Mark to marketHow fast 3 months go by. Many will recall that the Q2 debt levels were inflated by 79 million dollars due to the addition of mark to market provisions mainly related to European nat gas hedging. Well the good news is that 3 months of future hedging losses will come off the provisions. The bad news is that the rest of the hedging portion will probably triple due to a much higher futures curve at the end of the quarter.
Expect some bad news in this regard, perhaps the reason that VET will hold off on a dividend increase for now.
I think that irrespective of the above that VET represents excellent value, but we may not want to get our hopes too high too fast !!