if you have a look at the analysts presentation there are quite a few future projects being looked at which will take up some capital. I think they will lift the divis to 90% (oil companies like the divies). From what I understand the refinery also likes a bit of gearing so I would imagine that there will always be a bit of debt (50m to 100m) if the debt market is right. Who knows, maybe NZR might join up with MMH and jointly fund the Marsden rail link extension. Said slightly tongue in cheek....