TWST: Pavel, as you look at the E&P space, where are we at this point?
Mr. Molchanov: We've been in a bifurcated commodity market for the better part of the last three years, where the global oil market is in pretty good shape - not too ebullient but certainly trending in the right direction from a supply/demand standpoint. Natural gas - and for these purposes we're really talking about North American natural gas - on the other hand is a complete disaster and has been, as I said, for the past several years. We see no hope for North American natural gas to meaningfully recover anytime soon, and that's why as we look at the companies, our focus has been and remains on the producers that are more oil focused, and if they have North American natural gas exposure, then at least the companies in the low-cost producer category.
