Operator: Good day, everyone. Welcome to the Chesapeake Energy Corporation Q1 2013 Earnings Conference. Today's call is being recorded.
At this time, for opening remarks, I'd like to turn things over to Mr. Jeff Mobley. Please go ahead, sir.
Jeffrey L. Mobley - SVP, IR and Research: Good morning, and thank you for joining our call today to discuss Chesapeake's financial and operational results for the 2013 first quarter. Hopefully, you've had a chance to review our press release and updated investor presentation that we have posted to our website.
During the course of this call, our commentary will include forward-looking statements regarding our beliefs, goals, expectations, forecasts, projections and future performance and the assumptions underlying such statements. Please note that there are a number of factors that could cause our actual results to differ materially from such forward-looking statements, additional information concerning these factors available on our earnings release and the Company's SEC filings.
We also refer to certain non-GAAP financial measures and we encourage you to read the full disclosure and GAAP reconciliations located on our website and this morning's press release.
I would next like to introduce the members of management who are on the call with me today; Steve Dixon, our acting Chief Executive Operating Officer; Nick Dell'Osso, our Chief Financial Officer; Jeff Fisher, our Executive Vice President of Production; and Gary Clark, our Vice President of Investor Relations and Research. We will begin with prepared commentary from Steve, Nick and Jeff and then we'll move to Q&A. Steve?
Steven C. Dixon - Acting CEO and COO: Thanks Jeff. Good morning, everyone, and thanks for attending this conference call. I am pleased to report that Chesapeake is off to a strong start to 2013. We are beginning to see the benefits of our operational strategy shift in identifying and capturing new assets to developing our extensive existing assets as we enter a new era of shareholder value realization. Our operational focus on the core of the core is enabling our drilling program to increasingly target the best reservoir rock in each of our key plays. We are capitalizing on pad drilling efficiencies wherever possible and leveraging our substantial investment in roads, well pads, gathering lines and compression and processing facilities. As a result, we are generating more efficient production growth, stronger cash flow and better returns on capital.
We continue to make substantial progress delivering on four key initiatives; developing our existing assets, heightening our operational excellence, increasing capital efficiency and focusing on financial discipline. Nick Dell'Osso and Jeff Fisher will provide additional details on these important initiatives but first I’d like to highlight several significant accomplishments.
Our adjusted net income per share of $0.30, rose 67% from the year-ago first quarter. Our total first quarter net production grew 9% year-over-year and 1% sequentially to 4 Bcfe per day. Our liquids production mix increased to 24% of our total production from just 19% a year ago. Our combined production and G&A costs decreased 26% year-over-year to $1.11 per Mcfe. Our first quarter upstream CapEx was at or below budget.