Operator: Good day, and welcome to the Chesapeake Energy 2010 Fourth Quarter and Year-End Operational Update and Earnings Results Conference Call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Mr. Jeff Mobley. Please, go ahead, sir.
Jeffrey L. Mobley - SVP, IR and Research: Good morning, and thank you for joining our 2010 fourth quarter and full year earnings conference call. With me today is Aubrey McClendon, our Chairman and CEO; Nick Dell'Osso, our Chief Financial Officer; and Steve Dixon, our Chief Operating Officer; and Steve Dixon, our Chief Operating Officer. Our prepared remarks should last about 15 minutes, and then we'll move to Q&A.
I'll now turn the call over to Aubrey.
Aubrey K. McClendon - Chairman and CEO: Great. Thank you, Jeff. Good morning. We hope you've had time to review Monday's Fayetteville sale announcement, along with yesterday's operational and financial release. We are very pleased with our 2010 results, as well as the results from our Fayetteville sale agreement with BHP.
Our sale of the Fayetteville strongly validates a critical point we have made for some time. The assets of our Company are worth far, far more than what is implied by our current stock price, even after the $10 run in the past few months.
As first announced on January 6 of this year, Chesapeake has moved into a very exciting phase of our Company's history, during which our 25/25 Plan will deliver to investors' investment grade balance sheet metrics resulting from reducing our long-term debt by 25%, and best-in-class production growth of 25% during 2011 and 2012.
The effect of achieving these two objectives, while also accelerating the rapid transition of our capital spending towards higher valued liquid rich plays, will be completely transformative for Chesapeake and its investors in the years ahead, and we certainly are off to a fast start in implementing this plan in the first two months of this year. We will continue to focus on profitably harvesting some of the great assets we have gathered in over the past few years.
Looking forward to the next five years, through an accelerated development drilling program that is increasingly directed to liquids rich plays, we believe we can generate $10 billion to $11 billion of EBITDA in 2015.
If we are able to do so, then we should be able to increase our enterprise value to a range of $70 billion to $80 billion versus our current enterprise value of about half that. We have the strategy, the land, the science, the people, and the capital to achieve this goal, and I believe, we will achieve it.
Clearly, the implied value creation and delivery to our investors from achieving that level of enterprise value is enormous, and we're very excited about delivering it to you in the years ahead.
There are two aspects of our 2010 performance that I would like to feature this morning, because I believe they are so important to understanding the potential of our future performance. First of all, we were able to double our oil production from about 30,000 barrels per day in the 2009 fourth quarter to over 60,000 barrels per day in the 2010 fourth quarter. Our liquids growth rate was particularly strong in the 2010 fourth quarter, increasing 23% sequentially versus the 2010 third quarter.