Good morning, everyone, and welcome to our first corporate session this morning. We're kicking off with Hess Corporation. I'm delighted to welcome Jay Wilson from Investor Relations and the executive team from Hess, John Hess, Greg Hill and John Rielly. This morning, the company has some new slides that they'd like to run through this morning. I'm gonna immediately hand this over to John to run through the deck. John, and then we'll go to Q&A. Guys, thank you again for being part of our 2021 event. Thanks, Doug, and thanks for hosting us and Bank of America. Obviously, we all hope everybody and their families are safe, healthy, well. You might go forward for the disclosures, the next slide. I hope everybody can see this. Norm, we're forward-looking statements, and let's get started with the next slide, please. Okay. Our strategy continues to be to build a differentiated portfolio that uniquely positions our company to deliver long-term value to our shareholders. Our strategy is, first, to deliver high return resource growth, second, to deliver a low cost of supply, and third, to deliver industry-leading cash flow growth. In terms of resource growth, by investing only in high return, low cost opportunities, Hess can deliver high value production growth of more than 10% annually over the next five years. No shale company can do that. None of the major oil companies can do this. This is about a cash flow, high value cash flow growth story that differentiates us. It's about a rate of change, and durable cash flow growth that's industry-leading. It's about investing in the best rocks for the best returns. The Bakken Deepwater Gulf of Mexico and Malaysia serve as our cash engines, and Guyana is our growth engine. With the start up of Liza phase II early next year, Guyana also becomes a cash engine, and at that time, all of our major assets will be free cash flow positive. With line of sight for up to 10 FPSOs in Guyana to develop approximately 10 B bbl of oil equivalent of gross discovered recoverable resource and our robust inventory of high return drilling locations in the Bakken, Hess's ability to deliver high return resource growth is unparalleled, and that's really what's the unique value proposition. It compounds each year. As Doug has always said, each time a ship comes on of an incremental $1 billion a year of cash flow, that value is brought forward and really reflects in our NAV. Where other companies, especially shale companies, are actually liquidating, we're building value. There's a real difference. It really starts next year as Liza phase II comes on. In regards to our low cost of supply, as our resource base expands, we will steadily move down the cost curve. Our Guyana developments have a Brent breakeven price between $25 and $35 per bbl. In addition, as our Bakken production goes up to 200,000 bbl of oil equivalent per day in the next several years, we're able to go down the cost curve. By 2026, we forecast that our cash unit costs will decline by 25% versus this year to approximately $9 per BOE, and that our portfolio will achieve a Brent breakeven price of approximately $45 per bbl. Lastly, we will deliver industry-leading cash flow growth. Between 2021 and 2026, our cash flow is forecasted to increase by 25% annually, more than 2 x as fast as our production growth. At a price of $65 per bbl Brent, this cash flow growth should result in annual free cash flow increasing to approximately $3 billion by 2026. Our cash position and balance sheet should also continue to strengthen in the coming years, with debt to EBITDA expected to decline from more than 2x in 2022 to 1x, well under 1x in 2024. Once we begin production with Liza phase II in early 2022, we will pay off $500 million remaining on our term loan and start to return cash to our shareholders through increasing our dividend. As our cash flow compounds in the years ahead, we will return the majority of our free cash flow to our shareholders through dividend increases and opportunistic share repurchases. You're on the right slide now, so let's stay there. This slide is a new one that highlights the significant improvement in operating and financial metrics that we expect to deliver over the next five years, driven by multiple phases of low cost oil developments in Guyana. Between 2021 and 2026, we forecast that our net production will grow at a compound annual growth rate of more than 10%, while over the same period, we expect to drive our cash costs down by approximately 25%. As shown at the bottom of this chart, this production growth, combined with lower unit costs, generates 25% annual cash flow growth and a significant reduction in our debt to EBITDAX ratio over this period at a flat $65 Brent oil price. By 2026, we forecast that our portfolio will generate free cash flow of approximately $3 billion per year. If you have $10 per bbl higher price for Brent, it's actually $4 billion per year. We have a debt to EBITDAX ratio of well under one and a Brent breakeven oil price of approximately $45 per bbl. As our portfolio becomes increasingly cash flow positive, you have our commitment that we will return the majority of our free cash flow as dividends and opportunistic share repurchases. Next slide, please. Our financial priorities remain to have a disciplined capital allocation process so that we invest only in high return, low cost opportunities. Secondly, to have a strong cash position and balance sheet to ensure that we can fund our world-class investment opportunities in Guyana. Thirdly, to maintain our investment grade credit rating. At September 30th, we had $2.4 billion of cash on the balance sheet. Excuse me. To manage oil price volatility, we have put in place option collars that will hedge 150,000 bpd of our oil production for 2022, with puts at 90,000 bpd at $60 WTI and 60,000 bpd at $65 Brent, while selling calls at $90 per bbl WTI and $95 per bbl Brent to reduce the cost of the program. In early 2022, we plan to bring online Liza phase II, which once at capacity, will generate approximately $1 billion of operating cash flow annually, net to Hess at $60 Brent. When online, we plan to prepay the remaining $500 million of our term loan and increase our regular dividend. Looking beyond next year as our free cash flow generation steadily increases, we'll further grow cash returns to shareholders, again, through dividend increases and opportunistic share repurchases. Next slide, please. The International Energy Agency's World Energy Outlook provides several scenarios, and they're scenarios, not forecasts. They are stated policies, announced pledges, sustainable development, and net zero. Under all these scenarios, oil and gas will be needed for at least the next 20 years, and the industry will need to invest more, not less, in new oil and gas projects than the world is currently, even under the net zero scenario. The world will need to invest greater than $400 billion each year for the next 10 years to grow supply to meet global oil and gas demand. Last year, global oil and gas investment was $300 billion. This year is estimated to be $330 billion, well short of what is required. The key is having a low cost of supply in any scenario, and obviously, Hess wins on that front. The energy transition will take a long time, cost a lot of money, and require major technological breakthroughs in the future. While we must have policies to encourage renewable energy to battle climate change, oil and gas will still be needed for many decades to come and will continue to be fundamental to world economic growth and human prosperity. The key for our company is to have a low cost of supply. By investing only in high return, low cost opportunities, we have built a differentiated portfolio of assets that we believe positions us well for the future and creates significant value for our shareholders. Next slide, please. As we continue to execute our company's strategy, we will be guided by our long-standing commitment to sustainability. We recognize climate change as one of the greatest scientific challenges of the 21st century. We support the global ambition to reduce emissions to net zero by 2050. Our Board of Directors is climate change literate and actively engaged in overseeing Hess's sustainability practices. Our strategy and reporting are aligned with the recommendations of the Task Force on Climate-related Financial Disclosures or TCFD. In 2020, we significantly surpassed our five-year targets for Scope 1 and Scope 2 greenhouse gas emissions intensity from our operated assets, reducing greenhouse gas emissions intensity and flaring intensity by approximately 46% and 59%, respectively, versus 2014. Our new five-year targets for 2025 are to reduce operated Scope 1 and 2 greenhouse gas emissions intensity by 44% and methane emissions intensity by 52% versus 2017. For 2021, we have also added continued Bakken flaring reduction as one of the performance metrics used in our annual incentive plan. In addition, we are investing in technological and scientific advances designed to reduce, capture, and store carbon emissions, including groundbreaking research being conducted by the Salk Institute to develop crops capable of storing billions of tons of atmosphere carbon in the soil per year. Next page, please. Our Board of Directors is actively engaged in overseeing Hess' sustainability practices, working alongside senior management. In terms of safety, since early 2020, a multidisciplinary Hess emergency response team has been overseeing our plans and precautions to reduce the risk of COVID-19 in our work environment. We work closely with our employees and contractors to promote a strong safety culture and continuously improve our performance. In keeping with our company values and purpose, we have a long-standing commitment to diversity and inclusion in our workplace and through social investment programs that make a positive and lasting impact on the communities where we operate. We have published an annual sustainability report for the past 24 years and are proud to be recognized as a leader in most of the major sustainability indices. We announced yesterday that Hess Corporation earned a place in the prestigious Dow Jones Sustainability Index for the 12th consecutive year, and also was one of three U.S. oil and gas companies to achieve a top level four status in the Transition Pathway Initiative 2021 report, which is the highest level awarded to companies that demonstratively manage climate-related risks and opportunities from a governance, operational, and strategic perspective. Next slide, please. Now let's go to Guyana, where Hess has a 30% interest in the 6.6 million-acre, ExxonMobil-operated Stabroek Block. We have now made 21 significant discoveries since 2015. The estimate for gross discovered resources on the block was recently increased from 9 B bbl of oil equivalent and currently stands at 10 B bbl of oil equivalent. We continue to see multi-billion barrels of future exploration potential remaining. Liza phase I is currently producing near gross nameplate capacity of 120,000 bbl of oil per day. The Liza Unity FPSO for the phase II development, which has a gross capacity of 220,000 bbl of oil per day, is in Guyana waters and is on track to achieve first oil in early 2022. The Payara development, which will also have a gross capacity of 220,000 bbl of oil per day, is also on track to achieve first oil in 2024. The operator submitted a plan of development for our fourth development at Yellowtail in October, and subject to government approvals, is planned to start up in 2025 with a gross capacity of approximately 250,000 bbl of oil per day. We continue to see the potential for at least six FPSOs to produce on a gross basis greater than 1 MMbbl of oil per day by 2027, and longer term for up to 10 FPSOs to develop the discovered resource base. We are also planning to have an active exploration and appraisal program in 2022, just as we did in 2021. Next page, please. Our Guyana discoveries are some of the industry's largest of the past decade. The reservoirs rank among the highest quality in the world, with high porosity and permeability that are expected to deliver very high recovery factors and production rates. Also, since the producing horizons are relatively shallow and there is no salt, the wells can be drilled faster and at a lower cost than those in other deepwater basins in the world. In addition, development is occurring at the bottom of the offshore cost cycle. Finally, ExxonMobil, as the operator, is one of the most experienced project managers in the world doing a great job, which significantly reduces execution risk. Guyana is some of the lowest cost oil in the world, and it's also the lowest carbon oil in the world. Wood Mac has done a study on this. These barrels are gonna be needed 20 years from now, and there's gonna be a lot of value for our shareholders. Guyana is truly a transformational investment opportunity for Hess. Next slide, please. As I mentioned, in Guyana, we have discovered approximately 10 B bbl gross oil equivalent of recoverable resources and are positioned to grow gross production to more than 1 MMbbl of oil per day in 2027, an extraordinary outcome. The map at the lower left shows the planned placement of the first three FPSOs and highlights Yellowtail, Warromako, Whiptail, Pinktail, Turbot, and Hammerhead as potential future areas for development. The Wood Mackenzie plot on the lower right compares their analysis of the growth of the Liza complex to other major deepwater provinces in the world. The production growth ramp for the Liza Stabroek complex is the best in the industry and will create tremendous value for our shareholders for many years to come. It brings value forward very quickly. It's very different than when people say, long-dated resource. This long-dated resource is accreting cash flow now and will compound cash flow each year, every year as we move forward. Next slide, please. This slide highlights our three sanctioned developments in Guyana. Liza phase I and phase II and Payara have a Brent breakeven oil price of between $25 and $35 per bbl, which is world-class. We see a fourth Yellowtail development coming online in 2025, a fifth development in 2026, and a sixth in 2027. In total, we see the potential for up to 10 FPSOs ultimately to develop the discovered resource to date on the Stabroek Block. Next slide. Let us now move to Southeast Asia, where Hess is an established operator with two very strong long-life natural gas assets, the Joint Development Area, or JDA, and North Malay Basin. These lower-risk, low-cost assets are expected to deliver net production of approximately 60,000 bbl of oil equivalent per day and to generate strong free cash flow over the balance of this decade. These assets have oil-linked pricing and operate under production sharing contracts that provide downside protection in periods of low oil prices. Next slide, please. Now let's talk about the deepwater Gulf of Mexico, where Hess has a well-established position with three key infrastructure oil-producing hubs. Net production in 2021 is expected to average approximately 45,000 bbl of oil equivalent per day and generate significant free cash flow for our company. While the primary role of the deepwater Gulf of Mexico in our portfolio remains as a cash flow engine, the asset is also a platform for growth and plays to our top quartile operating capabilities, be it in exploration, development, drilling, and production. In 2021, we curtailed exploration and development drilling in response to last year's low oil prices. In 2022, we plan to resume a focused drilling program targeting both a lower risk, high return tieback and also a larger hub class exploration drilling prospect. Next slide, please. Now, turning to the Bakken, our largest operated asset. We have an industry-leading position with approximately 460,000 net acres in the core of the play. With the recovery in oil prices in September, we've moved to a three-rig program, which will allow us to sustain free cash flow generation, lower our unit costs, and further optimize our infrastructure. If oil prices remain firm, we will give consideration possibly adding a fourth rig at the end of next year, and we will never go higher than four rigs. Next slide, please. Approximately 1,600 of our 2,850 future drilling locations can generate strong financial returns at $50 per bbl WTI and represent more than 50 rig years of activity. In 2021, we plan to bring online about 50 new wells. At the table in the lower right of the slide, you'll see that in 2021, we forecast our EURs to average near 1.2 MMbbl of oil equivalent, IP 180 rates to average near 120,000 bbl of oil, and IRRs to average near 80% at $50 WTI. Obviously, at current prices, these metrics are even more financially attractive. Next slide, please. Hess Midstream provides strategic infrastructure that supports Hess' upstream development in the Bakken and continues to generate significant value for Hess Corporation. To date, Hess has received cash proceeds from Hess Midstream transactions of approximately $3.9 billion. We maintain operational control, and following Hess Midstream's recent stock buyback and a secondary offering, Hess owns 44% of Hess Midstream, currently valued net at Hess at $2.8 billion. Next chart, please. Here, the chart on the upper right compares sell-side consensus estimates of Hess' cash flow growth between 2020 and 2023 versus our peers. You can see here that Hess' growth is forecast to be 50% above our peers over this time frame. What is even more impressive is that, as shown in the main chart, analysts expect Hess' cash flow growth over this period to be superior to the best-performing sectors in the S&P 500 and places us in the top 5% of the S&P 500 in terms of cash flow growth. As we've discussed with multiple phases of developments in Guyana and the queue, we believe that Hess is positioned to deliver superior cash flow growth, not just through 2023, but through the next decade. That's what we mean by durable cash flow growth. That's what generalist investors want as well as oil and gas investors. In summary, with the startup of Liza phase II early next year, and you're on the last slide, all of our major assets will become free cash flow positive. As we execute our strategy, we continue to be committed to maintaining our industry leadership in both ESG performance and disclosure. In Guyana, we now have gross discovered resources of approximately 10 B bbl of oil equivalent and expect gross production to exceed 1 MMbbl of oil per day in 2027. Our low-cost Guyana oil developments will drive industry-leading cash flow growth and financial returns in the coming years. As we transition to becoming free cash flow positive next year, we plan to prepay the remaining $500 million of our term loan and raise our dividend. As the portfolio becomes increasingly free cash flow positive in the coming years, we'll bring that more value forward, and we commit to returning the majority of our free cash flow to our shareholders through dividend increases and opportunistic share repurchases. Thank you very much. Doug, I guess we can go to Q&A now. Well, John, I've just been looking through your reconciliation in slide 20. I'm looking at slide four. I gotta say, I guess Bank of America's estimates are pretty good. Joking aside, this is a phenomenal clarification, so thank you for laying that out. I wanna push you a little bit on this. First of all, I don't know if this is for you or for Greg, but you're assuming phase IV is online in 2026? No, in 2025. 2026 has to do with the fifth ship. Right. Okay. Phase IV Yellowtail is on in 2025. Yes. Should we still think about the one FPSO per year after that? Yes. For how long? Well, you know, we have line of sight probably for the first seven. A lot of our exploration and appraisal program, Doug, is gonna give us further clarification on what Ship Six is, what Ship Seven is, probably what Ship Eight is. I think our program next year, Greg and I just reviewed it with our exploration and appraisal team yesterday. The visibility to get to those 10 ships, it's not if, it's when. Okay. Just to be clear, phase II, obviously Unity's in situ now. I realize we're talking a matter of months now, but what's your best guess on startup at this point? Greg, you wanna grab that? Yeah. Doug, so it's first quarter startup, right? We're running. Things are going well. The ship is moored to the sea floor, and now we're in the process of hooking up all the flow lines, umbilicals, all that stuff. We're on track for a first quarter startup for phase II. Okay. Where do oil prices sit right now? We used to talk about Guyana being self-funding from 2022, John. Should we think today that, and this is maybe John Rielly, is Guyana free cash flow positive in 2022 at current strip? Yeah. John? Yeah, I'm just getting my screen up there. Yes, it is free cash flow positive. And basically in phase II and with these kind of prices, we used to say at $60 Brent, when phase II comes on that, we would generate $1 billion of cash flow from it. You know, you're obviously talking about 20 MMbbl there of production, a little bit more than that. Just at, you know, every $10 is giving you another $200 million on top of that $1 billion of cash flow. Okay. Basically, we're kind of through the funding stage. I'd like to spend a little bit more time on Guyana, but I'm gonna come back to it, if I may. I wanna jump to the value proposition. 'Cause John, you made a great point in the beginning of your presentation about the accretion and value. You know, on our numbers, certainly almost every months, you get $2-$3 of value up, you know, incremental shift just as a consequence of the PSC. But you also pointed out that it's longer-dated value in, you know, in terms of realizing that phase III and phase IV. Why then is the dividend taking the priority for incremental cash versus share buybacks? Because we see a big value gap, and frankly, I'm not convinced that E&Ps are yet being paid for their dividends. Can you walk us through the thinking on cash returns? Yeah. I agree with your assessment therefore. You know, we have multiple shareholders, by the way, and the majority of them would like us to strengthen the base dividend for it to be stronger than the S&P. That is one priority we have. Right up there with equal priority is, you know, we're below our NAV, our target prices. As soon as we can make a meaningful share repurchase program, you have our commitment that we will do that. We have to balance that, putting money in the business, getting the balance sheet in shape. We're trying to lay a framework going forward that we will strengthen our dividend. As our cash flow compounds, obviously those opportunistic share repurchases, as we bring value forward, we'll bring share repurchases forward as well. When we think about dividend policy, I kinda think buybacks to some extent are also a management of the dividend burden because obviously the lower the share count, you know, the lower the absolute dividend. Is there a framework that you've seen a lot of your peers, obviously they don't come close to the scale of free cash flow growth, but why not a framework to help folks understand where that payout is gonna be? No, we aren't giving you a framework. We're saying the majority is gonna be returned to our shareholders in a combination of dividends, base dividends, not variable dividends. We don't think variable dividends accrete any value to shareholders. You know, I've been involved in companies where it's been proven, you know, been on their boards and it's the base dividend that matters. Our shareholders have said that an improving dividend that matters. In parallel to that, obviously, we're gonna be major buyers of our stock. We do think our stock is undervalued, so as soon as we can start making meaningful share repurchases, we will. It's all about, as you have said more than I think anyone, you know, as that $1 billion a year of incremental cash flow comes into Hess, that brings that value forward, and it accretes to the price per share. We're confident as those ships come on, that it's gonna compound our value, and a lot of that free cash will be used for share repurchases. Well, let me press on this cash flow profile a little bit longer. I realize 2026 is a long way out. I'll be 60 by then, John. Hopefully, I'm still around. 2026 is, you know, five boats. You've got line of sight to $7 billion per year per boat at $65 is pretty much how you're laying this out. The scale, is there an upside cap on how we should think about other uses of that cash? I mean, the market doesn't know what, you know, other opportunities are gonna be there in five years' time, but so are you really talking about the potential for a $3 billion-$4 billion annual return of cash to shareholders? That's correct. Enormous. That's it. We're not looking to get in the Permian. We're not. You know, business is about investing in the highest returns. We have the best investment prospects of any oil company in the industry, and we're gonna stay very focused and disciplined to execute the strategy, best rocks for the best returns, compound our investment returns with that $1 billion a year per ship that we get as we bring value forward as each ship comes online. Obviously, if you have a $10 per bbl higher Brent price at $75 instead of $65, it's another $1 billion. The majority of that free cash is gonna go back to our shareholders. It's not gonna be dissipated away into other investments. We're going to stay very, very focused in running a company for the shareholders that basically compounds cash flow and free cash flow and return the majority back to our shareholders. Really, I'd say that starts to be seen visibly starting next year as the second ship in Guyana comes on. John Rielly, I'd like to go to slide 20. I'm guessing you might have had some responsibility for this, but Jay's prodding me on that. You've given a 2026 CapEx range. What does it look like between 2022 and 2025? It's gonna be a progression, Doug, as you go up. The biggest thing is Guyana obviously. We talked about next year we're going from about $750 million of development this year to about $1 billion next year. Then what happens is, in those numbers that we gave you, we had to make assumptions because we don't have the final decisions yet on the FPSO purchases. We do have FPSO purchases in their assumptions starting in 2024. Nothing next year, nothing in 2023, but we don't know on that. You know, for those numbers, we do have assumptions for FPSO purchases in there. It kind of steps up then from 2023 to 2024 because of the FPSO purchases. Okay, thank you for that. There's a couple questions from John, you might just explain that the cash hit isn't what the CapEx increase is because the cost bank's going up, and you recover that money even faster. Right. Yeah. I know Doug knows this well, like, with that PSC, the first 75% of revenues go to cost recovery. Especially as we get more and more boats on, you know, just add that revenue of, you know, five boats out there, 1 MMbpd of production, you know, pick your Brent price and take 75% of that goes to cost recovery. Again, you're able to efficiently get that recovery on those boats as you go, which allows for the very low break-even on the FPSOs that we've mentioned. John Rielly, I hate to be predictable here, but, what are you assuming for inflation in your numbers? Generally, with inflation, we are assuming a pickup, right, in inflation. We do assume for next year that we're seeing. There's a little difference between onshore and offshore, but onshore, you know, has the, I'm gonna call it single digit type inflation when you put between steel and commodities and then our contracts that we have in place for rigs. Somewhere in that single digit. You talk to Greg and his team, they'll say that they always can, with efficiencies, believe they can hold the D&C cost to $5.8 million relatively flat. What we've been assuming as we move out, that most of onshore with our efficiencies, that we can overcome that inflation as you move out. Offshore, you know, we do have basically the first three phases are already EPC, so we've got those numbers in there. Now, you know, we're seeing where we are with Yellowtail. We're baking that into estimates on the later ships and those numbers going out. So we do have some inflation, you know, coming in those numbers. Look, it varies by the type of, you know, be it the equipment or the vendor that we're using there. But it's, you know. What I would say is, again, with what we see at Exxon, the way I was talking about the Bakken, they just get more and more efficient every time, you know, when they're working on, be it on the drilling side or again, you know, their supply chain side, you know, dealing with the difficulties we have. They've been terrific, and so we do see some offsets to inflation. All that's baking into those numbers that you saw there for that free cash flow out in 2026. Yeah. Greg, any color you'd like to add to that? No, I think you know, John covered it well. I mean, you know, onshore kind of high single digits, I'm gonna say. But again, as John said, we think we can cover it and deliver that $5.8 million well cost. And as John said, you know, the offshore, our biggest exposure is Guyana, of course, and that's built into the numbers. You know, of course, the PSC being so efficient, you know, it doesn't have a huge impact on the individual project returns. Greg, while you have the floor, I wonder if I could just pepper you with a few questions on Guyana, and then I'd like to get the rest of the portfolio in the seven or eight minutes we have left. There's been some discussion, at least in the press, that maybe we could see a shift to topsides installation in country. Can you comment on that? No, we have not talked about that at all, Doug. You know, obviously, Guyana wants to develop local workforce, but, you know, that is not currently envisioned that there would be a deep water port, you know, for installation of topsides or a shipyard. That's not being contemplated right now by the partnership at all. Okay. 'Cause I was gonna ask you about how does that change the risk profile? I think you've just answered it. Thank you. By the way, that's not a high priority now for the government either. I think that's even more important. The government wants local content, and Exxon's doing a great job providing jobs to Guyanese, where the Guyanese and the jobs mesh. The idea of topsides is a long way off, if that ever is to be. The gadflies that are making those comments in the press are not the government and not ExxonMobil. Okay. Thank you for clarifying that. This is kind of a dumb question, but I'm gonna ask it anyway. Because Guyana is so good, at least the Stabroek Block, you obviously have Kaieteur, your working interest has gone up a little bit. You also have Suriname. How do you rationalize those exploration opportunities competing with incremental spending in Stabroek when you've got the PSC to help you with the cost of them? Yeah, Greg? Well, look, Doug, I mean, you know, let's wait and see on both those blocks, you know, what we find. You know, they both have good terms. You know, Kaieteur, as you know, we drilled one well. What we find in that well, we found hydrocarbon or residual hydrocarbon, massive sand system. So there's a lot of potential left in Kaieteur. Let's drill the next well. It'll probably be in 2023. See what we have. You know, Suriname, our Block 42, you know, I think the recent Apache results are encouraging for us in our block, both the well test and, you know, and what they found in Bonboni because they found good quality sand and black oil. You know, we'll drill our first well in 2022 in Suriname. Let's see what we have, see how those things fit in the future. As you mentioned, I mean, Stabroek is the number one priority, you know, of the company. It is truly the mother lode for us and, you know. Again, let's see what we find at those other blocks to figure out what we do and when. The thing I find remarkable. We have a very aggressive, and impactful exploration appraisal program. Yeah. We'll talk about it when we announce our budget in January. That's going to be focused very similar. Yeah. To this year, like about 12 exploration appraisal wells. It's a magnitude program similar. Some of it will be defining the upper Campanian, some of the lower Campanian, some tails with the upper Campanian. It's an impactful program that'll further appraise the block. That's the priority. Yeah. We'll be doing a well in Suriname on our Block 42. We'll see if that opens some new prospectivity. Then we'll look at further evaluations on 59 and in Kaieteur. As Greg said, the priority where the most running room is and the highest value prospects are is still Stabroek. Yeah. I have a couple more on this, and I'd like to go to an audience question, which is kind of an interesting one on portfolio. Let me just hit the exploration questions first. We're waiting on Fangtooth, Greg. Give us an idea on timing as to what the next kind of data points would be. At the root of my question is this. I can hardly believe that we're six years down the road since the initial discovery, and a lot has obviously happened. It's been a phenomenal story. It means you've only got 4.5 years left in the exploration timeline. Is that enough for you to do what you need to do? Seems like a strange question. Yeah. Let me talk about Fangtooth first. Fangtooth results expected sometime in the first quarter. You know, we're on the well, we spud the well. You know, we're now drilling the top hole for the well. Regarding, you know, 4.5 years left on the block, yeah, I think you know that that's going to give us adequate time to figure out what we have and to underpin the developments. Now, obviously, that will depend somewhat on success. We feel pretty confident that, you know, with a very active program like John suggested, you know, we'll have 12 wells exploration appraisal next year. We had 12 this year. We kind of continue that pace for the next several years. I think we can prosecute most of what we want to on the block. How does it work in terms of block? What's the word I'm looking for? I forget the word. I'm losing my mind here. When you give the block back, the pieces that you have. Relinquishment. Thank you. Relinquishment is the word I'm looking for. Right. How does that work? What's the process? Well, basically, you have to pretty much lock down, you know, kind of every production license between now and the expiration period ending. You basically lock down all the acreage that you expect to develop with a production license, you know, between now and 2026. What I should say is the operators applied for an extension due to COVID on that 2026. We'll wait and see if we actually get that. There could be an extension, you know, to the expiration license due to COVID, as I said. Basically by then you need to lock down all of your development production areas at that point, and then you relinquish whatever acreage that you don't want out of that. Okay. Thank you. We shouldn't be concerned about, I mean, look, you've got enough to drill with for now. That deeper section, I guess we're all watching very carefully to see how it plays out. Yeah. I want to go back to the five-year, 10-year kind of comment, John. I'm looking at slide 16 in the Bakken, and obviously we've got extraordinary oil prices right now. Let's see if I did want to start this whole discussion with your macro view, but there's much more interesting things to talk about today, I guess, with the presentation. Ten years from now, let's assume you've got 10 boats online. I'm just going to throw that number out there. It also means the Bakken is pretty much getting to the end of its life based on slide 16. How do you think about how the portfolio evolves over that five to 10-year period, given the scale of Guyana relative to the rest of the business? You know, Doug, our company, we've always been focused on maximizing value for our shareholders, optimizing the portfolio, investing in the highest return, lowest cost opportunities. Certainly as you look out the next five years, this balanced portfolio makes a lot of sense for resiliency, for strong balance sheet to fund the big investments that we have, even though we're getting cash returns back from those that compound during that time period. What happens after five years? Let's see where we are then, and then talk about are there other moves that would optimize the portfolio more. I wouldn't want to speculate on it now because right now the portfolio we have, I think, is one of the best portfolios in the business to drive cash flow growth and free cash flow growth and have a strong balance sheet, as well. That's, you know, that's really, you know, our framework for the next five years. Yeah. I think that's as reasonable a you know a response we could get at this point. But suffice to say, you've been very nimble with the portfolio. My last question then is, once you hit your 200,000 bpd plateau, and I guess this is one for perhaps between the three of you, 'cause it also goes to the balance sheet. You've taken a little bit of money off the table from the midstream, but you arguably don't need the strategic control given that you get to your targeted volume in the back end. What happens to the structure of the midstream, and by consequence, what happens to the right level of debt on the balance sheet? Yeah. The midstream, you know, we want to maximize the value of the midstream, and Hess is interested in that. We want to maximize the value to Hess, but we also want to maximize the value to our unitholders. The approach that we're taking, which is to put more float out there, has been encouraged by the public unitholders to recognize value. The cash flow growth of the midstream is distinguished in the space. We're very happy with our investment there. As that value is shown, some of that will be monetized. That's the approach that we're taking. We're here to maximize value of the midstream and maximize value of the midstream to Hess. We've been basically on that path for a while. Well, guys, I know we are pretty much out of time, so unfortunately, I'm going to have to close the session. We could go for another hour, as you know. Guys, thank you for the new information this morning. Really excited to see that trajectory and that forecast or at least that estimate, so we can start to put some numbers around it. With that, we'll close out the session. Thank you again for being part of the conference, and we'll speak to you all soon. Thanks so much. All right. Thanks, Doug. Doug, thanks for hosting us. Thank you. Thanks for your interest in the company. Really appreciate it. Thanks for the time. Thanks, everyone. Bye. Bye.