Operator: Good day, and welcome to the ONEOK and ONEOK Partners 2012 Fourth Quarter's Earnings Call. Today's conference is being recorded.
At this time, I'd like to turn the conference call over to your host Mr. Andrew Ziola. Please go ahead, sir.
Andrew Ziola - Director, IR and Communications: Thank you, Karen and welcome to ONEOK and ONEOK Partners fourth quarter and year-end 2012 earnings conference call. A reminder that statements made during this call that might include ONEOK or ONEOK Partners' expectations or predictions should be considered forward-looking statements and are covered by the Safe Harbor provision of the Securities Acts of 1933 and 1934. Actual results could differ materially from those projected in any forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings.
Our first speaker will be John Gibson, Chairman and CEO of ONEOK and ONEOK Partners. John?
John W. Gibson - Chairman, President and CEO: Thanks, Andrew and good morning and many thanks for joining us today. As always we appreciate your continued interest and investment in ONEOK and ONEOK Partners, Joining me today are; Derek Reiners, our newly named Chief Financial Officer, who will review our quarterly results and revised 2013 and full year earnings guidance. Terry Spencer, our President, who will review our operating performance, update you on the Partnership's growth projects which are on time and on budget and also discuss current market conditions including NGL supply and demand and the implications of lower NGL prices. Also on the call and available to answer questions are Pierce Norton, Executive Vice President of Commercial and Rob Martinovich, Executive Vice President of Operations.
I'd like at this time to thank Rob and Pierce for their contributions in their previous roles and congratulate them and others on the new assignments that we announced in December.
On this morning's call, we will review our fourth quarter and 2012 financial results, discuss our revised 2013 earnings guidance and our revised three financial forecast that had been update to reflect lower expected results in the partnership, primarily in our NGL segment due to the impact of anticipated prolonged ethane rejection.
We will review our progress on our growth projects including the projects we are about to complete and close with some comments about our future growth prospect.
Let's start with fourth quarter and year-end performance. ONEOK Partners turned in a solid performance for the year reflecting continued volume growth in both the Natural Gas Liquids and Natural Gas Gathering and Processing businesses primarily as a result of our past capital investments. However, our 2012 fourth quarter results were lower compared with the same period in 2011 when we experience historically wide NGL location price differentials.
Our Natural Gas Distribution segment turned in higher results for both the fourth quarter and the year reflecting primarily higher rates and lower share-based compensation and other employee related costs. And our Energy Services segment reported a loss due to the continued challenges it faces in a low natural gas price and oversupplied environment. Terry will provide you more detail on each segment's operating performance in just a few minutes.