They have announced a few things.

1. They will continue to pay the 40 cents until the split into two companies is final.

2. The combined dividend for the two companies will be approximately the same (40 cents a quarter) for the first dividend pay out after the split.

3. The respective bod of the two companies will set the dividend policy and the dividend after that.

4. They have said previously that cenovus will pay relatively higher dividend, like its oilco peers, maybe 3% ECA will pay lower dividend, 1-2%, like its peers but likely at the higher end of that range.

5. It is likely both companies will continue current shareholder friendly policy of trying to maximize NAV of each share by balancing growth (when oil and gas prices high), buybacks (when share prices low), and with growth over time of dividends. Eresman has spoken to this policy many times, and he remains hea dof new ECA.