That's based on the assumption of reducing the first tier of PS (the limited section) and then the company profit falling below that threshold within that tier. That would be a lot of lost profits (the second tier would be completely gone in order to get to that point). That is a pretty narrow range to be in that scenario, yet not running losses.

If we went from 4-6B/yr in profits to a loss, you can bet they'd come for a "haircut" and probably get it if it lasted long enough. We would never get the same PS levels back again though in any circumstance once we trade it away.