Good day, everyone, and welcome to the third quarter earnings conference call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the Q&A session. Please note, today's call is being recorded. It is now pleasure to turn the program over to Juan Pablo Tardio, Vice President and CFO. Please go ahead.

Thank you and welcome, everyone, to Helmerich & Payne's conference call and webcast corresponding to the third quarter of fiscal 2015. The speakers today will be John Lindsay, President and CEO; and me, Juan Pablo Tardio. Also with us today is Dave Hardy, Manager of Investor Relations. As usual, and as defined by the U.S. Private Securities Litigation Reform Act of 1995, all forward-looking statements made during this call are based on current expectations and assumptions that are subject to risks and uncertainties as discussed in the company's Annual Report on Form 10-K and quarterly reports on Form 10-Q. The company's actual results may differ materially from those indicated or implied by such forward-looking statements. We will also be making reference to certain non-GAAP financial measures such as segment operating income and operating statistics. You may find the GAAP reconciliation comments and calculations on the last page of today's press release. I will now turn the call over to John Lindsay. John W. Lindsay - President, Chief Executive Officer & Director: Thanks, Juan Pablo, and good morning, everyone. Thank you for joining us on the call this morning. You may recall at the time of our last conference call in April, the U.S. land rig count was still declining at a steep rate and we were reluctant to call a bottom. There have been several indications since then that the trough was approaching, and the rig count did appear to bottom out, but today, seeing oil prices decline by over $10 per barrel over the past several weeks, that bottom could soon prove to be false. This is unfortunate for all of us in the energy sector who had hoped to see at least some recovery in the back half of 2015. The industry has idled over 1,150 rigs in…

Thank you, John. The company reported $91 million of net income, $130 million in operating income and $660 million in revenue during the third quarter of fiscal 2015. As expected, these quarterly levels were down significantly as compared to with prior quarter. Following are some comments of each of our drilling segments. Our U.S. land drilling operations delivered approximately $122 million in segment operating income during the third fiscal quarter. The number of quarterly revenue days significantly declined, resulting in an average of approximately 156 rigs generating revenue days during the third fiscal quarter and representing a 32% decline in revenue days as compared to the second fiscal quarter. On average, approximately 128 of these rigs were under term contracts and approximately 28 rigs worked in the spot market. Excluding the impact of early termination revenues, the average rig revenue per day decreased by 3.4% from the second fiscal quarter to $26,634 in the third fiscal quarter and the average rig expense per day increased by 5.5% to $14,130, resulting in an average rig margin per day of $12,504 in the third fiscal quarter. The decline in average rig revenue per day was attributable to softer market conditions and to mutually beneficial temporary day rate reductions for some rigs that are under long-term contract. Those temporary day rate reductions were granted in exchange for additional term durations at fully priced day rates, also fully protecting the backlog for the corresponding rigs and effectively extending the duration of the corresponding work. The increase in the average rig expense per day was primarily a result of the high volume of idled rigs and related efforts to be cost-effective through the cycle and well-positioned for a potential industry recovery. During the quarter, the segment generated approximately $76 million in revenues corresponding to long-term…

We'll take our first question from Chase Mulvehill with SunTrust. Please go ahead. Your line is open.

Hey. Good morning, fellas. John W. Lindsay - President, Chief Executive Officer & Director: Good morning, Chase.

So I guess in one of your recent presentations, you guys talked about renegotiating term day rates lower for additional term. Can you just kind of walk us through the kind of details here and kind of when you expect those to step back up?

Yes, Chase. This is Juan Pablo. Those are relatively short-term type agreements. Within a year, we should be out of that type of arrangement, but we will see how the market goes. Again, we do believe that it is a mutually beneficial arrangement and we have fully protected the minimum duration of the term as well as that minimum duration at fully priced levels.

Okay. All righty. Thanks for that color. And then if we kind of move to international real quick, is there any opportunities to move U.S. FlexRigs to international markets? And without just kind of identifying markets, I mean, what kind of expectations do you think that you could have over the next 12 to 18 months kind of potential to move rigs to international markets? John W. Lindsay - President, Chief Executive Officer & Director: Sure. Chase, this is John. I think there are several opportunities. I'm sure you recall we did send 10 Flex3s to Argentina. Those were all existing Flex3s and that opportunity initially presented itself in, I guess, it was 2013. We had a little bit of a slow spot at that time. We had probably 20 idle AC rigs, and so we sourced those rigs out of the U.S., and so there's no doubt there's an opportunity. The FlexRigs have clearly performed well in every country that we've worked. The performance has been outstanding, so I think there's opportunities not only in South America, but I think there's also continued opportunities in the Middle East. So I do think this slowdown and our capability in having those rigs available in the U.S. does give us that opportunity to expand our international fleet.

Okay. All right. Last kind of follow-up for me, on maintenance CapEx, you talked about fiscal 2016 CapEx being down significantly. How can we think about maintenance CapEx for fiscal 2016, assuming flat rig count environment?

Yes, Chase, this Juan Pablo. We've said in the past that the $1.3 billion estimate for fiscal 2015, less than 20% was expected to be in maintenance CapEx. And so that's the only parameter that I can refer to at this point. Whether it's $200 million to $260 million for fiscal 2015, we'll see what the number is in the end. We'll have – if we, as you said, assuming that the activity remains stable, then we will probably an even lower level of maintenance CapEx for fiscal 2016.

Great. All righty. That's all I have. Thanks, John. Thanks, Juan Pablo. John W. Lindsay - President, Chief Executive Officer & Director: Thank you.

Thank you.

And we'll take our next question from Kurt Hallead with RBC Capital Markets. Please go ahead. Your line is open.

Thank you. Good morning. John W. Lindsay - President, Chief Executive Officer & Director: Good morning, Kurt.

Good morning, Kurt.

Hey. I just – you guys mentioned a little bit earlier in your presentation about the day rates to remain flat over the next several quarters and then the average would increase to previous levels predicated on a few different factors. I'm sorry, but I was a little bit slow in trying to follow how you were trying to express that. So could you state that one more time?

Sure, Kurt. This is Juan Pablo. We were referring explicitly to rigs that are under term contracts, so it's not to all rigs, but only rigs that are under term contracts. And we were referring to the average rig margin per day. And as we looked at the impact of these renegotiations on that average rig margin per day for term contracts, we determined that that impact was under 5%. So within the next several months, probably less than a year, we would expect those temporary reductions to expire and to go back to prior fully-priced levels, which would yield again the type of margins where we were at before these reductions. So we would expect to get that approximately 5% back once, again, once we have these temporary reductions expire. Does that bring clarity?

Yeah. That does help a lot. Appreciate that. The follow-up question I have, John, you indicated kind of early on had given some indications of tone and tenor of the customer base and indicated that $40 – that the rig count would be unsustainable at a $40 oil price and I think we can understand that pretty well. But maybe digging a little bit deeper into some of this tone and tenor, so overall are you then getting the impression that the E&P mindset is that oil is going to remain around kind of current levels, $50-plus levels? And at these levels that there is no upside or no downside to activity? How would you characterize the viewpoints on that? John W. Lindsay - President, Chief Executive Officer & Director: Well, Kurt, as always when you start talking about these kind of things and using numbers, it's easy to get – to not be as clear as you want to be. I really meant to say in the $40s. We're in the $40s. We're mid to high $40 range and again I think even in that price environment, we're more than likely going to see the behaviors that I mentioned, which is some rigs that were previously going to be reactivated on the back half of 2015 most likely won't be unless oil prices improve. The question is at what oil price? And again, I think we saw the industry beginning to move. You saw the rig count begin to flatten and you began to see more discussions regarding rigs in the spot market. But in this pricing environment, I just don't think you're going to see that. In fact, I think you could see the rig count pull back some. So again, it's a challenge. I think in order to see the rig count begin to improve we're going to have to see a stronger oil price environment than what we've seen. If you recall, and I think it was in the last round of earnings calls, there were some that were expecting a 200-rig increase by the end of the year and we said we just didn't see that. I mean we couldn't see how there could – that could happen. Now we weren't, at that time, of course, we weren't expecting oil to pull back into the $40s. I mean, the reality is I think if you went out and surveyed 10 different E&P operators, you would get a pretty wide range of expectation on pricing and I think a lot of folks are thinking oil prices are going to be lower as opposed to moving higher.

Okay. John W. Lindsay - President, Chief Executive Officer & Director: But again, I'm not here to predict the oil price. I'm just telling you what we've heard from customers and others in the industry. I think you guys have heard the same thing.

Yeah. No, I appreciate that color. That's helpful. Thanks. John W. Lindsay - President, Chief Executive Officer & Director: All right.

And we'll take our next question from Byron Pope with Tudor, Pickering, Holt. Please go ahead. Your line is open. Byron K. Pope - Tudor, Pickering, Holt & Co. Securities, Inc.: Good morning. John W. Lindsay - President, Chief Executive Officer & Director: Morning.

Morning. Byron K. Pope - Tudor, Pickering, Holt & Co. Securities, Inc.: John, just wanted to get your thoughts on average rig revenue per day trends and understanding that you guys want to keep your fleet in quick response capability. And so if we, so whatever recovery scenario we want to assume, is it fair to think that as we see some of your vital AC rigs go back to work over the next 12, 18 months that that rig expense per day should gravitate back down closer to what it's been historically and call it the $13,000 or $13,300 range? Just somewhere in that historical range is still the appropriate way to think about your true rig expense per day, again, putting aside the cost that you guys are temporarily incurring to keep your fleet ready? John W. Lindsay - President, Chief Executive Officer & Director: Right. Right. Well, and you saw that Juan Pablo had talked about our cost expectations for the next quarter. But you're right, I mean, part of the challenge, of course, is the rigs that are idle have an ongoing expense. And at the same time, your average number of rigs working is lower so you're denominator is smaller. So you just have a higher cost. But as rigs are idle longer, the expense is lower. We're not spending that same level of money that we are day 90 on as we are in the first 30 to 60 days. Byron K. Pope - Tudor, Pickering, Holt & Co. Securities, Inc.: Right. John W. Lindsay - President, Chief Executive Officer & Director: So I think your expectation is right. I think and again we've talked about this and we're not going to throw a number out there, but $13,000 is achievable again in the…

And we'll take our next question from Brad Handler with Jefferies. Please go ahead. Your line is open.

Thanks. Good morning, guys. John W. Lindsay - President, Chief Executive Officer & Director: Morning.

Good morning.

I guess maybe it's coming back to the inquiries and the conversations. To what extent is the high-grading conversation, therefore, also kind of being put off? It sounds like it is but even if an operator wasn't planning on taking more rigs, I think that you had some optimism earlier that perhaps a high-grading process might have been relevant. John W. Lindsay - President, Chief Executive Officer & Director: Brad, high-grading is still very relevant. I don't have insight into the number of legacy rigs, SCR mechanical rigs that are running today that are also under a term contract. But I think there's a fair amount of rigs that are in that category. And so, yes, those rigs we are in discussion with customers, with – hopefully the intent would be to replace those rigs. So I think the replacement cycle is alive and well and in some respects even more so because of the types of wells that are being drilled today. So I think that's going to happen but, again, a lot of that is going to relate to the number of those rigs that are rolling off of term. Does that answer your question?

Yeah. Yeah. No, it absolutely does. Maybe I missed it, Juan Pablo, but in terms of the international in your fiscal fourth quarter – so I'm just jumping to international. I just thought, perhaps I missed it and so apologies. Could you describe again the basis for why the margins fall back to the $10,000-ish kind of a day level? Is that – you mentioned very good execution in fiscal 3Q. Are you just hedging against that being able to repeat in fiscal four or was there something more specific that weighed on the margin internationally?

Sure, Brad. This is Juan Pablo. There are a couple of considerations that are most relevant in explaining the decline and the first one relates to several rigs becoming idle. Unfortunately, we've had close to half a dozen rigs that have become idle in recent months. And so we're dealing with a process of stacking those and dealing with those. And of course, there's expenses associated with that. The other consideration relates to two rigs that are not contracted being demobilized out of Tunisia. That too has an impact on margins, relatively significant impact on margins. So the combination of those two things are leading us to the type of decline that we're projecting.

Okay. Just to follow up on that point is I think maybe about the first fiscal quarter of 2016 then, can we imagine that the cost that you've just described in both are – you finished spending them so there's a little bit lower rig count? Really I don't know if the two – do the two relate – so the two aren't working anyway. So are the costs out of the system then and so you might – one might naturally expect margins to rebound on the 17 active rigs in the first quarter of 2016? Is that logical?

I think it is, Brad. I think everything else being equal, that is a fair expectation for us to see an improvement in margins during the following quarter. However, again – and that's everything else being equal, we'll have to see what else happens in the segment. And we'll certainly comment on that during our next conference call.

Sure. Okay. Thanks, guys. I'll turn it back. John W. Lindsay - President, Chief Executive Officer & Director: Thanks, Brad.

Thank you.

And we'll take our next question Waqar Syed with Goldman Sachs. Please go ahead. Your line is open. Waqar M. Syed - Goldman Sachs & Co.: Thank you for taking my question. On the rigs that are idle right now, the Flexs, could you provide us with a breakdown of rigs between Flex4s, 5s and 3? John W. Lindsay - President, Chief Executive Officer & Director: Sure. Waqar, we'll – let us look at it right quickly.

Hold on, let me get a better handle on those numbers. So approximately 111 FlexRig 3s, 7 FlexRig 5s, and the rest are FlexRig 4s. Waqar M. Syed - Goldman Sachs & Co.: Okay. And so the...

I think you were talking only about the FlexRigs, so we do have seven conventional idled rigs as well. John W. Lindsay - President, Chief Executive Officer & Director: Those are all 3,000 horsepower. Waqar M. Syed - Goldman Sachs & Co.: Okay. And that – so this, the FlexRig number was 180 that you'd given, right, the idle FlexRig number?

I think it was 179. Waqar M. Syed - Goldman Sachs & Co.: 179. Okay.

Yeah. Waqar M. Syed - Goldman Sachs & Co.: And then of these rigs, how many are pad drilling capable? And could you give a breakdown between the three as well? John W. Lindsay - President, Chief Executive Officer & Director: Well, of the rigs that are – well of the rigs, over half of the rigs are pad capable. Of those particular, what's the number here – and I think the thing that's a key when you say they're pad capable right now in that, as an example, if it's a Flex3, many of the Flex3s have pad capability, have had that upgrade installed, but many of them don't. But we continue to upgrade Flex3's in the existing fleet to make them pad capable. So the number we would be giving you right now is a snapshot today. If you ask us that same question three months from now, the number's going to be higher. Juan Pablo, you want to go ahead and...

Sure. I think the numbers are about 36 FlexRig 3s, about 41 FlexRig 4s, and 7 FlexRig 5s. Waqar M. Syed - Goldman Sachs & Co.: Are pad capable, of the ones that are idle?

And idle, yes. Waqar M. Syed - Goldman Sachs & Co.: Okay. And my understanding is, gosh, maybe like $1 million of investment to maybe make any rig pad capable. Do you expense that cost? Do you capitalize that?

We capitalize that. Waqar M. Syed - Goldman Sachs & Co.: You capitalize that. Okay. Makes sense. And then what is the difference between day rate difference, maybe in percentage terms between rigs in the last quarter between the rigs on term contract, the day rate there or revenue per day there versus those on spot?

Well, let me give you a general answer for that, Waqar. The day rates and pricing for term contracts has remained very steady except for what I mentioned earlier as relates to these temporary renegotiations that impacted margins by about 5%. So the day rates were only impacted by a few percentage points, a couple percentage points, maybe 2, 3. Waqar M. Syed - Goldman Sachs & Co.: Okay.

So those have remained flat while since November as I've mentioned, we've had a decline in the average spot pricing for our rigs of about 28%. I think it is fair to assume that at the peak the average rig – excuse me, the average day rates or pricing for rigs on term was similar. I think it was maybe a couple of percentage points higher than the average spot pricing at that point. So those are some data points for consideration. Waqar M. Syed - Goldman Sachs & Co.: Okay.

And of course, now, again I just want to make sure I clarify, the term day rates or average pricing that we saw at the peak last year has come down slightly temporarily and we expect it to come back up as I mentioned in the previous answer, right? Waqar M. Syed - Goldman Sachs & Co.: Sure. Yeah. No, I understand that. John, just a broader question on cost. Like cost is, obviously cutting costs is going to become a big theme. For a land driller, where is the opportunity to cut costs? Like how can you guys – is it in G&A? Is it at the rig level? Where is the opportunity to cut costs? John W. Lindsay - President, Chief Executive Officer & Director: Well, there's obviously efficiencies associated with the cost cutting savings. I mean, let's face it, the cost increases we've had are transitionary in nature as we've already described. Obviously the labor cost is the largest portion of that cost and as you know that's a direct cost passed through to the customer. So any wage decrease is going to be passed through so there's an offsetting revenue reduction. The maintenance and supply cost is the other side or the other larger piece or largest piece of the cost and, again, I think we're in as good a position as anyone to be able to manage that as effectively as possible with the fleet that we have, the size that we have and the fleet uniformity, but the fact is that, and you've probably heard me say this before, but the fact is the rigs are working harder and harder because they're drilling longer laterals and higher pump pressure and there's just more – the rigs are drilling faster wells, faster well cycle times so that's working against us, so to speak, on getting the maintenance and the supply costs down. So there's efforts that we have underway to work on that. Juan Pablo, do you have anything else to add on that? I mean, again, the biggest challenge we have right now, Waqar, is we've costs associated with rigs that are idle that aren't earning the revenue and so that's the challenge and there's fixed costs associated with that, that there's not anything we can do about at this stage of the game. Waqar M. Syed - Goldman Sachs & Co.: Sure. Okay. Thank you very much. Thanks for the answers. John W. Lindsay - President, Chief Executive Officer & Director: Okay. Thanks, Waqar.

And we'll take our next question from Sean Meakim with JPMorgan.

Hey, good morning. John W. Lindsay - President, Chief Executive Officer & Director: Good morning, Sean.

So just wanted to talk a little bit about newbuilds, the newbuild program. Historically, we've thought about the rigs as having pretty long lives, maybe 20, 30 years, and with the high-spec rigs that are coming out today, we're working them a lot harder, the shifts in technology kind of demand from the client side. Do you think that the life of recent builds is going to be much shorter, something like closer to 15 years, and then how does that influence – if you think that's the case, how does that influence you view on future demand for newbuilds as we look out beyond on the next couple years? John W. Lindsay - President, Chief Executive Officer & Director: Well, Sean, we have, of course, our original 32 Flex3s that we built from 2002 to 2004. And again, you've probably heard us say this before, but we've continued to invest in those rigs and we've continued to make certain that the technology that they have is up to speed. The structures – we have an ongoing very detailed structural inspection process. The structures are very sound and so I don't know if it's a 15-year life or a 20-year life or a 30-year life. I mean, obviously, the market's going to dictate that. I would like to think that with the investments that we're making in these rigs that they're going to continue to work. I sure don't see any evidence that those first Flex3s that we have built are any less popular. Those rigs continue to work. Some have skid systems and some don't. So, Juan Pablo, I don't know if you have anything else to add on that?

I'll just add the comment that for financial purposes, we depreciate our rigs in 15 years, straight line with a 10% salvage number and that number, that approach we believe is a fair one. John W. Lindsay - President, Chief Executive Officer & Director: Sean, I think the other thing, as I think about your question, you are right, the rigs are working harder. It's more wear and tear on the assets and so, again, that's one of the things that we pride ourselves in. I think we do a very good job, is in asset integrity and taking care of those assets and supporting our people. Because it's not only the rig side of the equation on these much faster well cycles, it's also personnel and what they are required to do in that given well cycle. So there's also the organizational support that we provide our people that allow them to better maintain that equipment. Again, I think that's one of our significant competitive advantages.

That's all very fair. I guess just sticking with kind of the newbuild theme, as we look forward here, we're talking now about potentially some softening of demand, maybe some evaporation of incremental. But if the rig count doesn't take another leg down, if we flat line here for several quarters, let's say, is there an opportunity as refleeting kind of runs its course that you could see incremental demand for newbuilds even in a world in which there are still other AC rigs that are still idle? John W. Lindsay - President, Chief Executive Officer & Director: Well, I think we're – I don't know what the rig count is to have what you just described happen. I think it's significantly higher than 850 rigs. I would think it would at least need to be 1,000 or 1,100, 1,200 rigs. But I think, to again, to your point, not all AC rigs are created equal.

Right. John W. Lindsay - President, Chief Executive Officer & Director: And I think that's pretty evident. Over the last couple of years, there has remained 50 or 60 idle AC rigs that never worked. So those rigs obviously are not included in the equation. And then as we trend more towards a higher number of rigs drilling on pads and a higher number of rigs that require 7,500 psi, that have greater depth requirements, a lot of those things disqualify some of those – maybe describe them as lower tier AC assets. So again, it'll be interesting to watch. Now does the market – the other part of your question is, does the market get strong enough to have rates that will support newbuild economics? And we're a long way from that.

Yeah. Yeah. That makes a lot of sense. Thanks, John. I appreciate it. John W. Lindsay - President, Chief Executive Officer & Director: All right, Sean. Thanks.

And our next question comes from Michael LaMotte with Guggenheim. Please go ahead. Your line is open.

Thanks. John, if I could follow up on your very last comment, the markets being a long way away from newbuild economics. Can you talk about just sort of philosophically how you feel about the infrastructure that you've built before newbuilding as we go into 2016? In previous downturns, you've maintained a minimum cadence of one rig a month to kind of maintain the integrity of that system, but... John W. Lindsay - President, Chief Executive Officer & Director: Right.

...how are you thinking about that into next year? John W. Lindsay - President, Chief Executive Officer & Director: Well, you heard us say that our desire is to keep that facility or that capability up and running and operating. I think the lowest we've been is one rig a month over the last – well, since 2006. And we talked about going to one rig a quarter. The great news right now is we don't have to make that decision now. That's part of the advantage of pushing our newbuilds out into 2016. But we'll have some level of manufacturing capability. We wouldn't close the entire facility down. But I don't know what it looks like right now, Michael. I mean, the reality is that the outlook is pretty difficult and again, we saw some improvement in oil prices and started to see a little pick up. It appeared in activity and now we're faced with what we're faced with. But again, I feel pretty good that we'll figure out some way to keep that facility working in some fashion, just don't know what that looks like today.

And maybe – I know aftermarket is the wrong term, but if I think about your ability to do maintenance on the rigs, prepare them for work overseas should those opportunities emerge, is that the kind of work scope that we could see that group doing if there were no contracts for newbuilds? John W. Lindsay - President, Chief Executive Officer & Director: There's several opportunities. That's one of them, international, just other upgrades to rigs. And again, I said before, we continue to add pad systems to Flex3s and other upgrades, 7,500 psi systems and those types of things. So there's a lot of things in a market that continues to evolve and has higher and higher expectations for rigs; that's one of the ways to keep the facility operating.

Last one for me, you talked about the competitiveness and the fact that 90% plus the U.S. fleet is 1,500 horsepower, obviously pad capable. How do you think about automation, (56:37) and Schlumberger now talking more about sort of the next-generation of the planned rig including integration of downhole surface and more automation. Is the fleet sort of plug-and-play ready should that emerge as a trend over the next few years? John W. Lindsay - President, Chief Executive Officer & Director: Well, I think we're probably as well prepared as anybody with respect to automation. And I think it's obviously has an opportunity to do more and contribute more in the future. Again, I like and you've probably heard us say, I like our position. I like where we are in that space with the AC fleet that we have and with the footprint that we have and the knowledge that we have as an organization. So I feel pretty good about it, and I think it's got some likelihood, but it also has, just because of the level of performance that we are delivering today, as you know, it's harder and harder to get other technologies that are involved. But again, I think there's some possibility there.

Thank you.

And we'll take our next question from Jeff Spittel with Clarkson Platou Securities. Please go ahead. Your line is open.

Thanks. Good morning, guys. John W. Lindsay - President, Chief Executive Officer & Director: Good morning.

I know we're getting toward the end of the hour now so maybe just to look at that comment that you made about standbys and rigs being put back to work, as we saw for at least a fleeting moment a recovery in oil prices. And I guess from that and some other aspects of the conversation, is it fair to conclude I guess that you did see quite a bit of upside sensitivity to, all things considered, a relatively modest increase in crude prices as we went through the quarter, and obviously that isn't the case today, but maybe some cause for optimism there? John W. Lindsay - President, Chief Executive Officer & Director: Jeff, I want to make certain I understood your question. So if we see an improvement in oil price we could see a corresponding – a fairly quick corresponding response. Is that what you're asking?

Yeah, that's kind of what I'm getting at, John. I guess from your comment that you did see a lot of rigs that were on standby rates get put back to work when we saw oil prices recover briefly during the quarter. John W. Lindsay - President, Chief Executive Officer & Director: Yeah, I think that's – I mean, that's one element. That's one indicator. And again, just customer discussions and looking for rigs and high grades. In some cases it's a high grade. In other cases, it's an additional rig. And I think you probably would see fewer discussions on additional rigs and we'll continue to have discussions regarding high-grading or replacing rigs that are older that are not performing as well.

Sure. Okay. That makes sense. Thanks, guys. I'll turn it back. John W. Lindsay - President, Chief Executive Officer & Director: All right, Jeff. Thanks.

And Lindy, we may have time for one more question, please.

Okay. We'll take our final question from Jim Wicklund with Credit Suisse, Please go ahead. Your line is open. James Wicklund - Credit Suisse Securities (USA) LLC (Broker): Good morning, guys. Thanks for letting me. I appreciate it. John W. Lindsay - President, Chief Executive Officer & Director: Sure. James Wicklund - Credit Suisse Securities (USA) LLC (Broker): You guys mentioned on a conference call a couple of years ago that you had 57 customers who are just fine with the fact that your rigs skid not walk. You talk about pad capable rigs. Have you all put any walking systems on any of your rigs? Do you feel any pressure to? And when you say pad capable what's the difference with you guys between pad capable and not pad capable? John W. Lindsay - President, Chief Executive Officer & Director: Okay, Jim. That was a mouthful. James Wicklund - Credit Suisse Securities (USA) LLC (Broker): Last question. I won't do a follow-up. John W. Lindsay - President, Chief Executive Officer & Director: Thank you. Well, I don't really know how to address the last part of your question. I mean, with us, we've, again, we've been utilizing skid systems on Flex3s for quite some time and, of course, Flex4s and Flex5s. I mean, you know the stats. Last year, we had 89 newbuilds and over two-thirds of those had pad capable systems as part of the investment. James Wicklund - Credit Suisse Securities (USA) LLC (Broker): And you're calling pad capable systems walking systems? John W. Lindsay - President, Chief Executive Officer & Director: Well, no. It's interesting because a lot of people will reference a pad rig as walking even when the rig isn't a walking system, so I think there's some overlap in there. Our experience has been we have a family solutions with our FlexRig offering and there's upgrade capabilities within that. We've had a lot of traction over the year utilizing those. To answer your question, we don't have a walking system now. I think it's fair to say you've heard me say in the past that if and when we get to that point where it's a difference between having a job and not having job, obviously, it's not a breakthrough technology. That technology has been around for a long time. So we would put a walking system on a rig if it were the difference between having a large share of the market and not having. So that's really the bottom line for us is that customer demand has been pretty significant. We continue to upgrade rigs with our system, our skid systems and we have customers that love it, so... James Wicklund - Credit Suisse Securities (USA) LLC (Broker): Okay, gentlemen. I appreciate it. And thanks for squeezing me in at the end. I appreciate it. John W. Lindsay - President, Chief Executive Officer & Director: All right. Thanks, Jim.

Thank you, Jim, and one more quick comment. I may have used the round reference of $130 million as it relates to operating income for the third fiscal quarter. A more accurate number would be $132.8 million. So with that, thank you, everybody, and have a great day. Goodbye.