Here is MAP update – 4Q08 loss was $41 MM and, as reported earlier, will defer start-up Detroit Hvy Crude Expansion, & slashed spending by 24% for 2009.
And MAP has abandoned plans to split its refining & exploration to separate companies that analysts were pushing it to do & unlock value in exploration business.
Analysts always have their head up their butt pushing integrated refineries on E&P and dumping on Refining their assets – stupid desk jockies never understand upstream becomes useless without a downstream to give floor value for crude (all difference doing paper hedge & one with physical barrels attached……one is just wild gambling the other is calculated insurance play) – so looks like MAP dogged the bullet on this one.
Regards
