Good morning, ladies and gentlemen, and welcome to the Canadian Natural's Q2 2018 Earnings Results Conference Call. After the presentation, we will conduct a question-and-answer session. Instructions will be given at that time. Please note that this call is being recorded today, August 2, 2018, at 9 AM Mountain Time. I would now like to turn the meeting over to your host for today's call, Mark Stainthorpe, Vice President, Finance, Capital Markets of Canadian Natural Resources. Please go ahead, Mr. Stainthorpe.

Thank you, Stephanie. Good morning, everyone; and thank you for joining our second quarter 2018 conference call. In addition to discussing the second quarter results, we will provide an update on our operations, ongoing projects, and strong financial position. With me this morning are Steve Laut, our Executive Vice Chairman; Tim McKay, our President; and Corey Bieber, our Chief Financial Officer. Before we begin, I would like to refer you to the comments regarding forward-looking information contained in our press release. And also, note that all amounts are in Canadian dollars; and production and reserves are expressed as before royalties unless otherwise stated. With that, I'll now pass the call over to Steve.

Thanks, Mark; and good morning, everyone, and thank you for joining the call this morning. The second quarter was a very good quarter with strong cash flow per share, up 16% from Q1 at CAD 2.19 a share; and importantly, earnings per share up 70% from Q1 at CAD 0.80 a share, driving increasing returns on capital employed. Canadian Natural is in a very strong and enviable position, with significant competitive advantages, competitive advantages we are leveraging to generate significant, sustainable, and growing free cash flow. Our competitive advantages are strategic with our top-tier expertise in all our areas of operations and our ability to leverage technology. We are very nimble, effectively allocating capital and capturing opportunities. We have access to capital markets. And maybe most importantly, our culture gives us a significant competitive advantage. On the assets side, our assets are vast with deep, well-balanced, and diverse inventory of low capital exposure and long life, low decline projects. We own and control our infrastructure and leverage our size to drive economies of scale to increase effectiveness and efficiency. Importantly, 72% of our oil assets are long life, low decline assets. Long life, low decline assets are very valuable as reservoir risk is low to nonexistent. And the scale of these operations matters, allowing Canadian Natural to leverage technology and use continuous improvement processes to minimize our environmental footprint; maximize utilization, reliability; and deliver ever-increasing, effective and efficient operations. The impact of long life, low decline assets on our sustainability is significant. Our average corporate decline rate is targeted at 9%. As a result, our maintenance capital to hold production is flat and significantly less compared to a typical E&P company, making Canadian Natural more robust and generating more free cash flow. Canadian Natural has always been focused on value…

Thank you, Steve. Good morning, everyone. I will now do a brief overview of our assets, talk through our 2018 second quarter results and our capital allocation to maximize value for shareholders. Starting with natural gas, our second quarter production of 1.539 Bcf/d was as expected at the midpoint of our Q2 guidance. In the quarter, we've completed major plant turnarounds as planned. With low low natural gas prices; we proactively shut in production, which impacted the quarter by approximately 27 MMcf/d; as well as 12 MMcf/d reduction due to heavy oil curtailments. We also proactively deferred recompletions and workover activity related to our natural gas assets for approximately 20 MMcf/d, which could be executed this fall with improved natural gas prices. In the second quarter, the Pine River plant ran at reduced rates, where we averaged approximately 78 MMcf/d. Canadian Natural has come to an agreement to acquire the Pine River gas plant and are currently waiting on regulatory approval. Once received, we will look to close later this year. As a result, the third party will require a four-week outage to complete sales meter upgrade, at which time, we plan to complete maintenance work at the facility and complete an assessment to increasing the plant from its current restricted capacity to match our fuel capacity at approximately 145 MMcf/d, which would significantly reduce our future operating costs in this area. But, overall, second quarter natural gas production for North America was 1.40 Bcf/d, with an operating cost average of CAD 1.28, which was down from Q1 of CAD 1.31. Our natural gas portfolio is diverse, which 35% is used internally, 32% is exported, and only 33% exposed to AECO pricing. Q3 2018 natural gas guidance is targeted to be 1.535 Bcf/d to 1.565 Bcf/d. Yearly guidance is now…

Thank you, Tim, for that comprehensive update on the company's operational performance for 2018. We had a strong financial performance during the quarter. Net earnings of approximately CAD 1 billion were achieved in the second quarter of 2018, accumulating to a very robust CAD 1.56 billion over the first six months of the year. Adjusted net earnings from operations were about CAD 1.3 billion for the second quarter, up about CAD 400 million when compared with the first quarter, and up about CAD 950 million from the second quarter of last year. This second quarter improvement reflects solid crude oil production volumes and the effective and efficient operations that Tim spoke about, as well as stronger crude oil pricing. Quarterly fund flow for the corporation was a record CAD 2.7 billion, 57% higher than that recorded during Q2 of last year. For the first half, our funds flow was a record CAD 5 billion, a 49% increase over 2017 levels. During the first half, we invested CAD 2.1 billion in economic development, repaid debt at CAD 1.6 billion, repaid deferred acquisition liabilities of CAD 470 million, and returned just under CAD 1.2 billion of cash to shareholders in the form of dividends and share buybacks, essentially balancing the Four Pillars of Capital Allocation. Over the last 12 months, since the AOSP acquisition, we've been able to reduce long-term net debt and acquisition liabilities by approximately CAD 2.5 billion, improving our debt to book capitalization to under 40% from about 43% and debt to adjusted EBITDA to 2.1 times from 3.4 times. This clearly demonstrates our commitment to strengthening the balance sheet. At quarter end, available liquidity was exceptional, at CAD 4.8 billion. Based upon current strip pricing, we would expect to exit the year in the range of 1.5 times debt to EBITDA, with debt to book cap in the range of 35%. Clearly, the company has transitioned into a very robust free cash flow enterprise with continually improving debt metrics. Further evidencing this, S&P removed the negative outlook on our strong triple BBB+ credit rating during the quarter. In closing, I believe that Canadian Natural continues to represent a sustainable, flexible, and balanced E&P company with a high degree of resilience to commodity and price volatility. With that, I'll hand it back to you, Tim, for your closing comments.

Thanks, Corey. In summary, Canadian Natural has many advantages. Our balance sheet is strong, and we will continue to strengthen in 2018. We have a well-balanced, diverse large asset base. A significant portion of our asset base is long life, low decline assets, which requires less capital to maintain volumes. We have balance in our commodities with approximately 50% of our BOE, light crude oil; 25% heavy; and 25% gas, which lessens our exposure to the volatility in any one commodity. We are delivering sustainable substantial free cash flow, which we are effectively allocating to our four pillars. Canadian Natural continues to allocate cash flow to our four pillars to maximize value. Our balance sheet continues to strengthen. We continue with disciplined resource development. Return to shareholders has been strong, with the 22% dividend increase earlier this year. And year-to-date, we have bought back 10.9 million shares. And, finally, if we choose so, potential acquisitions. This is all driven by effective capital allocation, effective and efficient operations, and by our teams who delivered top-tier results. With that, I will open it up for questions.

Your first question comes from Phil Gresh with JPMorgan. Please go ahead.

Yes. Hi. Good morning.

Good morning.

Hey. Thanks for all the updates today. A lot of things going on clearly. Maybe to start with, I guess, the production outlook for the second half of the year. Just kind of I was running through the numbers, and it looked like, if we were to try to use the midpoint of the guidance on the oil side, it would imply a pretty big step up in the fourth quarter. Just any color on that. I mean, it feels like maybe we should be thinking towards the lower end of that range, but anything specific going on that would lead to a bigger step up?

Yes. It's Tim here. Yeah, our production profile is loaded to the latter half here with a lot of these activities coming on in Q3 and Q4. But to your point, we see it into the lower half of the annual guidance.

Yeah. Okay. That makes sense. And second one would just be with respect to the projects and the implications for capital spending. Obviously, you gave us some color here about 2018. What I'm wondering is with the CAD 1.4 billion of spending for the Horizon project and the other opportunities you've mentioned there, how do you think about capital spending as we move to 2019 and 2020 and the timing of all this? And should we be thinking that your underlying base capital spending number that you talked about at the Analyst Day last year is pretty much on track, and this would just layer on top of it, or would it substitute for something else? Just any general thoughts.

Hi. So, it's pretty early to say exactly what the exact number would be, but our CAD 4.3 billion to CAD 4.5 billion range will be very close to that range, I would suspect, with no major change that way. If you look back in 2017, we had CAD 4.9 billion spending, and we actually lowered it in 2018 to actually get now to the revised now of CAD 4.6 billion. So, what I would see, as we move through our budget process, is we will allocate the capital to the most appropriate areas and keeping that spending very much in line with our previous numbers.

So, you're saying that even if you do the PFT project, that wouldn't be additional capital relative to the budget you laid out in November?

What we will do is reallocate capital. So, if you look back on 2017 to 2018, we actually decreased Horizon – well, Horizon spending decreased. And that was allocated to thermal. So, what we see going into the fall here is that we will high grade our opportunity and see where we will flex a little bit our capital and layer on top what would be needed, but I don't see it being significant.

So, Phil, when you look at it, we have a range here going forward. We'll probably in that range, at the same capital we have this year. But if you look at the capital spending this year at Horizon, we have $500 million spent to the tailings pond and environmental work. Obviously, that work will be complete this year, so that means we have $500 million less to spend in 2019. So, as Tim said, it'll all be balanced off here and we'll be within the range.

Right. Okay. Okay. I remember that now. Okay, that's helpful. And then is the timing for all this essentially 2020 then?

Sorry?

For the Horizon Project, sorry?

We would start executing the project in a stepwise manner starting really next year, 2020 and into 2021, so it's very preliminary. We will give a lot more detail here later this year. But the preliminary, we see it very stepwise over the next few years.

Great. Thanks. I'll turn it over.

Thank you.

Your next question comes from Neil Mehta with Goldman Sachs. Please go ahead. Neil Mehta - Goldman Sachs & Co. LLC: Hey. Thanks very much, guys. It was nice to see some share repurchases in the quarter with the stock trading at a wide free cash flow yield. What do you think about the potential for incremental share buybacks here in the third and fourth quarter, and then into 2019? What's the framework of around share repurchases?

Yeah. Thanks, Neil. It's Corey. So, I think we've said a few times today, it is a priority to return capital to shareholders. And we've done that very well through 18 years of consecutive dividend increases. More recently, the dividend is averaged about 22% compound annual growth rate. That means, really, over CAD 2 billion through buybacks and distributions in the recent years. Recently, with the stronger commodity prices and greater visibility on our free cash flow, we have bought back additional shares. And that puts us in a better position to increase returns to shareholders without compromising capital and other pillars. So, as we go forward here, it really depends on – based on current environment, the outlook, and the opportunities at each of the four pillars. We'll make the decision on how best to return capital to shareholders through buybacks. So, it is a important part of it, important part of the four pillars. So, we make that decision as we go forward. We don't have set figures. Neil Mehta - Goldman Sachs & Co. LLC: That makes sense. Is the framework more opportunistic or flywheel in nature in the sense that, do you say you have a view of intrinsic value, and when the stock gets dislocated from that, you take advantage of it, or do you look at all the other priorities, and when there's excess cash, you utilize that for the buyback?

You know what, it comes down to allocation of capital, which we were pretty good at through the four pillars. And it is maximizing shareholder value So, some of it is covering up dilutions, some of it could be an economic decision, and some of it is just based on the current environment outlook and opportunities, at which the company sees internally based on the forward views. So, we consider it all, we're not dogmatic in how we approach it; we are very flexible. And I would say, we're actually very nimble as well. So, when we see opportunities, we're very good at capturing those opportunities. Neil Mehta - Goldman Sachs & Co. LLC: Yeah. There was a comment that you made in the release today talking about M&A and how this year you've done a smaller level of transactions. Can you just talk about the M&A market? And given where you are especially as you're digesting the Athabasca deal, are you at a point right now where you're focused more on organic opportunity and capital returns versus trying to secure large transactions?

As you know, Canadian Natural is always focused on maximizing value, and we do that through the four pillars. I think you heard us say many times before, strengthening the balance sheet has been a priority. It's strengthening very quickly. Returns to shareholders are important to us, and we've seen that increase significantly this year. There is no gaps in our portfolio, Neil. So, it's not like we need to do many acquisitions, so we're not actually chasing anything. But that being said, we're not averse in doing acquisitions, and we're good at it. If that makes sense and add have value, we'll take a look. But I think, right now, it doesn't look like much is out there, and nothing's really coming to us. And we're focused on organic growth. And I think as you'll see as we progress through the year, here probably towards the year-end, we have a lot of exciting organic growth opportunities, value-adding opportunities not only to grow production, but increase reliability and lower cost, go through the operating costs and sustaining capital costs at Horizon. So, we've got a lot of good opportunities in front of us. We're in a really good position. So, it's not like we need to do acquisitions. Neil Mehta - Goldman Sachs & Co. LLC: No. That makes sense. But last one for me is just on egress. And there's been a lot that's been written around WCS differentials. Obviously the spreads are elevated right now. Can you remind us the cash flow sensitivity for you guys around WCS and then how you see it playing out from here? Rail has taken a taken a little bit longer than we would have anticipated to have started up, but maybe we'll see it in the back half and into 2019. So, any thoughts around differentials, how the market ultimately clears here in 2018 and 2019, and your sensitivity to that?

Okay. Sure. So just on the differentials it's about $90 million for every $1 different change in WCS. And yes, we are seeing a lot of volatility in the market. We keep hearing that more rail is coming, and it has obviously been slower. And as well, North West upgrader should be going on stream here in Q3, which will help alleviate things by taking about 80,000 bbl/d of diluted bitumen off the market. So, it is very volatile. And as a company, we're continuing to be nimble. Part of the reason we are reducing our heavy oil is because of that. And at the same time, lighter oil activities continue to show very, very strong results. So, we'll continue to just look ahead in the market and say – make those decisions as we go through the year.

Yeah. Just one addition, Neil, from Corey. So, our WTI sensitivity is about CAD 250 million on cash – on funds flow from operations per dollar change. So, as you can see, the WCS have 90, it's, kind of reflective of the fact that heavy oil has become a much smaller portion of the portfolio of around 25% of the BOE mix.

So, long term, we think the differential is going to about 22% to 23% range. But we know we're going to have a volatile period here of time probably for the next year, or so, as we wait for Line 3 to come on. And as Tim mentioned, we got 80,000 bbl/d at North West coming on, take up fuel and bitumen. We know we got real capacity coming in excess of 100,000 bbl/d. So, it's just really a matter of how will that balance between production and takeaway capacity works here for the next year until [Line 3 comes onstream. Neil Mehta - Goldman Sachs & Co. LLC: Appreciate the comments, guys.

Thank you.

Your next question comes from Matt Murphy with Tudor, Pickering, Holt. Please go ahead. Matt Murphy - Tudor, Pickering, Holt & Co. Securities, Inc.: Good morning; and thanks for taking my question. You guys mentioned industry working towards a more effective nomination process. Just wondering if you could elaborate on how a more effective process may result in an improvement for yourselves and your peers, either via better pricing or greater certainty of moving your barrels? Thanks.

Okay. Well, Canadian Natural is an active participant in the industry Crude Oil Logistics Committee. And what the committee is trying to do is take, what we would call, the air barrels out of the nomination system. So, currently, what we see happens is there's excess nominations, which then are apportioned back to all the industry members. So, by reducing the air barrels, we should have less apportioned and then less potential spot barrels going into the market at the last minute, causing not only logistical constraints for Enbridge but also causing producers and refiners to acquire those barrels. And, typically, those barrels are always at a bigger spread. Matt Murphy - Tudor, Pickering, Holt & Co. Securities, Inc.: Got it. Thanks.

Okay.

Your next question comes from Paul Cheng with Barclays. Please go ahead.

Hi. Good morning, guys. I have to apologize first maybe on beating the dead horse here. I'm just curious that if we look at the market reaction in some of your peers, whether it's Conoco when they – coming out with a 20% to 30% cash flow for this cycle for cash return; or there's something talking about a sustainable CAD 3 billion on a consistent basis buyback at the minimum; or there's Suncor talking about any of the excess cash flow that coming back primary into the cash return to shareholder. They seem to be well received by the market. Just curious that internally I'm sure you gentlemen look at that. And is there any particular reason why you decide that, that's needed not for you to adopt such a strategy similar to your peers?

I think, Paul, really, when you look at it, we're trying to be as clear as we can on our strategy. We have, as you know, substantial free cash flow that's growing. It's robust; it's sustainable. And what we try to do is balance those four pillars. And we do a pretty good job of balancing those four pillars, react to the market conditions. And that's how we ensure that we do that. And as we communicate to the Street, we are not communicating in the Street that we have a buyback program other than the normal course issuer bids we know we can go up to. Dividends have increased significantly and that's pretty stepwise. So, really, the message for the Street for us is you'll see us balanced in those four pillars: balance sheet; return to shareholders, which includes buybacks and dividends; resource developments, which is very steady; and opportunistic acquisitions, which we don't see much of. So, that's how we look at it, and that's how we deliver the message to the Street.

I think the other element, Steve, is we have an exceptional project portfolio that can deliver very, very good returns as we develop it. And we don't want to prejudice that development plan and that growth plan. We see that as being an important element for shareholder value creation.

All right. Thank you for that. And all I would just say though is that seems shareholder does appreciate that you have some maybe more transparence and clear in terms of what is the cash return, the expectation that they could have. A different topic, I'm wondering, is CNQ involved with any well discussion to increase your shipment or your transportation for rail?

So, it's Tim here. On the rail, I think, basically, we're always talking with various parties and looking for opportunities that make economic sense. And if you look back in time, we have shipped as much as 35,000 bbl/d by rail, but it made economic sense, and it was good long-term value for our shareholders. So, we are obviously talking with various parties. We don't have anything on our plate today, but we're not opposed if the right economic opportunity is there to do rail.

Tim, can you share with us then, from what you can see, what is the biggest hurdle or the sort of like the obstacle between the two-sides, the producer and the well operator coming to their agreement? Is it the fee that they're trying to charge, or just the duration of the contract, or is the minimum volumes level that they want?

Sure. It's really a bit of everything. So, the things that we've seen in the past here have been the term, most wanted, a term about three years, which if you look ahead and say, Enbridge will be on stream in Q4 and the differentials will tighten, you will be out of the money very shortly. The other aspect is that the cost is not as good as a good pipe that you have access to. So, we evaluate it. You know what, there could be a point here, a period of time, where we would do rail. But, again, it would have to be more short term and more appropriate for the difference between the cost of pipe versus rail.

Okay. So, I'd suppose that based on what you just say, CNQ is not aggressively trying to make some commitment and increase your well commitment over the next, say, call it, two or three years? That's not the path that you're going to take?

We're continuing to look at all the options when we have discussions. As you can imagine, we are in discussions with people, so it's not our interest to sit here and tell you all the details over...

Sure.

...so, just continuing to talk about it. And we're trying to maximize value, and I think Tim outlined it fairly well.

Okay. A final one just to clarify, you're saying that the North West Redwater refinery started taking heavy oil in the third quarter? Any idea, is it by the end of the quarter or that is going to be this month?

It's on track here, and they're very close. And I think it's more for North West to publicly comment on that rather than us. But they're making good progress, and we're very confident they're going to make Q3.

Okay. Thank you.

Your next question comes from Roger Read with Wells Fargo. Please go ahead.

Thank you. Good morning.

Morning.

Good morning.

Hey. Maybe as another way to think about the question that everybody keeps pushing on, the shareholder returns here. You mentioned balance sheet strength 1 times EBITDA. And I know you've got a lot of debt that isn't necessarily advantageous to try to repay at this point, modest debt due between now and say, the end of 2019. But what is the right way maybe to think about the balance sheet structure other than in a debt-to-EBITDA standpoint? Because we all know, with oil prices moving around, EBITDA can change. So, is there a debt-to-cap, a long-term sort of maybe cash versus repayments? And then, we can kind of work our way into what we think you might do, given that it sounds like CapEx should be fairly stable, acquisition seems somewhat unlikely at least on the large side, in a way, we can kind of frame up maybe the cash available for dividend increases or share repos.

Yeah. Thanks, Roger. So yeah, we evaluate several metrics as do the rating agencies. And we target to ensure that we maintain very strong investment-grade ratings through the entire cycle. So, we're pretty well-positioned today to expand very volatile commodity price cycles. If you look back in the history, pre-2015, our debt-to-EBITDA was in the range of 1 to 1.3 times. And at strip today, as we said earlier, we target to be in that 1.5 times, so we're getting close back to those levels. Additionally, to your point, we do target a debt-to-book cap range. Our range right now is in that 25% to 45% range. We're in that just under 40% today. Probably, it can be in that mid-30s by the end of the year. Typically, we're at the higher end being post-accretive acquisitions, like we are today, or in lower commodity price environments. And then we target to be in the lower end and a higher price commodity environment. So, we're de-leveraging, we'll probably be in that lower half very, very quickly.

Okay. Thanks. And then, the other question I had, if we look at the OpEx – and it's a little tough right now because with the startups and everything to get a real good handle on the right OpEx trends on a certainly year-over-year basis. But is there anything as we look whether it's in the E&P business or in the oil sands side that we should think of that won't be favorable in terms of OpEx going forward? And I'm not just looking at production, looking at sort of the total thing, including transportation and everything.

Really other than volatility in the commodity prices, like natural gas, obviously, on our thermal operations and our oil sands operations, it benefits from lower natural gas prices. But anything else – again, diesel, gasoline, that is actually higher for our employees and our field operations. But other than those two items, everything else is very stable. We've been working very well across the board with all our vendors and service providers.

Okay. That's it for me. Thank you.

Your next question comes from Phil Skolnick with Eight Capital. Please go ahead.

Yeah. Thanks. With respect to AOSP during the period of turnaround, did you sell any bitumen blend during that time, because your realized price of CAD 80.17 did come in a little bit lower than what I was expecting. And so, I was wondering if that was – if you did that, was that blended into the CAD 80.17 price?

Yes. That's correct.

Okay. Cool. And just to follow up on the Enbridge nomination discussion. Is there any idea in terms of timing, given Enbridge kind of had that hiccup, when they attempted to do a fix, and it really didn't?

We're working together with Enbridge. All the producers and other shippers and buyers on the crude oil logistics committee to fine-tune it to make sure that the oil that does move is more effective and efficient on the system. There's no – really no time on it, Phil. It's an ongoing process, and we'll update you as we go forward. But I think good progress has been made and seemingly less volatility in heavy oil differentials because of it.

Okay. Great. Thanks.

Your next question comes from Asit Sen with Bank of America Merrill Lynch. Please go ahead. Asit Sen - Merrill Lynch, Pierce, Fenner & Smith, Inc.: Thanks. Good morning, guys. I had one question on the pillar of cash allocation, which is the bolt-on acquisition or M&A. You made a small acquisition recently, Laricina. Just wondering what drove towards that. In other words, what I'm trying to figure out what are your parameters that you look for making those bolt-ons, since you have almost everything in your portfolio?

Well, if you look at that acquisition there, and you look at our existing lands that we acquired also from AOSP and Cenovus, it is a very strategic opportunity that overlaps our lands. It has strategic infrastructure that we will leverage off of. And obviously, our operations are right at the top of it. So, our thermal group is very versed in all sorts of thermal operations, whether it's SAGD, CSS, solvent. And as such, we're able to leverage our expertise team on this item. So, it's a very, very strong fit and a very good opportunity for future value for the company. Asit Sen - Merrill Lynch, Pierce, Fenner & Smith, Inc.: Great. Thanks for the color. And I guess, I would just follow up with a scenario question. So, well, how would your strategy change, if any, in 2019, if the WCS diff, they're currently at $30 stays flat or doesn't change? It just looks like you're factoring the CAD 20 to CAD 23. Just talk to us about your thought process? And also, if you could update us given the growth that you're going experience on your corporate decline rate and sustaining CapEx in 2019?

You know what, we're going to come out with that when we do the budgets, but it's probably too early for us to comment, that but I think, directionally, you can see that we have a very large, diverse inventory of projects we can go to. If you see differences in prices in near terms, we allocate capital based on that. So, if we had a higher differential, which means our heavy oil projects, less competitive with our light oil projects, look here in Canada and UK and Offshore Africa, or some of our projects we have at Pelican and Horizon, we'll allocate capital to maximize value for shareholders. So we'll see, we'll monitor as we go forward. And then as we develop the budget here in the fall, we'll make sure we have lots of flexibility to adapt to any situation we can see out there. Asit Sen - Merrill Lynch, Pierce, Fenner & Smith, Inc.: Great. Thank you.

Your final question comes from Neil Mehta with Goldman Sachs. Please go ahead. Neil Mehta - Goldman Sachs & Co. LLC: Yes. Sorry for the follow up here, guys. One last question. When we think about the debottlenecking project at Horizon and the incremental growth there, how should we think, on a fully burdened basis, kind of what the breakeven of the project is, either on a WTI or a Brent basis when you really layer in all the costs for that?

Neil, what we're doing here is obviously we're still fine-tuning the cost. As you know, we haven't given you any details on the cost. We expect to fine-tune those costs as the year goes through. But I would think that breakeven to get our return on capital is somewhere between that CAD 45 to CAD 55 WTI range. I think it's probably likely to be below CAD 50, but we're going to fine tune the costs as we go forward. Neil Mehta - Goldman Sachs & Co. LLC: Okay. Great. Thanks, guys.

This concludes the question-and-answer session today. Mr. Stainthorpe, I turn the call over to you.

Thank you, Stephanie. And thank you, everyone, for attending our conference call this morning. As you heard on the call today, Canadian Natural is in an enviable position. Our free cash flow generation is significant and sustainable, allowing for a balanced allocation to our four pillars. Our long life, low decline assets makes Canadian Natural more robust and provides several opportunities to drive increasing production, deliver effective and efficient operating costs, and create shareholder value in an environmentally responsible manner. This is complemented by a diverse low cap exposure asset base and provides optionality, which Canadian Natural can and will exercise at our discretion to maximize shareholder value. If you have any further questions, please give us a call. Thank you again, and we look forward to our third quarter conference call in early November.

Thanks, and enjoy the day.