Please stand by. Good afternoon, ladies and gentlemen, and welcome to the Murphy Oil Corporation Fourth Quarter 2015 Earnings Call. Today's conference is being recorded. I would now like to turn the conference over to Kelly Whitley, Vice President, Investor Relations. Please go ahead. Kelly L. Whitley - Vice President-Investor Relations & Communications: Good afternoon, everyone, and thank you for joining us on our call today. With me are Roger Jenkins, President and Chief Executive Officer; John Eckart, Executive Vice President and Chief Financial Officer; Gene Coleman, Executive Vice President, Offshore; and Mike McFadyen, Executive Vice President, Onshore. Please refer to the informational slides that we have placed on the Investor Relations section of our website as you follow along with your webcast today. Today's prepared comments will be a little bit longer than usual, so that we can give you more color on our recently announced joint venture. John will begin by providing a review of the fourth quarter financial results and key year-end balance sheet position. Roger will then follow with an operational update as well as more details regarding the Montney midstream monetization and Duvernay-Montney joint venture opportunity we just announced. We will end the call with a question-and-answer period. Please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. As such no assurances can be given that these events will occur or that the projections will be attained. A variety of factors exist that may cause actual results to differ. For further discussions of risk factors see Murphy's 2014 Annual Report on the Form 10-K on file with the SEC. Murphy makes no duty to publicly update or revise any forward-looking statements. I will now turn the…

Thank you. And we'll take our first question from Roger Read, Wells Fargo. Roger W. Jenkins - President & Chief Executive Officer: Hey there, Roger. How are you doing?

I am good, Roger. How are you? Roger W. Jenkins - President & Chief Executive Officer: All right.

Good. Can we talk about the acquisition? I mean I know the sell down in Malaysia, a little over a year ago – I think that's right. Yeah. The – or at least the announcement. Roger W. Jenkins - President & Chief Executive Officer: Right.

Then the talk of a transformative acquisition. Is this one of those transformative acquisitions? Or should we still consider something in the lower 48 as the more likely and still desirable opportunity? Roger W. Jenkins - President & Chief Executive Officer: No. I think of it as transformative for us. I mean it's got all the things we're looking for today. It's very rare to get into M&A in North America and have flexibility on the first year of capital spend. And have no continuous drilling clauses, be able to drag out the carry over a very long period of time and a very low oil price. I've said for a long time that I would like a 10% cost to capital type return at a strip price. And with the drilling costs we're seeing here, we're able to do that here. Even on a strip that we used on January 19, which was probably $4 behind where we are today. So I see this as transformative for us, Roger, honestly, because it has a 200 million to 300 million barrel ability for us. It's a pretty low cost entry. It's different from buying from a company that's flipping acres, because we have a partner that's working there and has drilled there and has infrastructure there. And we're able to work with them and take over as the operator. They were able to operate a piece, where they've been very successful. It's in Canada. We'll have Canadian proceeds. There's a little forex right now for this transaction, where the USD equivalent of that would not get you what it used to get you here in the United States. And all those factors led to this decision.

Okay. That's great. And then as you think about lower 48, are there still opportunities? Are we still too far apart on a bid/ask spread? Just curious, any update you would have on what you're seeing there? Roger W. Jenkins - President & Chief Executive Officer: No. I mean we look at many opportunities. I do the same thing, whether it's off shore or in the Permian or in the Eagle Ford or wherever. We look at the rate of return we get at strip prices. And with cost and how it affects our balance sheet and how – will we have to drill so much capital and hurt our balance sheet further? And that's come up as a new factor in the M&A analysis that we had from a year ago. And that just as important now in the balance sheet of how one of these projects would impact you as anything for me now. So we saw the returns here very similar to a project we were working in the lower 48. But we ended up – with a project in the lower 48, totally down spaced, every zone working to have this same rate of return as one in Canada, where we have no down spacing at all, a built in partner, a five-year lease program, five-year carry period. And it just offered every advantage to me in $30 oil that I don't have down here right now.

Okay, great. And last question I'll ask on the acquisition front. You've always talked about wanting to use cash or debt. Obviously now debt is a little more questionable as an opportunity for a whole host of reasons. Would you at all consider issuing equity? I know that's not something the company has historically done. But as you think about that cost of capital, does that factor in? Or not so much? Roger W. Jenkins - President & Chief Executive Officer: Well, Roger, we've been working pretty hard on these two transactions. And I don't have another one in my pocket today. I'm pretty tired. And it has taken us a lot of work to do these two. And we didn't have to use debt, and we didn't have to use equity. And I'm very pleased. And not looking for a deal today to issue equity at this price in my company.

Great. Thank you, Roger. Roger W. Jenkins - President & Chief Executive Officer: Thank you.

Moving on, we'll take our next question from Kyle Rhodes, RBC. Roger W. Jenkins - President & Chief Executive Officer: Hello. How you doing?

Hey, guys. Is there any more light you can shed on the new midstream agreements with Enbridge? Just maybe in terms of minimum volume commitments? And what that means for future drilling obligations there? And then maybe run rate, gathering, and processing expense we should be modeling in going forward? Roger W. Jenkins - President & Chief Executive Officer: We have a very nice transaction there. We're very pleased with it. We're not disclosing the tariff arrangement there. You would have to look at cost of capital, those top players, residual value, and you can work through that. I think the way to think about this business is if you have a $1.90 to $2 ACO (25:10) run through that business every year, we're able to drill our wells and have cash flow neutrality and not hurt our balance sheet in any way. Lot of optionality around how many wells we drill. We're doing very, very well there on an EUR per well basis. We're able to get the money at a – from these guys at a favorable rate to us, as to how this works. And we're able to use these proceeds of selling steel and getting into 200 million to 300 million barrel reserves, type P2 number. And I like the sound of it. I like the transaction. And we're not concerned about the level of drilling that we'll need to do or allocate capital here, because of the incredible reduction in our operating expenses, our improved fracturing techniques, our lower drilling costs, and all the positives attributes of shale we have in the Montney too. And we have a very good partner there, one of the dominating players in North America in this space. And we're very, very happy about it.

Okay. Great. And then maybe just kind of circling back to the Duvernay. Realize the ink's still not even dry yet on this deal. But how are you guys kind of just high-level thinking about development over the next couple years? Is kind of the light oil window going to be the near term area of focus? Or just how should we be thinking about in terms of de-risking that new position there? Roger W. Jenkins - President & Chief Executive Officer: Well, I mean we have – we just got the ink dry on the thing. These deals are complex. And today in the price collapse and doing a deal like this with our partner, very happy about all the areas. And I would say that we concentrate in a mixture of both the condensate, which is very, very successful by many successful shale players. Pretty big light oil window that we're creeping northward, if you look through the slides today. And we have a limited capital in 2016, because of severe drop in price. Now most of that capital will be allocated toward completing wells that are owned by the partner today, if we – when we close the transaction. And got about a six- or nine-month period to plan out where we want to execute on that. But very pleased with all the areas. And be happy to drill wells in any of it to be honest with you.

That's helpful. And one last one for me. Roger. Just what's your kind of current comfort level with the dividend? Roger W. Jenkins - President & Chief Executive Officer: Well, we've had a dividend policy here for a very long time. And the oil prices just collapse for a short time. But like any company today, if these price levels persist, then the dividend discussion will be on the table here in our company. And we will have that and review that as necessary. And I would say it would be on the table in these prices more than before. And that's really all I have to say in that matter.

Got it. I appreciate it, Roger. Roger W. Jenkins - President & Chief Executive Officer: Oh, thank you.

Moving on, we'll take our next question from Guy Baber from Simmons & Company. Roger W. Jenkins - President & Chief Executive Officer: Good morning, Guy. Guy Allen Baber - Simmons & Company International: Good morning. Congrats on the transaction. Roger W. Jenkins - President & Chief Executive Officer: Thank you. Guy Allen Baber - Simmons & Company International: On the JV transaction I wanted to follow up on a comment that you made earlier, Roger, about the returns. But can you just help frame for us and maybe discuss the economics that are underlying the deal? On the last call you talked about running four price decks, I think to screen deals. And wanting to get a return at the strip. And we aren't as familiar with these assets. So any return framework or how you think these assets compete for capital in the current environment or a rising oil price environment I think would help us better understand this. Roger W. Jenkins - President & Chief Executive Officer: Well, we were in a very big collapse in price here recently of course. And when we say strip, we were using a January 19 strip. And it was around $32.76, 2016, $37 for 2017, and up to $44 in 2020. Of course today these numbers are about $4 better than that. And when we run through this entire thing, as we've always said and always desired and have a requirement here, is we'd be above 10% when we look at current drilling and completion costs, which are very critical. And that's without any down spacing at all. And then when we have another price deck here we call the low – our low planning price from January, it's a very low price for 2016 around $29, $41 in 2017,…

Moving on, we'll take our next question from Ryan Todd, Deutsche Bank. Roger W. Jenkins - President & Chief Executive Officer: Ryan, how you doing?

Great, thanks. How you doing, Roger? Roger W. Jenkins - President & Chief Executive Officer: All right.

Maybe following up on capital allocation a little bit. I mean can you talk a little bit about relative competition to capital between the Eagle Ford and the Athabasca JV going forward? I mean what are the relative rates of return? Or – yeah. What is the relative rate of return right now between the two plays? And if we were to see incremental upward pressure on the commodity, where would we see capital go first? Roger W. Jenkins - President & Chief Executive Officer: I think that our Eagle Ford, because of its oily nature and not the U.S. ACO (34:25) nature, it will always be slightly ahead of our wells up there. But then you have this balance sheet issue of U.S. costs and repatriation and tax efficiency and working in the Mocal (34:39) area. But if we were to move it around pretty good, they compete very well. A condensate well and an oil window well up in Canada competes very well with a lower Eagle Ford Shale in Karnes. And that's what's so interesting, Ryan, about this deal and about these shale plays is that four years ago, the Catarina area, where we have an enormous acreage position in the Western Eagle Ford Shale, was one of our lowest rate of return areas in the company – in the Eagle Ford I mean. So over this time the EURs have doubled, the drilling costs have halved, and it went from the bottom to the best. So it's the best individual well economics, around 25% on that January 19 strip day where we normalized all our costs. And this project up there is competing with there. But the point is as things change, some areas become better than others. Places not so good last time are better this time. The costs in this northern light oil area are very, very good and getting much better. And when we put those costs in here, this project going to compete with the Eagle Ford very well for us. And then it'll be a matter of our capital, what we do about repatriation, and how we want to work in our Mocal (35:55) cash balance. But on the overall allocation capital it will work well, and it'll be some hard decisions there.

Great, thanks. And then maybe one – maybe another one on CapEx. In the Eagle Ford – the level of spend in the Eagle Ford seems fairly high for running 1.25 rigs. I mean is there a timing issue related to there? How much of that's infrastructure related? Or is there – as we look forward over the next year or two, is there some of that CapEx that we should expect to see roll-off going forward?

Go ahead. Roger W. Jenkins - President & Chief Executive Officer: I'll have Mike answer that for you.

Hi, it's Mike McFadyen here. The – I guess the – could you repeat the question again please?

I mean I think the question is I think – it looks like you're spending about $340 million in the Eagle Ford, running 1.25 rigs roughly for the year, which I mean the absolute level of spend seems a little high. Is that – can you – how much of that, the additional capital in the Eagle Ford, is infrastructure related? Or – and should we expect to see any of that roll-off over the – or is it a timing issue over the next period of months or years?

It's primarily drilling and completions. We're going drill 45 wells. And we're going to complete between 55 wells and 60 wells. So we have some well inventory that we'll complete with that capital as well. So it's a fairly significant amount. There's a little bit of electrification work that'll help lower our operating costs, probably about $30 million, $40 million of that. But as Roger mentioned that capital could be considered to be cut as well. And we could consider going down to less than one rig in the Eagle Ford and putting back $100 million to the corporation.

Okay. Thanks. That's great. I appreciate that and I'll leave it there.

All right. Roger W. Jenkins - President & Chief Executive Officer: Thank you.

Moving on, we'll take our next question from Paul Cheng, Barclays.

Hey, guys. Good afternoon. Roger W. Jenkins - President & Chief Executive Officer: Paul, how you doing?

Very good. Look like you said, very good transactions. Wanted to – just curious, the $825 million CapEx that you put out. I presume that's not including the JV spending. Right? Roger W. Jenkins - President & Chief Executive Officer: That's correct, Paul. We're going to have a year of explaining this. The $825 million is Murphy as is. We go into this transaction. We of course have to pay the down payment. And I'm speaking to you now. And it's another confusing thing, Paul, we have to keep in mind is I'm speaking now in USD. So this CapEx would go up by $223 million. But most of it is the purchase, a down payment. And then we will have very limited capital at $30 million to $40 million this year is the current plan. And we have to get with our partner, get with what's going on with their production reserves, et cetera, and allocate capital there efficiently. But we had planned – keep in mind that this deal was structured between November 30 and January 20. And it was an exciting time for oil prices, Paul. And so we have very limited capital there planned in 2016, kind of get our feet on the ground, get in there with a partner. And it has been working. It has been working well. And able to pick up and move forward and get it on into 2017. But very little this year, Paul, but that is correct. The guidance here for production and the capital in these remarks today do not include the transaction we did with our joint venture partner, Athabasca.

Wonder, on the first couple years when you start spending money in this joint venture, are those sort of the sands project? Or that it's going to be really already in the manufacturing side? Roger W. Jenkins - President & Chief Executive Officer: Oh, no, I don't see that. There's loads of wells here. There's incredible amount of information being released by nearby shale players like Encana, very successful here. And Canada is a little different than Texas, it's incredible, accurate, data released publicly. A lot of what all the proppants are, what are the length of the wells are, the orientation of the well. Canada does a very good job in that regard. And I see us getting into pads and drilling four well pads much earlier than we did in the Eagle Ford. And I think that it's critical to understand that Murphy had zero shale presence in our company four years ago, 900 wells today. And know what we're doing. And we're going to get in there and get going, hopefully in pad drilling here pretty quick, Paul.

Yeah. Can you give us some idea that in 2017, what kind of range of oil price and what kind of the JV spending going to look like? Roger W. Jenkins - President & Chief Executive Officer: In 2017 we'll probably...

So you said that the oil price would be at $35. Then what will be – and if you're at $60, what kind of spending we may be talking about? Roger W. Jenkins - President & Chief Executive Officer: I only have the low case in front of me, Paul. When we get back to $60, we'll be glad to speak with you about that. I'm seeing capital in the $130 million U.S. range for 2017 and 2018 right now in front of me as I look at this, Paul.

Okay. And wondering if you're going to stay at $825 million on your base operation? Roger W. Jenkins - President & Chief Executive Officer: Yes.

And if you stay here for 2017, what's going to be 2017 decline rate look like? Is it going to be the rate that's similar... Roger W. Jenkins - President & Chief Executive Officer: Paul, we've been doing very well in production here. Now Eagle Ford has been resilient. We have it declining in here this year. And we've gone through two or three budgets here, have a board meeting next week in that regard. And really not getting off into 2017. We've had a pretty big collapse in price. We're trying to focus on our balance sheet above all. And not leading the way on the 2017 guidance parade there, Paul.

Okay. Two final questions. One, can you give us some idea that how is the Eagle Ford production trend by quarter look like? Or that I mean we start out from what – and end the year at roughly what run rate? And then finally, it looked like you guys didn't have any research write-down or markdown on the full time research like maybe some of your peers. So I just wanted to make sure that's the case? Roger W. Jenkins - President & Chief Executive Officer: Yes, true, Paul. Mike McFadyen is going to look up the caps – the production for you. And I'll speak about the reserves. We're had a very good year in reserves in this company. And we've done a good job on it for a long time. And we added some PUD locations in the Eagle Ford. We've had some very small negative revisions in our performance as a company. We've had some type curve enhancements in Eagle Ford Shale. We had some operating expense help into the long cycle. Actually, Paul, with our company in Malaysia you're able to get some adding in barrels with price and as our entitlement goes up. So it's an advantage then of not just being in one spot. It's not significant. But it helped us there. And of course we sold down 20 million barrels in Malaysia and produced 76 million. So to replace, we've hacked the budget. And we're a company that's very proud of our EURs and our costs. And very happy about the lack of a write-down in our calculations, Paul. And now Mike is going to talk to you about the production in the Eagle Ford, which is – have a lot less CapEx this year.

Sure, thanks. On the production side, so we finished the – quarter four of 2015 at about 57,000 barrels of oil equivalent. Forecast forward for the first quarter is about 54,000, second quarter is 48,000, third quarter is 47,000, and then the fourth is about 44,000 for a 2016 average of 48,400.

Okay. And final one. John, do you have a rough estimate of the 2016 DD&A for the company, given all the reserve markdown and everything? Roger W. Jenkins - President & Chief Executive Officer: Wait, Paul, we didn't have reserve write-downs. We had impairments.

You had – sorry that...... Roger W. Jenkins - President & Chief Executive Officer: No reserves, Paul.

(44:07) John W. Eckart - Chief Financial Officer & Executive Vice President: All right. Yeah. Thanks for that correction, Roger, that's correct. We are looking, Paul, at DD&A rates in the $16 range companywide for 2016. So down significantly from where we were, due to the impairment expenses that we're taking in 2015.

Thank you. Roger W. Jenkins - President & Chief Executive Officer: Okay, Paul, thanks, man.

Moving on, we'll take our next question from Ed Westlake from Credit Suisse. Edward George Westlake - Credit Suisse Securities (USA) LLC (Broker): Yes. Roger W. Jenkins - President & Chief Executive Officer: Hey, Ed, how you doing? Edward George Westlake - Credit Suisse Securities (USA) LLC (Broker): Good, very well. And congrats on getting this deal done. Roger W. Jenkins - President & Chief Executive Officer: Oh, thank you. Edward George Westlake - Credit Suisse Securities (USA) LLC (Broker): So I just wanted to get a little extra detail if I may. I mean obviously C$9 million (sic) [C$9.4 million] (44:54) getting down to C$6.4 million (sic) [C$6.5 million] (44:55), in terms of the well costs, 11,000 feet of total vertical depth. I mean maybe just get – walk us through what the biggest things are that will get you to get that cost down? And then I'll follow up on the EURs. Roger W. Jenkins - President & Chief Executive Officer: Mike McFadyen, our Head of our Onshore business is going to comment on that for me, Ed. Edward George Westlake - Credit Suisse Securities (USA) LLC (Broker): Thanks.

Yeah. I'll speak to that. So the light oil window, which represents the lion's share of the acreage, we value 67,000 acres of that, is – can be drilled without intermediate casing. And Athabasca just drilled two pacesetter wells there in 2015, one at 13 days and one at 16 days. So it's that kind of drilling performance at – and in the C$3 million to C$3.5 million is what they spent, including lease construction cost, is what's going to get us there. It's similar to the Northern part of our Eagle Ford, where we've started in the basin with drill times of 25 plus days and are now down to seven days in the Catarina area. It's also similar to our Montney operated area, where we're continuing to improve drill times and costs there, where we've driven – we're down now in the C$6 million – sub C$6 million drill and complete cost in our Tupper, Tupper West area, where we're targeting anywhere from 12 days to 14 days a well this year. Edward George Westlake - Credit Suisse Securities (USA) LLC (Broker): Okay. And then on the recoverable resource of 200 million to 350 million [boe], I'm just looking at the bubble map you've got on slide 12, I mean as with the some of these other combo plays, you've had the better results in the gas condensate, light oil. I don't know how many wells have actually been drilled in the black oil area. Maybe talk a little bit about that there's a decent chunk of acreage up there. Maybe talk a little bit about what was included in that resource number? And then what economics would be needed to get the black oil window to work? Roger W. Jenkins - President & Chief Executive Officer: We…

Moving on, we'll take our next question from James Sullivan, Alembic Global Advisors.

Hey, good afternoon, guys. Roger W. Jenkins - President & Chief Executive Officer: Yeah, James.

Congrats on the deal first off. And I just wanted to quickly ask on infrastructure up there. Athabasca has obviously talked about they own some of the infrastructure processing and so on. So they have some kind of graphics on what they've got up there. But is that – is there anything in there that would be an impediment to the pace of development? I know you guys are obviously sounding like you're going to move pretty slowly. But just wanted to see whether there are any roadblocks there? Whether you'd be dependent on third-party build-outs? Roger W. Jenkins - President & Chief Executive Officer: No, not at all. I mean today, they have 30,000 of oil batteries and ability on oil, over 100 million of gas. There's a lot of MLP type activity and people reactivating gas plants. This has been a historic producing basin, kind of similar to the Eagle Ford Shale in many ways. A lot of gas pipes headed to Edmonton, lot of transport of condensate. There's two exits for gas coming out of here, which are very helpful. And we now have a part of that infrastructure as to our working interest with our partner there and glad to have it. It's valuable as well. It's up and going. They're adding to it, used to adding to it, know how to add to it. Pleased to not have to start over in the infrastructure business at $34 oil.

Yeah, makes good sense. Thanks for that. Last one – the last two from me are just quick kind of modeling ones. Where did you guys take the accrual for the rig termination on the balance sheet? I was trying to – obviously you didn't mean to be... Roger W. Jenkins - President & Chief Executive Officer: John Eckart will answer that for me, if you don't mind. John W. Eckart - Chief Financial Officer & Executive Vice President: Yes. That – James, that expense was taken in the U.S. E&P business. So you will find it on our oil and gas operating results as an expense in the U.S. business.

Oh, great. Great. And then the on the balance sheet, where did you guys take the – where is the credit for that? Because I understand the cash is going to be paid in Q1. Is that right? John W. Eckart - Chief Financial Officer & Executive Vice President: Yeah. It's a current liability, James.

Perfect. John W. Eckart - Chief Financial Officer & Executive Vice President: And so in the balance sheet information we gave, it would be in the other current liabilities section.

Perfect. Great. Thanks. And then last quick one here. With the Montney midstream sale, can you guys give any – I know you don't want to comment on the terms obviously there. But can you guys characterize in any way the impact on costs or realizations or – well first off, maybe just where the costs live? Whether it's in the gas realizations? Or whether it's in LOE per boe? Or – and then what kind of order of magnitude would be there? John W. Eckart - Chief Financial Officer & Executive Vice President: Okay. James, we expect at this point and have modeled it as there would be a LOE type expense on our books that we report in Canada.

Perfect. John W. Eckart - Chief Financial Officer & Executive Vice President: Conventional business. Roger W. Jenkins - President & Chief Executive Officer: And that's just a nice way of asking, James, and I appreciate it. But I can't disclose it.

All right, great. Thanks, guys. Roger W. Jenkins - President & Chief Executive Officer: Appreciate it. Thank you.

Moving on, we'll now take our next question from Paul Sankey, Wolfe Research.

Hi, Roger. Roger W. Jenkins - President & Chief Executive Officer: So, Paul, how you doing?

Fine, thank you. Happy New Year. Roger, firstly just very specifically on the Montney, what are the sort of if you like operational costs of that deal? I mean what are the impacts on your business from not having the midstream any longer if any? Roger W. Jenkins - President & Chief Executive Officer: Well, we have a very good partner that operates a lot of midstream in North America and a lot of midstream in Canada. This is a competitive process. Very, very glad with the winner there if you will. And they – if they lower our operating expenses at the plant level, we were able to share in some of that with them. They should be able to do that as they do that for a living there. And we operate just those two plants. I think we're a very good operator. But I think they could help, and we could share in that. And we got our operating expenses probably down in the $0.30 range per Mcf. It's an incredible job by Mike and his team. And so that's where that stands. And I'm real pleased to move that midstream into an upstream and not impact my balance sheet, Paul.

Yeah, so the idea is obviously they're going to bring down the costs for you, and you benefit from that. Roger W. Jenkins - President & Chief Executive Officer: If they do, we get to benefit. Yes.

Got it. And then if I could go from micro to macro. When we met in December you – I think kind of rounding the numbers, you were talking about $1 billion of CapEx. And then it was sort of implied to be more like $900 million. I seem to remember that you were saying that you could go down as low as $800 million, but it would be very painful to go any lower than that. And this being a kind of $100 million number throwing around for less activity in the Eagle Ford. Roger W. Jenkins - President & Chief Executive Officer: Yes.

Are those numbers about right? And can I just clarify it? I wasn't sure exactly what you were saying or implying that – were you saying that the dividend would or would not be part of a potential change in spending? I couldn't understand whether you – kind of saying (54:43)... Roger W. Jenkins - President & Chief Executive Officer: We're going to take a – I would – first on that matter what I said is that if these prices persist – and I'm not greatly enthused by the run-up today. I still believe we're going to be in a low $30s world. But I'm very happy if it's up to – a little bit I suppose. As we have that persist we will have to take a closer look at our dividend than we have before. And it'll be done as go through the year. And on your prior questions I mean, yeah, I said the $800 million would be very painful. And it is, because our production levels are down. But we got to get control of our free cash flow goal. And then when we get this rig issue behind us this year, which requires a lot more capital had we kept it, we will work toward not running up our debt at all. And look to lowering debt best we can. So that's – things have changed. Since I saw you, we probably lost $10 a barrel crude, Paul.

Yeah. Yeah. Roger W. Jenkins - President & Chief Executive Officer: So it is a lot more. So if I said it was painful, it is. So and we have to realize it, get on it, focus on cost. We've done a great job on costs. And we are seeing very competitive prices from service companies as to fracking services in North America. And these continue to compete well with each other and help us as through this collapse. And we're going to continue to stay on it. And that's what we're going to do.

Okay, Roger. Thanks. Good luck. Roger W. Jenkins - President & Chief Executive Officer: Oh, thank you, Paul.

And we'll take our final question from Pavel Molchanov from Raymond James. Pavel S. Molchanov - Raymond James & Associates, Inc.: Hey, guys. Just two kind of housekeeping items. On the Canadian – dual Canadian deals, is there a tax efficiency to keeping your proceeds from the midstream deal in Canada, rather than repatriating? John W. Eckart - Chief Financial Officer & Executive Vice President: Well, I mean obviously if you – if we were to consider repatriating and declaring some type of dividend, Pavel, then we'd have to pay a toll for doing that, because there is withholding tax of 5%. And there is quite frankly a – and always has been – a differential in the tax rate in Canada being at 25%, 26%, 27% range, as opposed to a 35% tax rate in the U.S. So we've always been declared indefinitely reinvested in Canada. You keep it that way up until you couldn't do it anymore. And because you don't really want to pay that toll if you don't have to. But there is cash up there. So it's an evaluation of how you have to look at it on an overall basis, and what's best for the corporation in total. So yes, keeping it up there saves cash taxes is the short answer. Pavel S. Molchanov - Raymond James & Associates, Inc.: Okay. And on your oil sands, the legacy oil sands asset, have you calculated what the $20 a ton carbon tax is going to amount to in extra LOE next year? Roger W. Jenkins - President & Chief Executive Officer: I believe it's only around 10%. We don't see it to be astronomical there. There was a – Suncor is partner in that and heavily involved in that. Was a part of that negotiation…

Thank you. That will conclude today's conference. We thank you all for your participation.