Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Noah Lerner - Hartz Capital.
Noah Lerner - Hartz Capital
Quick question, I was just trying to get my hands around the chart that you have in the back tied into the guidance. With the guidance at 16,200, where does the basic guidance fall on that matrix?
Frank Semple
Yes, that is a good reference point, Noah. I mean I do not know if you have that table in front of you.
Noah Lerner - Hartz Capital
I do.
Frank Semple
Yes, I think that obviously we tried to provide a range of prices and ratios that encompass what we could not anticipate for 2009 and our guidance was based on a subset of that table, and you are going to see, in the several quarters you will see this type of the table that provided and as we move through the year it will be updated based on the last quarter actual performance, so, with our guidance, and Nancy, if you want to step through where we are.
Nancy Buese
Yes. I think probably the right place to look is that somewhere between nine to one and 10 to one as we were sitting and then I will look at the $40 crude price. So, if you look at the historical average and we say we are getting closer to the mean that the topside of that guidance is sitting right there at that 198 million to 200 million bucks.
Noah Lerner - Hartz Capital
Yes.
Nancy Buese
And then if you kind of take your own thinking about where correlations are going to go or where crude price will go, but again I think from our perspective what is important even as you go to the bottom of the box and you deviate over towards the right hand side, we are still at the bottom level of that guidance.
Noah Lerner - Hartz Capital
Okay. That is?
Nancy Buese
Well, again, we try to put this in your hands and kind of let you make your own decisions about where you believe correlations and crude prices were going to go. We do not have a great feel for that other than what we can feel from strip, but this is going to gives you a feel for the box. At the end of the day we were more sensitive to correlations and our guidance is supported with the current level of distribution at almost any point on this box.
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