Good day, everyone, and welcome to today's program. At this time, all participants are in listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. Please note, this call is being recorded. It is now my pleasure to turn the conference over to Vice President and CFO, Mr. Juan Pablo Tardio. Please go ahead. Juan Pablo Tardio - Chief Financial Officer & Vice President: Thank you, and welcome, everyone, to Helmerich & Payne's conference call and webcast corresponding to the first quarter of fiscal 2016. The speakers today will be John Lindsay, President and CEO; and me, Juan Pablo Tardio. Also with us today is Dave Hardie, 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 page – 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: Thank you, Juan Pablo, and good morning, everyone. Thank you for joining us on the call today. Our first fiscal quarter results were better than expected, primarily as a result of significantly reduced daily rig expenses in our U.S. land segment. Unfortunately, U.S. land drilling activity has declined to levels not seen since 1999 as very…

And we can take our first question from Byron Pope with Tudor, Pickering, Holt. Please go ahead. Byron K. Pope - Tudor, Pickering, Holt & Co. Securities, Inc.: Good morning, guys. John W. Lindsay - President, Chief Executive Officer & Director: Good morning, Byron. Byron K. Pope - Tudor, Pickering, Holt & Co. Securities, Inc.: John or Juan Pablo, I was struck by the cost side of the equation for your U.S. land operations and I realized there were a lot of moving pieces with more rigs being laid down in the March quarter, but it almost sounds as though you've gotten that average rig expense per day for typical FlexRig down to maybe a lower sustainable level. So again, I beg, I hear the March quarter guidance on the cost front, but is it fair to think that you've gotten that normalized cost down if you were to back out any cost associated with the rigs that will be laid down in the March quarter? I'm just trying to think about how that flows as we get deeper into this fiscal year and beyond? Juan Pablo Tardio - Chief Financial Officer & Vice President: Thank you, Byron. This is Juan Pablo. I think that it is fair. However, we – going forward, it all depends on the number of idled rigs and active rigs, and the corresponding proportion, of course. In terms of how many idle rigs we will have, that will be subject to some small level of fixed expenses that will impact the total expenses that will then be allocated only among a very smaller or relatively small number of revenue days. As that denominator gets smaller, it just has an impact on the total average and that's what we see happening the following quarter. But I think your point is a good one that in general, we've made great strides as an organization to continue to reduce the average expense per active rig, it's just that the inactive ones are creating some volatility. John W. Lindsay - President, Chief Executive Officer & Director: Byron, this is John. Juan Pablo said it in his comments that the guys in the field have worked really, really hard to get those costs down and they have, they've done a great job, but like Juan Pablo said, there is the denominator is a smaller number of days to spread those costs over. And I think – but there is also things that we're working on related to just costs on the supply chain side. There's a lot of things that we're excited about working on, but again, obviously, we've got a large number of rigs that are idle today. Byron K. Pope - Tudor, Pickering, Holt & Co. Securities, Inc.: Okay. That's helpful. Thanks, guys. Appreciate it. John W. Lindsay - President, Chief Executive Officer & Director: Thanks, Byron. Juan Pablo Tardio - Chief Financial Officer & Vice President: Thank you, Byron.

We can take our next question from John Daniel with Simmons & Company. Please go ahead. John Matthew Daniel - Simmons & Co. International: Hey, guys. John, there's lots of – at this point in the cycle, we get all sorts of various field anecdotes. And we try to figure out what's true, what's not true, but people call in and say, hey, Tier 1 rig rates are now $15,000 staying below. As we think about your spot rig portfolio's day rate assumptions as we enter the third fiscal quarter, would we be wildly off if we're to use that type of day rate assumption? John W. Lindsay - President, Chief Executive Officer & Director: Are you saying – John, I want to be certain I understood the question correctly. You're saying that in the third quarter of 2016? John Matthew Daniel - Simmons & Co. International: Well, second calendar quarter, right? Third fiscal quarter for you guys. John W. Lindsay - President, Chief Executive Officer & Director: Right. John Matthew Daniel - Simmons & Co. International: Because I know you've given guidance for the current quarter. And so, I'm just trying to – and I also understand you guys have the revenue per day that's not day rate related, too, so I mean it's not a... John W. Lindsay - President, Chief Executive Officer & Director: Right. John Matthew Daniel - Simmons & Co. International: ...a true apples-to-apples. So, I'm just – I'm trying to separate sort of what we hear from the field versus what we... John W. Lindsay - President, Chief Executive Officer & Director: Right. John Matthew Daniel - Simmons & Co. International: ... should be expecting. That's all. John W. Lindsay - President, Chief Executive Officer & Director: No, and I hear you, there is…

Our next question comes from Dave Wilson with Howard Weil. Please go ahead.

Good morning, gentlemen. Thanks for taking my questions. John, in the past, you've mentioned a possible structural change in the industry, especially in relation to preserving the dividend at current levels. But given where we are in terms of the overall rig count being less than the number of AC rigs out there in the market, would you view this as a structural change or the present oversupply of AC rigs is just a kind of temporary phenomenon in your opinion? John W. Lindsay - President, Chief Executive Officer & Director: Well, I don't consider this as a structural change. I see it as really, a classic cyclical market at this stage. I mean, we've – if you look back in history, you can see wild – pretty wild swings and down cycles in terms of the number of rigs that are going down. You're right, there are over 900 AC rigs available today, not all AC rigs are created equal. There is – I think when you begin to see oil prices improve in the future, I don't know when that is, nobody knows, but there's going to be high demand for those assets in the future. I think the real challenge as it relates to the rig fleet, and that's the legacy fleet which we've addressed over a pretty long period of time, it's just going to be harder and harder for those rigs to be competitive. So, yeah, it's a long answer to your question. But no, I don't – we don't see this as a structural change at this point.

Okay. Thanks for that. And just as a follow-on to that, there's been a lot of talk or, I guess, I should say some talk of some significant attrition in the pressure pumping market in terms of equipment, but we really don't hear that on the land rig side in terms of true attrition from mechanical or SCR rigs. Could you share your thoughts on that as well? John W. Lindsay - President, Chief Executive Officer & Director: Well, I think there's been a fair number of – and I don't have any recent information on this, but there's been a fair number of old rigs that have been written off consistently over the last several years. I can't speak to any recently. Juan Pablo, I don't know if you know of any, but other than that, I don't really have any to add. Juan Pablo Tardio - Chief Financial Officer & Vice President: I couldn't add to that other than I certainly agree that many of our peers have decommissioned and written off a significant number of those legacy rigs. Of course, we have – we had some of that over the last few years ourselves, but it was a much smaller proportion of our fleet, of course. John W. Lindsay - President, Chief Executive Officer & Director: Right.

Okay. Thanks, guys. I'll turn the call back over. John W. Lindsay - President, Chief Executive Officer & Director: Okay. Thanks, Dave.

We'll go next to Sean Meakim with JPMorgan. Please go ahead.

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

So, I wanted just to talk a little bit more about the day rates in U.S. onshore. I'm assuming the guidance reflects some mix shift benefit as more of the spot rigs are the ones idling obviously rather than contracted rigs. With the rig count taking another leg down, are you seeing – is the mentality shifting amongst your peers at all in terms of towards a utilization at any price type of mentality or do you believe that the market's level discipline is holding firm? John W. Lindsay - President, Chief Executive Officer & Director: Sean, I – this is John. I – the reality is there isn't – and it's been this way really since the downturn got into full swing – there isn't much of a spot market to speak of. And so there's not – it's not like there's a lot of competition out there for jobs, what few jobs there are out there. The customer knows what they want. They know what the market rate is. There's not a – at least from my – from our perspective, there's not a huge push on those rates at very, very low levels. I mean, obviously, there's competitors out there pricing, to a certain extent, irrationally. And maybe irrational from our perspective, but from their perspective, it may be what they need to do. But there's just not a lot of work out there being bid on. So I wouldn't, at this stage, say that anybody's strategy on pricing is going to deliver any improvement in market share at this stage of the game.

Yeah. No, I think that's very fair. So I guess if you think about – we've heard from a handful of E&Ps with updated budgets in the last couple days, so a small sample set (32:47), but the indications are for substantial capital efficiencies again after what we saw in 2015. Just curious how you see drilling efficiencies unfolding for the industry as a whole in 2016 as we continue to shrink down the level of activity. John W. Lindsay - President, Chief Executive Officer & Director: Yeah, if you look back at least at our performance, going back to 2011, we've had double digit performance improvement in terms of footage per day. Every year since 2011, with the exception of 2013 to 2014, where 2014 activity really spiked up, it was high single digits. This year, we've got, again, high double digits improvements. But obviously, there's a point of diminishing returns on what's capable of happening out there. And so I think there'll continue to be some performance improvement year-over-year. I would imagine a large portion of that performance improvement is going to be related to Permian, because the other basins have been drilling horizontal wells for a much longer period of time, and I would suspect that Permian is going to drive the overall industry in terms of whatever that performance improvement will be year-over-year, if that makes sense. But I don't really have a feel for – I mean, my sense is that it's not going to continue to be at high double digit type performance year-over-year.

That makes a lot of sense. And then just the last to take it to the other side. In an eventual recovery, would you expect the industry to give back then, some of those efficiencies for a period of time? John W. Lindsay - President, Chief Executive Officer & Director: Well, if it's an H&P rig, I would say no. I can't really speak to anybody else. No, I think early on, I wouldn't expect that. But at least – again, I'm thinking about it from our own fleet, it's hard for me to speak for anyone else's. Clearly, with the amount of reductions, and we talked about this in our comments, not only is there a much lower level of budget, but we've had a lot of – of course, a lot of folks leave the industry. We've had a lot of reductions in that respect, and that's – that ultimately ends up being a bottleneck in a lot of cases when you begin to take the industry the other direction. So, I think that could be a challenge for the industry in general.

Makes a lot of sense. Thanks a lot, John. John W. Lindsay - President, Chief Executive Officer & Director: Okay, Sean. Thanks.

And we'll take our next question from Jeff Spittel with Clarksons Platou. Please go ahead.

Thanks. Good morning, guys. John W. Lindsay - President, Chief Executive Officer & Director: Morning. Juan Pablo Tardio - Chief Financial Officer & Vice President: Morning.

Maybe to follow up on Sean's question along the lines of productivity, whether it's from a per rig or per well standpoint, is it fair to say in your estimation that maybe some of those statistics as resilient as production has been have been distorted a little bit by high grading of acreage and crews and rigs? And if so, I guess is there a similar trend that you envision in terms of diminishing returns from a productivity standpoint? John W. Lindsay - President, Chief Executive Officer & Director: Yeah. I don't think there's any doubt that the wells that are being drilled are the best wells. I mean it would just make sense that that's what's going on. And, of course, we have – you would think everyone would have their best people, both on the operator side, on the service side, on the contractor side. I mean, it's the best of the best. So, I think all of that makes sense. And if you were to take the industry and increase the rig count by a couple hundred rigs, you'd be hard pressed to have those same efficiency levels across the industry, I would suspect.

Sure. That makes sense. And maybe thinking at least theoretically, when things do begin to recover and customers start engaging you in a conversation about reactivations, it seems to be sort of a popular notion with some investors that it's going to be very difficult to get any sort of incremental pricing traction to reactive a rig. I'd love to hear your take on that. Obviously, it doesn't sound like there's much incremental investment necessary to bring a rig out of the yard these days. But how would you envision those conversations unfolding? John W. Lindsay - President, Chief Executive Officer & Director: Well, historically, what you said is right, and I think that probably holds true going forward. I think initially, you're not going to see a pricing improvement. You're right, at least in our fleet, there shouldn't be a high level of investment in order to reactivate a rig. I think we've done a very good job in terms of idling our assets and preserving them, and there's a set of rigs that are ready to go back to work when that time would happen. And so, I think that's true. I do think there is a point in time where you begin to gain a little bit of traction because I think the rigs that are going to be desired in the industry are going to be obviously, the best rigs, and they're going to have higher horsepower. They're going to have a greater need related to, again, a third mud pump, 7,500 psi pad applications. There's going to be more investment, and that investment drives a greater level of performance. So, I think there is an opportunity to get pricing up, but it won't be at the very beginning of the cycle. I think we'll have to put some rigs back to work and improve the utilization levels of the AC fleet before you would see pricing improvements, I would suspect.

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

We'll take our next question from Brad Handler with Jefferies.

Thanks. Good morning, guys. John W. Lindsay - President, Chief Executive Officer & Director: Good morning. Juan Pablo Tardio - Chief Financial Officer & Vice President: Good morning.

Maybe I'll start with a clarification from Byron's question initially. He was asking you sort of about normalized costs, and it sounds like you said yes, but it was all contingent on the denominator. So maybe just so I understand what you're suggesting, if we think about the third fiscal quarter and if the rig count were to stay flat, is that operating cost per day of $13,600 for U.S. onshore, is that the right – is that a reasonable expectation in light of the fact that the denominator is what it is? Juan Pablo Tardio - Chief Financial Officer & Vice President: Brad, this is Juan Pablo. Let me give you some additional color in terms of what I was referring to. If you – anytime there is a significant transition in terms of whether it's an increase in the rig count or a decrease, there is a lot of activity that take place related to those rigs that are stacking to transport, and we need to make sure that we rig them up in the right way and prepare them to go back to work, et cetera. On the other hand, you might recall in years past, when we've had a transition from one region to another region, whether it's from – related to preference of price per oil as compared to gas and we have a lot of transition, that adds up to our cost and has typically an unfavorable impact on our average rig expense per day for the quarter. That's what we see happening in this second fiscal quarter. Given your assumption going into the third quarter, everything else being equal, I think that there is a potential for that average to come down, but there is always other considerations to keep in mind, and we'll just have to follow that and report on that during the corresponding conference call.

Okay. Understood. And that makes sense and makes – consistent with the answer on the normalized cost being somewhat lower, so that's great. Okay, understood. Thanks. Juan Pablo Tardio - Chief Financial Officer & Vice President: Thank you.

Unrelated follow-up. So, John, in your comments, I was trying to tie your comments around what you were doing with rigs through the course of this year with some of what you wrote in your – in the narrative on the front of the press release around upgrades, continuously upgrading your best-in-class rigs. Should we think of that as being related to either adding a third mud pump or upgrading it to 7,500 psi? Is that the most important sort of change to your rigs as you think about fiscal 2016? John W. Lindsay - President, Chief Executive Officer & Director: That is a portion. There is additional horsepower requirements at times, it's a third pump at 7,500 psi. There is other upgrades, really, at this stage, we haven't talked a whole lot about and don't intend to today, but the majority on the cost side, I would say, yes, that's the portion that there was – you would see a larger CapEx exposure. There's other things that we're working on that aren't as high on the CapEx side but deliver some value. I mean our – I mean, if you've followed us for a long time, our goal is to continuously upgrade and improve the company, not just the rigs, but the structures and processes and systems and tools that we have. So we pride ourselves in doing that and that's what we're doing. And that obviously has a price tag to it as well.

All right. Understood. No, I was just hoping for some more color, which I think you've given, so that's helpful. That's all. I'll turn it back. Thank you. John W. Lindsay - President, Chief Executive Officer & Director: Okay, Brad. Juan Pablo Tardio - Chief Financial Officer & Vice President: Thank you, Brad. John W. Lindsay - President, Chief Executive Officer & Director: Thank you.

Our next question is from Robert MacKenzie with IBERIA Capital.

Thanks, guys. A question for you on the cost side again, specifically in the U.S. How much of your reduction in operating costs so far, if any, has been related to permanent reductions in compensation for employees that remain employed? And how do you think about that concept of cutting salaries or wages going forward for people that remain employed? John W. Lindsay - President, Chief Executive Officer & Director: The last part, I'm not certain I got all of the first part of the question, I'll turn that over to Juan Pablo. The second part of the question is, we haven't reduced wages, we hadn't increased wages since December of 2011. And wages, I think you probably know this, but just to restate, wages are typically a direct cost passed through to our customer, so there is really – there is not a savings there for us. And so at this stage, we don't have any indications that we're going to reduce our wages for our folks in the field. You have anything to add? Juan Pablo Tardio - Chief Financial Officer & Vice President: Yes, John, and that's consistent with what I think Rob was asking related to the reductions that we've seen so far. Non-related to wages, as John mentioned, certainly, we have to deal with overages at times. And so, managing the logistics around the personnel, that's a huge challenge and we've done, as an organization, a great job so far in that regard throughout the downturn. So, that has an impact on total expenses. But it – the reduction in expense per day has been a result, as we mentioned, of several factors within the maintenance, the efficiency with which we've been managing crews, other related costs, et cetera. I mean, I can't give you specific examples, but it's been, overall, a great effort.

No, it is clearly, and particularly with expense per day, frac to rig this quarter being below what you posted in 2012, 2013, and 2014. I guess another way to ask the similar question would be structurally, when we go – when we end the transition process, when we end the dropping of the rigs in the market, find the – if you will find the new bottom or find a steady state level, where do you think that rig expense per day operating number is given all the moves you've made once the volatility ends? John W. Lindsay - President, Chief Executive Officer & Director: Well, that's a great question. I don't have a number for you, Robert, but I can say that we are continuing to look at all the options available and understanding our costs as best as we can. And from an organizational perspective, the structure of the organization, how we can become leaner and more efficient as a company. I mean there is – all of those things are on the table and we're looking at. I think the other thing to keep in mind all during this time is the rigs have continued to work harder and harder. So the wells we're drilling today are nothing like the wells we drilled two years ago. So when you look at our cost trends over time, Juan Pablo said that our folks have done a great job. But when you consider the amount of footage that we drill in a year-to-date compared to what we did three years ago, these rigs are working so much harder, the rig move times are much less frequent, you're spending less time moving, you're spending more time drilling. So you are using expendables, as an example, much more frequently. So the fact that we've been able to get our cost down over time is pretty amazing. So that's part of the challenges that we have as the variables are not held constant, they are continuing to change on us in an upward fashion. So we're having to work against that at the same time.

Great. Good answer. Thank you. Well, I'll turn it back. John W. Lindsay - President, Chief Executive Officer & Director: Okay. Thank you. Juan Pablo Tardio - Chief Financial Officer & Vice President: Thank you, Rob.

Our next question is from Michael Lamotte with Guggenheim.

Thanks. Good morning, guys. A lot of questions have been answered, but a question for you, Juan Pablo, around receivables and collections. Working capital is obviously very strong in the quarter and you clearly are doing a good job on receivables. So, I'm just wondering if you can share with us a little bit, your strategy around that and how you stay close to that in keeping the DSO number so low. Juan Pablo Tardio - Chief Financial Officer & Vice President: Thank you, Michael. Yes, we certainly pay a lot of attention to that. And in times like this, one of the variables that impacts the numbers in the balance sheet and our working capital, et cetera, relates to revenues corresponding to early termination. And so, we may be invoicing some work or early termination fees that are deferred. And so that lands in the liability side of the balance sheet, and impacts either cash or receivables, et cetera. So we have those types of moving variables, but overall, we're very pleased with how the working capital is progressing in general, no issues to comment on around receivables, no issues to comment on about any other variables. It's great to have the very high level of liquidity that we have today. Obviously, that is partly a result of the early termination fees that we've mentioned. It is helped by the allowance for bonus depreciations that we mentioned as well. We're very pleased to be where we are from a balance sheet standpoint.

Okay. So just so I'm clear, the number which continues to – I'm guessing is still below 80 days for the first quarter, low – I guess 73 days for the previous quarter. That's not being brought down artificially by the early terminations, is it? That's still kind of a true representation of what you're doing on a true operating basis? Juan Pablo Tardio - Chief Financial Officer & Vice President: As a matter of fact, we're doing better than that. And that number in general, the days that you mentioned are skewed upward, and in both cases and throughout the last few quarters as a result of early termination. So...

Okay. Juan Pablo Tardio - Chief Financial Officer & Vice President: ...again, we're pleased with where we are in that regard.

Yeah. Very good. Thank you for that clarification. Then, John, a question for you on overseas strategy. I know this is something that remains on the watch board, so to speak, but with so many idled assets now in the U.S., I'm wondering if there is an opportunity to make a bold move overseas and if that's something that you're seeing or would consider at this point. John W. Lindsay - President, Chief Executive Officer & Director: Well, Michael, we would sure consider it. Obviously, the international markets are in a bit of disarray as well, but I think we've shown in the past – the 10 rigs that we sent to Argentina, that was a result of having FlexRigs available. So, it's definitely something we have interest in. I mean, you've followed us for a long time, you know the challenges associated with growing in a significant way internationally, but obviously, we're open to having those discussions and making that happen.

So there's nothing in this downturn that makes you think that you want to be 100% U.S.? Longer term, you think having some global balances is appropriate? John W. Lindsay - President, Chief Executive Officer & Director: Yes, we've continued to believe that international has some real upside for us. You've probably heard us say for a long time now that when unconventional resource plays become more popular, become more economic, if you will, internationally that, gosh, we ought to be in a position to take advantage of that opportunity. Obviously, the work in Argentina is really the first kind of large-scale unconventional resource play opportunity and we have more market share there than anybody else. So I think it presents some great opportunities in the future. We've worked internationally for over 50 years. We have a lot of experience, and of course, we have a lot more we can learn. We know we can do better. So it is a desire of the company to continue to try to grow our footprint internationally, and obviously, we have the assets and the personnel to make that happen.

To do it. Okay, great. Thanks, guys. I'll turn it back. John W. Lindsay - President, Chief Executive Officer & Director: Okay. Thank you.

We'll go next to Tom Curran with FBR Capital Markets. Thomas Curran - FBR Capital Markets & Co.: Good morning, guys. John W. Lindsay - President, Chief Executive Officer & Director: Morning, Tom. Juan Pablo Tardio - Chief Financial Officer & Vice President: Morning, Tom. Thomas Curran - FBR Capital Markets & Co.: John or Juan Pablo, I'm sorry if I missed this, but could you give us an update on the percentage of the idle count that is equipped with a moving system, with a skidding system? And then, by the time we reach the end of this downturn, what would be your target percentage for that idle fleet? John W. Lindsay - President, Chief Executive Officer & Director: Hang on just a second, Tom, we're taking a look. Juan Pablo Tardio - Chief Financial Officer & Vice President: So, let's see. Of the number of idle fleet – excuse me, idle rigs that we have, and I'm taking a look at AC drive FlexRigs... Thomas Curran - FBR Capital Markets & Co.: And just in the U.S., Juan Pablo. Juan Pablo Tardio - Chief Financial Officer & Vice President: Yeah. So in the U.S., it's close to 224 total AC drive FlexRigs idle. Of those, 104 rigs have pad capability. Does that address your question? Thomas Curran - FBR Capital Markets & Co.: Yeah... Juan Pablo Tardio - Chief Financial Officer & Vice President: And then I guess your – the latter part of your question is, where would we think that we would be in the future, and there's a lot of moving variables around that. As John mentioned, we continue to add pad systems to existing FlexRigs that do not have those. And so, the total number will continue to shift, the proportion will continue to…

And we can take that question from Chase Mulvehill with SunTrust. Please go ahead. Juan Pablo Tardio - Chief Financial Officer & Vice President: Thank you.

Hey. Thanks for squeezing me in. Juan Pablo Tardio - Chief Financial Officer & Vice President: Yes, sir.

So I guess, the first question I have is, so what is the variable cash cost per day for running an H&P rig right now? Juan Pablo Tardio - Chief Financial Officer & Vice President: We don't have an exact number for you, Chase. That's a very fair question because it goes to the heart of some of the moving considerations or variables related to our total average expense per day. Some of those expenses relate to rigs that are not active, so if you were talking only about active rigs, then the number would be lower. Then if you also subtract other revenue that we – that may relate to that rig, whether it's related to H&P trucking or whether it's related to other services, whether it's rentals, et cetera, then that number continues to go down. And it also depends on the region that you are in. And the cost structure between regions, of course, as you know, is significantly different. So, I think a fair assumption is that the cash cost directly associated with the rig and without any other ancillary revenues is significantly lower than our average rig expense per day. But then, of course, you also have maintenance CapEx considerations that, of course, you probably included – including conceptually in that cash cost question, and that depends on the rig that you are looking at. If it's a new rig, your maintenance CapEx will be much lower, as you can imagine, as compared to an older rig, et cetera. So, too many moving variables to give you an answer, but I think it's a fair question and it's an important consideration in terms of pricing and competitive advantages going forward. We think we are very well positioned in that regard given the uniformity of our fleet, the way that we maintain our rigs and several other considerations.

Okay. And so, if I were to throw a number out there, would $10,000 a day, before we started adding maintenance CapEx or maintenance expense, sorry, to that number, would that be a ballparkish number? Juan Pablo Tardio - Chief Financial Officer & Vice President: Probably between that number and the total expense per day that we report on without maintenance CapEx. Then if you have maintenance CapEx, then the number goes on top of that. But again, it probably might be a little misleading to use a round number like that and suggest that, that applies across the board, so I'm hesitant in giving you a firm answer on that.

Yeah. Okay. Right. Understood. And then, upgrade CapEx through the downturn, how should we think about that? 2016 is going to be a rough year, but if we get a recovery in 2017 and it continues into 2018, what kind of upgrade CapEx should we expect for H&P? Juan Pablo Tardio - Chief Financial Officer & Vice President: Well, our maintenance CapEx, of course, it is much lower with the reduced level of activity you were referring to, not only maintenance, I think you're referring to what – if you continue to add certain types of capabilities to rigs that don't have it, like pad systems or 7,500 psi system, et cetera, how much would that take on an annual basis going forward. And the answer is, unfortunately, also inconclusive, it depends. We would have to take a look at what the market demand is and what the shape of the recovery is, et cetera. I'm not sure if I can add much more clarity than that. It's a fair question, Chase, but very difficult to point to a number at this point.

Okay. All right. Yeah, I just get the question all the time between what's your maintenance CapEx in a recovery scenario and what kind of upgrade CapEx should I add in there. So I thought I'd try to get some color there. And last one and then I'll turn it over. Thoughts on building on spec during an upturn. 2017, 2018, if the rig count's up 30% a year, your rig count gets 200 rigs or above, and do you consider building your own spec if the recovery is intense enough? John W. Lindsay - President, Chief Executive Officer & Director: Chase, this is John. Gosh, I wish we had that problem to worry about then, that sounds like a great situation.

Yes. John W. Lindsay - President, Chief Executive Officer & Director: That's a tough one to call right now, I mean, when you consider the number of rigs that we have idled, not only us, but the overall industry. Obviously, we've seen it before, we've seen this market turn very quickly and it could get there. We've obviously built new rigs on spec before, you know what our preference has been. So, I mean, it – we would be foolish to say, hey, we're going to completely rule it out. There's a lot of different considerations you'd have to take into account. But at this stage, I think anything would be on the table. If there is a market there for that type of opportunity, nobody can respond more quickly than H&P, nobody has the ability to build a quality AC rig at the cost that we're able to do it. So it's a great opportunity for us. Again, I look forward to having that opportunity.

Well, our fingers are crossed, so... John W. Lindsay - President, Chief Executive Officer & Director: That's right.

All right. John, Juan Pablo, appreciate it. Thank you, all. John W. Lindsay - President, Chief Executive Officer & Director: Right. Thank you, Chase. Thank you. Juan Pablo Tardio - Chief Financial Officer & Vice President: And, Keith, we will have a couple of additional comments to make if I may hand it over to John, please. John W. Lindsay - President, Chief Executive Officer & Director: Well, I just want to thank all of you again for joining us this morning. I'm just going to make a couple of more just brief comments before we sign off. You've heard Juan Pablo and I described that this remains a very challenging environment, but we do believe the company is very well positioned. Our long term contracts continue to protect our investments and overall, our customer base remains resilient. The balance sheet is in great shape, our customer base remains strong, and our competitive advantages have positioned us to manage through this cycle and to capture opportunities when they emerge. We continue to work very hard to improve the capabilities of the company. We have a lot of very important initiatives ongoing. I want to thank all our employees and our management teams for stepping up to the challenges that we have faced, embracing this change in a positive way, and responding in an admirable fashion. So again, we appreciate all of you for joining us this morning and we thank you for your continued support. Thank you.