Burlington Resources Announces Quarterly Performance.HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; -- Burlington Resources Burlington Resources, is an American oil and gas company. Their headquarters are in Houston, Texas. Based in Houston, Texas, BR has major offices located in Calgary, London, Farmington, Midland and Fort Worth. Inc. (NYSE NYSE See: New York Stock Exchange :BR) today reported estimated income of $748 million during the third quarter of 2005, compared to $394 million during the same quarter of 2004. Earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share were $1.96, up 96 percent from $1 per diluted share during the prior year's third quarter. The increase resulted from higher commodity prices, increased equivalent production, share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. and an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain on the sale of Permian Basin The Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas. It reaches from just south of Lubbock, Texas, to just south of Midland & Odessa, extending westward into the southeastern part of the adjacent state of New Mexico. Royalty Trust royalty trust An ownership interest in certain assets, generally crude oil or gas production and real estate. Unlike the usual corporate organization, a trust arrangement permits income and tax benefits to flow through to the individual owners. units of $0.19 per share. Net cash provided by operating activities increased to $1,170 million from $930 million, and discretionary cash flow Discretionary cash flow Cash flow that is available after the funding of all positive net present value (NPV) capital investment projects; it is available for paying cash dividends, repurchasing common stock, retiring debt, and so on. (1) increased to $1,175 million from $821 million during the prior year's third quarter. Burlington Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. also achieved an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). (1) of 35 percent during the third quarter of 2005. Total volumes increased 1 percent to 2,843 million cubic feet of natural gas equivalent per day (MMcfed) from 2,815 MMcfed during the third quarter of 2004. Natural gas production increased from Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and the Bossier Bossier may refer to:
 ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and several adjacent areas, and in offshore
China, while maintenance shutdowns of outside-operated pipelines and
processing plants reduced production in the San Juan Basin The San Juan Basin is a drainage basin and geologic structural basin in the Four Corners region of the Southwestern United States; its main portion covers around 4,600 square miles, encompassing much of northwestern New Mexico, northeastern Arizona, and parts of Colorado and Utah. . Volumes also
decreased from Algeria's MLN MLN MillionMLN Modern Language Notes (literary journal) MLN Management & Leadership Network (Northern Ireland) MLN Missouri League for Nursing MLN Main Listed Number Field due to provisions in the production sharing contract that reduce Burlington's share of production at certain oil price thresholds. "Our company performed extremely well during a very turbulent quarter that will be remembered for the unprecedented commodity price volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the that resulted from the devastating dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. hurricanes along the Gulf Coast," said Bobby S. Shackouls, chairman, president and chief executive officer. "Burlington's facilities sustained only minor damage and we are working to rapidly repair damaged facilities and restore the production that was curtailed. At the same time, we are helping our employees and neighbors affected by the storms recover from these tragic events, while reinvesting a substantial portion of our increased cash flow to bring more supply of natural gas to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market. Meanwhile, our operations in other areas are performing strongly. In the current overheated o·ver·heat v. o·ver·heat·ed, o·ver·heat·ing, o·ver·heats v.tr. 1. To heat too much. 2. To cause to become excited, agitated, or overstimulated. v.intr. market for industry services, we continue to benefit from our focus in lower-cost areas such as the San Juan Basin, our large inventory of existing development projects and our ongoing efforts to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. cost increases."Production curtailments resulting from hurricanes Katrina KATRINA Keeping All the Resources in New Orleans Alive KATRINA Krewe Aiding Trash Removal In the New Orleans Area and Rita, which peaked at 180 MMcfed, have now declined to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30 MMcfed. Full restoration of the shut-in shut-in n. A person confined indoors by illness or disability. adj. 1. Confined to a home or hospital, as by illness. 2. Disposed to avoid social contact; excessively withdrawn or introverted. volumes will depend on the pace of repairs to producing facilities, resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of industry pipeline and natural gas processing Natural gas processing plants, or fractionators, are used to purify the raw natural gas extracted from underground gas fields and brought up to the surface by gas wells. The processed natural gas, used as fuel by residential, commercial and industial consumers, is almost pure services and availability of local electrical power and other infrastructure. Key operational events included two exploratory discoveries in the Bossier trend in East Texas, one of which is now onstream OnStream Holdings of the Netherlands was spun off from Philips in 1998 and went bankrupt for a second time in 2003. [1] As a result of its first bankruptcy in 2001, the company was split into two parts, OnStream Data and OnStream MST. producing 8 MMcfed while the second has tested at 18 MMcfed with tests pending of several other prospective intervals. A sixth drilling rig was added under long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. lease in the San Juan Basin to accelerate development of the company's large inventory there. Burlington also continued pursuing acquisitions in existing core areas during the quarter, increasing its year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. commitments to approximately $325 million for six transactions. These will add properties in the Barnett Shale The Barnett Shale is a geological formation of economic significance. It consists of sedimentary rocks of Mississippian age in the U.S. State of Texas. The formation is estimated to stretch from the city of Dallas to west of the city of Fort Worth and south, covering 5,000 square and Cotton Valley trends in Texas and the San Juan Basin in New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , while expanding Burlington's interests in two existing producing blocks in Ecuador Ecuador (ĕk`wədôr) [Span., = equator], officially Republic of Ecuador, republic (2005 est. pop. 13,364,000), 109,483 sq mi (283,561 sq km), W South America. . Additionally, the sale of 8.4 million units (approximately one-third of Burlington's holdings) in the Permian Basin Royalty Trust yielded gross proceeds of $129 million with an after-tax gain of $73 million. During the quarter, Burlington repurchased about 3.7 million shares of its common stock for approximately $249 million, or $66.94 per share. The number of shares outstanding decreased during the quarter from approximately 381 million shares to 378 million shares. On Oct. 26, 2005, Burlington's board of directors restored the company's current share repurchase authorization The right or permission to use a system resource; the process of granting access. See access control. level to $1 billion. Natural gas production during the third quarter was 1,888 million cubic feet per day (MMcfd), compared to 1,906 MMcfd during the prior year's third quarter. Natural gas liquids (NGLs) production was 66.1 thousand barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. (Mbd), compared to 66.5 Mbd during the prior year's third quarter. Crude oil production increased by 9 percent to 93.0 Mbd, from 85.1 Mbd during the prior year's third quarter. Price realizations for natural gas increased to $7.19 per Mcf, from $5.29 per Mcf during the same quarter in 2004. Price realizations for NGLs increased to $34.69 per barrel barrel: see English units of measurement. , from $26.26 per barrel during the prior year's third quarter. Crude oil price realizations increased to $55.86 per barrel, from $41.06 per barrel during the prior year's third quarter. 2005 Outlook Production - Burlington expects full-year 2005 production to average within the range of 2,840 MMcfed to 2,890 MMcfed. This guidance range includes the impact of weather-related production curtailments in several operating areas, and price-related international volume adjustments. The range assumes no volumes from the Rivers facility in the U.K.
4th-Quarter 2005 Full-Year 2005
Estimate Estimate
------------------ ------------------
Gas (MMcfd)
U.S. 970 - 995 945 - 955
Canada 790 - 800 805 - 810
International 155 - 165 150 - 155
------------------ ------------------
Total 1,915 - 1,960 1,900 - 1,920
Natural Gas Liquids (Mbd)
U.S. 41.0 - 43.0 42.0 - 43.0
Canada 23.0 - 25.0 24.0 - 24.5
International 0.0 - 0.0 0.0 - 0.0
------------------ ------------------
Total 64.0 - 68.0 66.0 - 67.5
Crude Oil (Mbd)
U.S. 52.0 - 56.0 48.5 - 50.0
Canada 6.0 - 7.0 5.5 - 6.5
International 30.0 - 34.0 37.0 - 37.5
------------------ ------------------
Total 88.0 - 97.0 91.0 - 94.0
Total Equiv. Prod. (MMcfed) 2,830 - 2,950 2,840 - 2,890
------------------ ------------------
------------------ ------------------
North American Natural Gas Hedges - As of Sept. 30, 2005, Burlington had hedged hedge n. 1. A row of closely planted shrubs or low-growing trees forming a fence or boundary. 2. A line of people or objects forming a barrier: a hedge of spectators along the sidewalk. the following volumes of future North American natural gas production using costless price collars or fixed price contracts. All prices are weighted averages adjusted to a NYMEX See New York Mercantile Exchange. NYMEX See New York Mercantile Exchange (NYM). equivalent price.
4th-Q. 2005 1st-Q. 2006 2nd-Q. 2006
----------- ----------- -----------
Costless collar volumes 449 MMcfd 416 MMcfd 105 MMcfd
Floor price $6.33/Mcf $7.69/Mcf $8.29/Mcf
Ceiling price $8.09/Mcf $9.98/Mcf $10.09/Mcf
Sell swap 11 MMcfd 4 MMcfd 4 MMcfd
Sales price $4.32/Mcf $4.82/Mcf $4.45/Mcf
Additional information on North American natural gas hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. subsequent to the second quarter of 2006, as well as on natural gas hedging in the U.K. and crude oil hedging, is available on Burlington's Web site at www.br-inc.com/docs/hedge.pdf. Other 2005 Financial Parameters - Estimated expenses for the fourth quarter and full year are:
4th-Q. 2005 Full-Year 2005
------------------- -------------------
Operating costs $0.66 to $0.69/Mcfe $0.62 to $0.66/Mcfe
Administrative costs $0.15 to $0.19/Mcfe $0.19 to $0.22/Mcfe
Transportation expense $0.48 to $0.52/Mcfe $0.46 to $0.50/Mcfe
Depreciation, depletion &
amortization $1.22 to $1.27/Mcfe $1.20 to $1.30/Mcfe
Interest expense $68 MM to $72 MM $270 MM to $290 MM
Exploration costs $85 MM to $105 MM $265 MM to $285 MM
In addition, Burlington anticipates an effective income tax rate of 33 to 37 percent for the full year of 2005. The breakdown breakdown /break·down/ (brak´doun) 1. the act or process of ceasing to function. 2. an often sudden collapse in health. 3. loss of self-control. between current and deferred taxes for the year could vary widely depending on commodity prices and other factors. A financial statement, as well as statistics and non-GAAP (generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ) reconciliation tables, accompany To go along with; to go with or to attend as a companion or associate. A motor vehicle statute may require beginning drivers or drivers under a certain age to be accompanied by a licensed adult driver whenever operating an automobile. this release. Burlington will webcast a conference call to discuss its third-quarter earnings and results, as well as future operations, on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , October October: see month. 28 at 8 a.m. Central time. All materials and information related to the conference call, this press release and a package of financial and statistical information may be accessed from the Burlington Resources Web site home page (www.br-inc.com) by selecting the link entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Q3 2005 Conference Call Info INFO Information INFO Information (logging abbreviation) INFO Inform(ed/ation) INFO Ionic Difluoroamino Oxidizer " and then selecting the resource desired. Burlington Resources ranks among the world's largest independent oil and gas companies, and holds one of the industry's leading positions in North American natural gas reserves and production. Headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , the company conducts exploration, production and development operations in the U.S., Canada, the United Kingdom, Africa, China and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . For additional information see the Burlington Resources Web site at www.br-inc.com.
(1) See the accompanying tables for a reconciliation of GAAP and
non-GAAP measures utilized in calculating discretionary cash flow
and return on capital employed, as well as statements of why
management believes these measures are useful information for
investors.
FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . Any such projections or statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the company's periodic reports filed with the Securities and Exchange Commission.
Burlington Resources Inc.
Reconciliation of GAAP to Non-GAAP Measure (a)
Discretionary Cash Flow
($ in Millions)
Below is a reconciliation of net cash provided by operating activities
to discretionary cash flow.
Third Quarter Nine Months
----------------- -----------------
2005 2004 2005 2004
-------- -------- -------- --------
Net cash provided by operating
activities $1,170 $930 $2,963 $2,474
Adjustments:
Working capital 49 (118) 188 9
Changes in other assets and
liabilities (44) 9 (53) (25)
-------- -------- -------- --------
Discretionary cash flow $1,175 $821 $3,098 $2,458
-------- -------- -------- --------
-------- -------- -------- --------
(a) GAAP - Generally Accepted Accounting Principles
Management believes that the Non-GAAP measure of discretionary cash
flow is useful information for investors because it is used internally
and accepted by the investment community as a means of measuring the
company's ability to fund its capital and dividend programs and to
service its debt. Discretionary cash flow is also useful because it is
widely used by professional research analysts in valuing, comparing
ratings and providing investment recommendations of companies in the
oil and gas exploration and production industry. Many investors use
this published research in making investment decisions.
Burlington Resources Inc.
Reconciliation of GAAP to Non-GAAP Measure (a)
Net Debt to Total Capital Ratio
($ in Millions)
Below is a reconciliation of total debt to total capital ratio to net
debt to total capital ratio.
September 30, December 31,
2005 2004
-------------- --------------
Total debt $3,894 $3,889
Stockholders' equity 8,031 7,011
-------------- --------------
Total capital $11,925 $10,900
-------------- --------------
-------------- --------------
Total debt $3,894 $3,889
Adjustment:
Less: Cash and cash equivalents 2,816 2,179
-------------- --------------
Net debt $1,078 $1,710
-------------- --------------
-------------- --------------
Net debt $1,078 $1,710
Stockholders' equity 8,031 7,011
-------------- --------------
Total adjusted capital $9,109 $8,721
-------------- --------------
-------------- --------------
Total debt to total capital ratio 33% 36%
Adjustment:
Less: Impact of cash and cash
equivalents 21% 16%
-------------- --------------
Net debt to total capital ratio 12% 20%
-------------- --------------
-------------- --------------
(a) GAAP - Generally Accepted Accounting Principles
Total debt to total capital ratio is calculated by dividing total debt
by total debt plus stockholders' equity. Management believes that
total debt to total capital ratio is useful to investors because it is
helpful in determining a company's leverage. Management also believes
that since it has the ability to and may elect to use a portion of
cash and cash equivalents to retire debt or incur additional
expenditures without increasing debt, it is appropriate to apply cash
and cash equivalents to debt in calculating net debt to total capital
(Non-GAAP).
Burlington Resources Inc.
Return on Capital Employed (ROCE) Annualized
Reconciliation of GAAP to Non-GAAP Measure
($ in Millions)
Net income (For the third
quarter ended 9/30/05) $2,993
Add: Interest expense after
tax 188
-------------
Earnings before interest
expense (after tax) $3,181
-------------
-------------
September 30, June 30,
2005 2005 Average
------------- ------------- -------------
Total debt (GAAP) $3,894 $3,888 $3,891
Less: Cash and cash
equivalents 2,816 2,385 2,600
------------- ------------- -------------
Net debt (Non-GAAP) 1,078 1,503 1,291
Stockholders' equity 8,031 7,397 7,714
------------- ------------- -------------
Total capital net of cash
and cash equivalents 9,109 8,900 9,005
Plus: Cash and cash
equivalents 2,816 2,385 2,600
------------- ------------- -------------
Total capital (GAAP) $11,925 $11,285 $11,605
------------- ------------- -------------
------------- ------------- -------------
ROCE (GAAP)-9/30/05 27.4%
Impact of cash and cash
equivalents 7.9%
-------------
ROCE (Non-GAAP)-9/30/05 35.3%
-------------
-------------
ROCE is defined as net income plus after-tax interest expense divided
by average capital (total debt plus stockholders' equity). Above is a
reconciliation of ROCE calculated using net debt (total debt less cash
and cash equivalents) in the average capital calculation (considered
Non-GAAP) compared to ROCE calculated using total debt in average
capital calculation.
Management believes that ROCE is a useful measure because it indicates
the return on all capital, which includes equity and debt, employed in
the business. Management believes that since it has the ability to and
may elect to use a portion of the cash and cash equivalents to retire
debt, the debt balance has been reduced for cash and cash equivalents.
Management also believes that ROCE is an additional measure of
efficiency when considered in conjunction with return on equity which
measures the return on only the shareholders' equity component of
total capital employed.
(Note: interest expense is taxed based on the company's effective tax
rate.)
BURLINGTON RESOURCES INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Third Quarter Nine Months
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
(In Millions, Except per Share Amounts)
Revenues $1,953 $1,419 $5,215 $4,060
--------- --------- --------- ---------
Costs and Other Income - Net
Taxes Other than Income Taxes 94 67 250 188
Transportation Expense 127 112 364 329
Operating Costs 176 152 490 426
Depreciation, Depletion and
Amortization 325 284 975 831
Exploration Costs 65 55 183 177
Administrative 76 54 176 153
Interest Expense 70 71 210 211
(Gain)/Loss on Disposal of
Assets (117) - (117) 10
Other Expense (Income) - Net 18 (5) 21 19
--------- --------- --------- ---------
Total Costs and Other Income -
Net 834 790 2,552 2,344
--------- --------- --------- ---------
Income Before Income Taxes 1,119 629 2,663 1,716
Income Tax Expense 371 235 907 589
--------- --------- --------- ---------
Net Income $748 $394 $1,756 $1,127
--------- --------- --------- ---------
--------- --------- --------- ---------
Basic Earnings per Common
Share $1.98 $1.00 $4.60 $2.87
--------- --------- --------- ---------
--------- --------- --------- ---------
Diluted Earnings per Common
Share $1.96 $1.00 $4.56 $2.84
--------- --------- --------- ---------
--------- --------- --------- ---------
This statement should be read in conjunction with the attached press
release.
BURLINGTON RESOURCES INC.
SALES VOLUMES AND PRICES
---------------------------------------------------------------------
Third Quarter Year Ended
-----------------------------------------
2005 2004 2004 2003 2002
---------------------------------------------------------------------
Sales Volumes
Gas (MMCF/Day)
U.S. 952 935 908 865 949
Canada 799 796 819 867 802
International 137 175 187 167 165
---------------------------------------------------------------------
Worldwide 1,888 1,906 1,914 1,899 1,916
---------------------------------------------------------------------
NGLs (MBBLS/Day)
U.S. 41.7 41.4 41.7 37.4 32.7
Canada 24.4 25.1 23.6 27.4 27.4
---------------------------------------------------------------------
Worldwide 66.1 66.5 65.3 64.8 60.1
---------------------------------------------------------------------
Oil (MBBLS/Day)
U.S. 50.7 39.3 37.2 29.3 35.4
Canada 6.5 5.0 5.5 5.1 7.8
International 35.8 40.8 42.5 12.1 5.9
---------------------------------------------------------------------
Worldwide 93.0 85.1 85.2 46.5 49.1
---------------------------------------------------------------------
Total Equivalent
(MMCFE/D) 2,843 2,815 2,817 2,567 2,571
---------------------------------------------------------------------
---------------------------------------------------------------------
Average Realized Prices
Gas ($/MCF)
U.S. $7.69 $5.28 $5.54 $4.87 $3.39
Canada 7.47 5.68 5.85 5.12 3.17
International 4.19 3.40 3.64 3.07 2.27
---------------------------------------------------------------------
Combined including hedging 7.19 5.29 5.49 4.83 3.20
Hedging loss (gain) 0.19 (0.02) 0.01 0.09 (0.16)
---------------------------------------------------------------------
Combined before hedging $7.38 $5.27 $5.50 $4.92 $3.04
---------------------------------------------------------------------
NGLs ($/BBL)
U.S. $29.31 $24.19 $22.87 $18.42 $13.23
Canada 42.91 29.68 29.79 23.08 15.92
---------------------------------------------------------------------
Combined $34.69 $26.26 $25.38 $20.40 $14.46
---------------------------------------------------------------------
Oil ($/BBL)
U.S. $57.59 $37.15 $36.31 $28.08 $23.16
Canada 60.26 40.68 37.70 31.11 28.32
International 55.56 44.58 35.94 23.49 24.30
---------------------------------------------------------------------
Combined including hedging 55.86 41.06 36.25 27.22 24.11
Hedging loss (gain) 1.79 1.51 0.99 0.09 (0.18)
---------------------------------------------------------------------
Combined before hedging $57.65 $42.57 $37.24 $27.31 $23.93
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