bandits and making an enormous amount of money and really we should get more of it. It's not too much more subtle than that.
I want you to turn to page 10 of your presentation, “Oil Sands Economics”, “Canadian Oil Sands 2007 Guidance For Syncrude”. I want you to help me read this, because it seems pretty impressive.
The revenues of the oil sands--this particular project, I take it--were $2.3 billion. Interestingly, they had purchased energy costs of a little over 10% of their gross revenues--an interesting statistic. Their production costs were about 44% and their gross margin was 56%--pretty healthy. Then they take off their non-production costs, and it includes some royalties and cash taxes and “other”--I'm not quite sure what that means--and that brings them down to total costs of 63%, a cash margin of 37%, which is $881 million. Then you have something called Capex--I don't really understand what that is--so you have a pre-cashflow of $621 million, or 26% of your revenues.
Am I reading this correctly to say that they only have used up 39 million to 44 million barrels on a mid-point production of 40 billion barrels? Am I reading that correctly?
Anyway, your final comment is “COS's expected 2007 cash-on-cash return is 239%...”--that kind of catches your attention--“which we think should rank near the top when compared to conventional oil projects.” It seems to me that on page 10 you've captured the heart of the argument here, and that is, that looks like a pretty fine return. Do I have your presentation correctly, as a general concept? If so, can you give me some explanation as to how, even if we killed the accelerated capital cost allowance today, that would impact on that financial statement?