I agree with your take. But F&D costs and recycle ratios are best viewed over longer periods of time. These guys invest a lot in infrastructure that will pay off in lower opex in the future. And they are setting the ground for high impact exploration programs that could reduce F&D if successful. The tax restructuring is a clever way to soften Petro's money grab. I don't understand the mechanics but I like it. Goes to show you that clever accountants and lawyers can run circles around politicians.