Good morning and welcome to the Cabot Oil & Gas second quarter 2017 earnings conference call. All participants will be in listen-only mode. Please note, today's event is being recorded. I would now like to turn the conference over to Dan Dinges, Chairman, President and CEO. Please go ahead, sir. Dan O. Dinges - Cabot Oil & Gas Corp.: Thank you, Rocco, and thank you all for joining this morning for Cabot's second quarter 2017 earnings call. I have Cabot's executive management team with me for the call this morning. Before we get started, I would first like to highlight that on this morning's call we will make forward-looking statements based on current expectations. Also, some of our comments may reference non-GAAP financial measures, forward-looking statements and other disclaimers as well as reconciliations to the most directly comparable GAAP measures are provided in this morning's earnings release. For the second quarter, Cabot delivered another successful report card highlighted by 14% year-over-year production growth, while generating positive free cash flow for the fifth consecutive quarter. Our production growth for the quarter was driven by 15% increase in net Marcellus volumes year-over-year. This production [technical difficulty] (1:29 – 1:45)

Pardon the interruption, ladies and gentlemen. It appears we've lost the audio from the speaker's location. We will work to reconnect that. And in the meantime, I'm going to put some music into the call. Thank you. [technical difficulty] (1:58 – 4:50) Thank you for your patience, everybody, this is the operator. We have rejoined the speaker location. Mr. Dinges, the floor is yours, sir. And pardon me, it looks like we are having some difficulty with their location. Please, stand by.

Sorry for the interruption, everybody. This is the conference operator. I've joined Mr. Dinges' line back to the call. Floor is yours, sir. Dan O. Dinges - Cabot Oil & Gas Corp.: The floor is mine. I'm not sure where I left the floor.

You disconnected right after the forward-looking statement, sir. Dan O. Dinges - Cabot Oil & Gas Corp.: Okay, all right, we can retool. Would you check and see if we paid the phone bill, please? For the second quarter, Cabot delivered another successful report card, highlighted by 14% year-over-year production growth, while generating positive free cash flow for the fifth consecutive quarter. Production growth for the quarter was driven by 15% increase in net Marcellus volumes year-over-year. This production growth coupled with an increase in Marcellus cash margins of almost 100% were the primary drivers for our strong cash flow growth year-over-year. Our year-to-date results further highlight what our high-quality asset base is capable of delivering, including the generation of $123 million of positive free cash flow despite realizations of an average price of about $2.50 for natural gas and $45 for oil. This positive free cash flow is net of the capital we utilized during the first half of the year to invest in growing our year-to-date production volumes by 10% year-over-year, to contribute to our equity ownership interest in the Atlantic Sunrise and Constitution Pipeline projects and to fund our grassroots leasing efforts in our two exploratory ventures, all of which provide us with optionality to create value for our shareholders. Of the $123 million of positive free cash flow, we have returned $100 million to the shareholders year-to-date via dividends and share repurchases. As a reminder, during the second quarter, we increased our dividend by 150% and repurchased 3 million shares at an average share price of $22.41. As I've reiterated over the past few quarters, we are committed to returning cash to shareholders while generating double-digit returns focused growth for the foreseeable future and I believe our actions during the quarter demonstrate that commitment. We will…

Thank you. Today's first question comes from Charles Meade of Johnson Rice. Please go ahead. Charles A. Meade - Johnson Rice & Company L.L.C.: Good morning, Dan. Dan O. Dinges - Cabot Oil & Gas Corp.: Hey, Charles. Charles A. Meade - Johnson Rice & Company L.L.C.: I wanted to ask about your share buybacks. I think I understand what you're trying to indicate about the confidence in your cash flows from the midstream deals, but I'm wondering. Can you elaborate more on what are the other pieces of your thought process as you're going to evaluate your future stock buybacks? Dan O. Dinges - Cabot Oil & Gas Corp.: Yes, I'll let Scott. Scott loves handling all the money and makes these money calls. Scott C. Schroeder - Cabot Oil & Gas Corp.: Thanks, Charles. Again, when you look back at our history, even the last 10 years, we've been in and out of the market at various points based on our level of cash and things like that. At the end of the day, it is an opportunistic buyback. We've had authorization for a long period of time. Our authorization now is down to about 7 million shares when it was split adjusted. That means we've bought in about 13 million shares in our history in the last 10 years. But again, it is simply the fact that when we internally see a disconnect with what we know what's going on versus the marketplace – and we have no delusions. We understand the market is efficient, but at times there is those disconnects, and we saw that in the second quarter. And we want to send a message, so we're using some of that free cash flow rather than just let it sit on our balance sheet to…

And our next question today comes from Doug Leggate of Bank of America Merrill Lynch. Please go ahead. Dan O. Dinges - Cabot Oil & Gas Corp.: Hey, Doug.

Good morning. This is John. Nope, this is not Doug. This is John Abbott calling in on behalf of Doug. Dan O. Dinges - Cabot Oil & Gas Corp.: Hey, John.

How are you doing? Just a couple of quick questions on our side. First, how are you thinking about the ramp, your ramp into Atlantic Sunrise? Are you thinking about growing aggressively into that or taking volumes potentially that are constrained elsewhere and moving it over? And second with regards to the Pennsylvania permits, what benchmark should we be looking there in order to see that if they get finished? I mean, you're expecting it here shortly, but what else needs to be done? Dan O. Dinges - Cabot Oil & Gas Corp.: Thank you. I'll give the second part of that to Jeff, but on the Atlantic Sunrise growth, we've kind of been clear on the ramp is not going to be instantaneously incremental. We are going to shift volumes out of the basin where we've had punitive differentials. We think with that shift that we should see as we expect a narrowing of that differential in basin, which would affect positively the gas that we do continue to produce in basin, and then we will continue to grow the volumes incrementally into the new capacity that Sunrise affords us. So it won't be instantaneous, but we certainly are planning our 2018 program as we're preparing to present to our board in October an increased capital program for 2018 that would allow us to grow our production in the 15% to 25% range as we have outlined.

Appreciate that. And then with regards to the Pennsylvania permits? What's left there for that to be done? Jeffrey W. Hutton - Cabot Oil & Gas Corp.: Okay, John. Yes, we have two outstanding permits that are commonly known as the Section 102 and Section 105 permits. You're probably aware that the Pennsylvania DEP went out for public comments back in May on these two permits. That was closed late June. There were several thousand comments submitted and quite frankly a lot of them were positive. And right now the DEP is sorting through those comments, preparing answers and finalizing last-minute data request from questions that may have come up during that comment period. So we're expecting going forward that these permits are just getting the final touches to them, so to speak. And they'll be out the door here mid to late August.

I appreciate it. Thank you. Dan O. Dinges - Cabot Oil & Gas Corp.: Thanks, John.

And our next question comes from Brian Singer of Goldman Sachs. Please go ahead. Brian Singer - Goldman Sachs & Co.: Thank you, good morning. Dan O. Dinges - Cabot Oil & Gas Corp.: Hey, Brian. Brian Singer - Goldman Sachs & Co.: Dan, in the past you've indicated interest in maintaining some level of diversification in the portfolio even if modest with the Eagle Ford representing that place in the portfolio today. With the focus understandably on returning cash to shareholders even ahead of Eagle Ford drilling, are you now more comfortable with the asset base being even more levered to Northeast PA, and if so, are there changes that are increasing your long-term confidence in any growth from the region beyond a couple of pipelines and power plants that you've spoken about today? Dan O. Dinges - Cabot Oil & Gas Corp.: Well, as we get closer to the realization that we will be able to start construction on infrastructure and move significant volumes, not only in the pipelines up there, but I think there's other projects that would be supportive of the differentials and realizations – and improve the realizations that we've seen in the past. As we go through that process and we get shovels in the ground, absolutely we're incrementally more comfortable about not only our growth horizon, but also our ability to return even more free cash to our coffer by virtue of the growth and improved differentials. There's still a look at the two exploration programs that we feel like if successful could return significant value for our shareholders. And we're going to vet those through the data gathering process that I have outlined. Going out and looking out in the Northeast and looking at the power plant projects, looking at the Atlantic…

And our next question comes from Bob Morris with Citi. Please go ahead. Dan O. Dinges - Cabot Oil & Gas Corp.: Hello, Bob. You must be on mute.

Hello, Mr. Morris? Okay, we will go to the next question, which is from Jeffrey Campbell of Tuohy Brothers. Please go ahead.

Good morning. Dan O. Dinges - Cabot Oil & Gas Corp.: Good morning, Jeffrey.

I think my first question is probably a Jeff one. Recently, it looks like New Jersey is trying to imitate New York with the recent PennEast permit denial. I was just wondering if Jeff could give me his take on whether or not he thinks this is particularly significant at this point in the development of PennEast. Jeffrey W. Hutton - Cabot Oil & Gas Corp.: Sure, Jeffrey. So as a shipper on that project, we do communicate quite a bit with the operator and the other partners. The New Jersey denial was not unexpected. They realized that there was insufficient data that was necessary and required. And quite frankly they were moving toward that end when we lost the FERC quorum. As you know, PennEast is still pending their certificate. But in this law, I guess what I understand is they move more toward the complete application at this point, and it will get a second look.

Okay, great, thank you. And then just – I just want to make sure that I wasn't confused. Did you say that you're going to drill five total exploratory wells second half or is there going to be five in each one of these two exploratory areas that you've referred to? Dan O. Dinges - Cabot Oil & Gas Corp.: Two different things. One we're going to plan within our $125 million budget to drill five exploratory wells in the second half. My comment on having five wells in each prospect was just an example that says that ideally I would like to have before we make full disclosure, full release, I would like to have that level of detail to be able to lay out and give the shareholder the confidence that we have really vetted these projects as opposed to coming out with just a little bit of information that would be maybe somewhat more speculative or not having any type of term to a test except for in one area or two areas or something like that. I'd like to be able to see a little bit more information before we would make any release. I understand entirely though, as we get pushed to release information, that we'll do our best to accommodate those requests without giving away too much information and without speculating too much.

Okay. And with that color that you just provided, I'm just wondering. The five wells that you're going to drill, are you going to do some preliminary exploration in both of the plays or are you concentrating the five wells in one of them at this time? Dan O. Dinges - Cabot Oil & Gas Corp.: No, we are right now have – we have four wells in one area and the four wells that we have in the one area is the area that we had less subsurface control points to be able to mature our concept. And so we're gathering additional data there. One well in the other area, in this other area, we had and have more subsurface information and we have more information to mature our concept up front in that area, but the drilling of the well would assist us in proof of concept on some of our ideas.

Okay, that's very helpful. Thank you, I appreciate it. Dan O. Dinges - Cabot Oil & Gas Corp.: Yes.

And our next question today comes from Holly Stewart of Scotia Howard Weil. Please go ahead.

Good morning, gentlemen. Dan O. Dinges - Cabot Oil & Gas Corp.: Hi, Holly.

Maybe first one for Scott just on uses of capital. Just how are you thinking about f balancing the buyback versus the 2018 maturity? Scott C. Schroeder - Cabot Oil & Gas Corp.: I think it's definitely not with our financial position an either/or. As you know, we have a fully undrawn revolver of $1.7 billion. So worst case scenario, if we saw an opportunity to use a disproportionate share of the free cash plus what's on our balance sheet, being opportunistic, buying in shares, we would follow through on that opportunity and not worry about that we need to hold some of that in reserve for the 2018 maturity. The 2018 maturity does go current, so you'll see it as current actually this month. Most of it does, so you'll see it in current in the third quarter 10-Q. As many of you know, Cabot is unrated by design over the years. One of the things we're going to explore is a refinancing strategy on that where we actually go to the public markets and get some indications from the agencies. We haven't been hurt by not being rated. At the same time, the size of the company we are and where we're at in our life cycle, it's probably time to explore that option. So that will also be taking place over the next probably six to eight to 10 months.

Okay, so help me with that. If you were not considered investment-grade, don't you have to post LCs for the pipes? Scott C. Schroeder - Cabot Oil & Gas Corp.: No, because we have a longstanding track record and we are investment-grade in the private placement market, and we've worked through all those hurdles over the years.

Okay, great. And then maybe one just for Jeff on Constitution, given what we've seen with Millennium and Northern Access here as of late, any insights into the appeal or maybe how you're thinking about the future paths to take going forward? Jeffrey W. Hutton - Cabot Oil & Gas Corp.: Sure, Holly. Of course, not just with Millennium and also with National Fuel, I hesitate to use the word the plot thickens, it may be appropriate. Regarding the Constitution and our appeal, we're on that tail end of the time period where we expect the Second Circuit to give us a ruling, so that's getting close. It is a complicated case, so it may not be right around the corner, but our expectations are that we'll see something out of the courts fairly soon. I think the bottom line on the Millennium case was punting back authority levels to the FERC is obviously a very good thing, and we'll see how that plays out. It probably has a shorter duration to play out in the next few months as we see what the DEC actually does with that permit application here soon. And then National Fuel, of course, has such a similar set of facts that we have with Constitution and their plight with the sure pipeline and will be a New York-based company and the job creations and all of the good things that that new pipeline does is again very similar to Constitution, and we expect some clarity on just how we're going to be able to operate in New York.

Great, thanks, guys. Dan O. Dinges - Cabot Oil & Gas Corp.: Thanks, Holly.

And our next question comes from Drew Venker of Morgan Stanley. Please go ahead. Drew E. Venker - Morgan Stanley & Co. LLC: Good morning, everyone. Dan O. Dinges - Cabot Oil & Gas Corp.: Hey, Drew. Drew E. Venker - Morgan Stanley & Co. LLC: Hi, Dan. I was hoping you'd speak to how this exploration program might play into your decisions around plans to accelerate return of cash to shareholders and how you envision the timing because obviously results are difficult to predict, as you had noted, and you might want to engage in a lot more testing before making a call to go to development mode or you might be disappointed and decide to cool down the program. So maybe can you just speak to that? Dan O. Dinges - Cabot Oil & Gas Corp.: Yes, I can make it a short answer or a long answer. I'll try to get it in between. But our idea is to always improve our lie and to improve our capital efficiency. We believe that the best areas to allocate capital are in core areas. And I would define core areas as like our Marcellus. And there probably are several other maybe very core areas in the oil areas that would allow capital to be allocated, returns that would generate not only growth but also free cash. Our objective is to try to improve our lie over any areas like our Eagle Ford that I do not – it's a good asset, certainly running even at these lower threshold commodity prices, our weighted average cost of capital. But I don't believe a company survives on just drilling areas that have a return profile based on the weighted cost of capital. So our objective would be to improve our lie and…

And our next question comes from David Deckelbaum of KeyBanc. Please go ahead.

Good morning, Dan. Thanks for taking everyone's questions today. Dan O. Dinges - Cabot Oil & Gas Corp.: You bet, David.

Could you elaborate a little bit more on the pilot program that you have in the Eagle Ford to reduce well costs? Is that a function that you've tried some enhanced completions there and you're looking at some tweaks on just optimizing that cost down that perhaps you maybe use a bit too much services on these wells, or is it – how are you guys thinking about balancing that and what's that pilot program really looking at? Dan O. Dinges - Cabot Oil & Gas Corp.: Yes, good question, David. I'll let Steve Lindeman field that question. Steven W. Lindeman - Cabot Oil & Gas Corp.: David, throughout the year, we've done a number of things again as we released, we've been working to drive our drilling costs by drilling longer laterals. In this quarter, we completed lateral lengths up to 12,000 feet. And in addition to longer laterals, we've been doing some cluster spacing testing, some diverter testing. And those are the kind of results that we're digesting right now. We've also upped our sand volume, which is one of the things of late that have increased completion costs. And so as we get more production data in on this population of wells, we're going to look at what combination or how we can optimize that to increase the return, whether we decrease sand, whether we adjust our clusters or look at what lateral lengths we might go to. So those are all the knobs that we're working out right now.

Okay. And is that just a function of the longer cleanup times just might cannibalize some of the returns there, just with the larger sand volumes? Steven W. Lindeman - Cabot Oil & Gas Corp.: Yes, clearly, what we're trying to do from a return perspective is up the initial rate, but obviously our long-term goal is to increase reserves from each well. And we're happy with what we're seeing in terms of the reserve profile, that we're seeing a flatter decline. But with the additional water that's being applied, and maybe it's a function of the additional clusters so that water is staying nearer to the well bore, it's just taking us longer to (48:25).

That's all helpful color. And the last one for me, Dan, is, I think recently you kind of discussed the sensitivity around the Eagle Ford program and sounds like the back half of the year, you said that capital is locked in for the leasehold. As you get into 2018, is the Eagle Ford program – are you at a decision point really that's sensitive to commodity price as to whether you want to sell this asset or sort of continue in a single rig sort of development mode? And is that price point closer to $50 or... Dan O. Dinges - Cabot Oil & Gas Corp.: Yes, at the level that we're in right now for oil commodity prices, what we've been doing with the capital allocation and the decision point to allocate capital to the Eagle Ford has been really based on lease obligations and maintaining our commitment and not losing any of the optionality that we would have in the future. And certainly in the event that we do get improvements in the commodity price that either way, whether we decide to allocate additional capital to it or if we decide to monetize, in either case, we want to maintain and keep all of our optionality. And so the pinch point is what kind of lease requirements that we need to complete to maintain that leasehold position. So when you look at our entire program, we're running dual tracks here. We're looking at our return profile with every dollar we spend and I understand the angst with shareholders on why you're allocating money to a project that is not returning the superior returns that maybe a Marcellus would? But again there's a lot of capital in the industry being allocated, that don't return what the Marcellus does. And I think though that when we move forward with our exploratory projects, we do increase our optionality with infrastructure buildout. It gives us the ability to be a little bit more aggressive, if you will, in the decisions we make on where we want to allocate, how we want to allocate, what we want to monetize, and do we have some other options to maybe create additional new venture projects that meet a threshold definition as we would say as a core asset for us. So we are really running some dual tracks right now and still trying to maintain our acreage position in the Eagle Ford. And the team has done a great job that has allowed us to again continue to get the returns we want, but everybody is wanting to have a program that would generate greater returns than the cost of capital.

Understood. Good luck with all the permits this summer. Thanks, Dan. Dan O. Dinges - Cabot Oil & Gas Corp.: Yes, thanks, David.

And today's next question comes from Mike Kelly of Seaport Global. Please go ahead.

Thanks, good morning. Was hoping to just probe a little bit more into really the hurdle rate or threshold rate you're going to judge these new venture plays against. And if you could give us kind of a ballpark project return that really will improve your lie or generate growth in free cash flow. I know you've laid out the Eagle Ford as 45% project return at $50. The Marcellus is 120% at $2. I would imagine it's somewhere in between there. But what's kind of your ballpark rule of thumb or what's acceptable to you? Dan O. Dinges - Cabot Oil & Gas Corp.: Yes, Mike, I'm not going to get down that granular. We have described exactly what you just laid out, that we're looking to improve our lie. We're looking to be able to find projects that would enhance the shareholders' value. And we think that from an Eagle Ford position-type asset, I don't consider that level of return as core. I do define our Marcellus that you laid out as core and we're just trying to again improve our efficiency and look at a project that would allow us to do what I've said in the past and that's be able to grow the asset and generate free cash. So you're going to be in a good return ZIP Code if you're able to accomplish that.

Okay, great, fair enough. And just a follow-up from me. Just wondering if I'm making the right read here, read between the lines with the share repurchase. There's really kind of a sign that your confidence in receiving the final permits in Atlantic Sunrise has really only increased over the last quarter and remains pretty high. Dan O. Dinges - Cabot Oil & Gas Corp.: Well, it's two things. One, that we had available cash. It came out of the third quarter of 2016, fourth quarter of 2016. And then the first quarter of 2017, we saw how significantly the differentials narrowed. And we saw under a more normal condition what our project would generate in free cash with realizations in the range that we realized for the first half of this year. So a combination of again seeing good realizations that we hadn't seen in maybe three years come to fruition, but also to your point getting closer to the approval process and narrowing down on the commissioning of these infrastructures. Both of those gave us the confidence to not only increase our dividend by 150% but also to do the share repurchases that we've made. And Scott's point was made about we have a reauthorization still of 7 million shares. And yes, we're going to be opportunistic, but we also feel very confident of our future generation of free cash. And that is instrumental in our decisions to move forward with the share repurchases.

Okay. Great, guys, appreciate it. Dan O. Dinges - Cabot Oil & Gas Corp.: Thanks, Mike.

And our next question today comes from Paul Grigel of Macquarie. Please go ahead. Paul Grigel - Macquarie Capital (USA), Inc.: Hi, good morning, guys. Just one last follow-up on the shareholder-friendly activities. With the high levels of expected free cash flow, if you don't deem the exploration program as a large use of capital, will the shareholder-friendly activities be all in the form of buybacks, a special dividend or yearly dividend increase? Trying to understand where the thought process is moving forward on that one? Dan O. Dinges - Cabot Oil & Gas Corp.: Well, we have two of the three we've already implemented, and those two, one, increased dividend and, two, the buyback. Special dividends, you could look at special dividends, but what we like to see, we like to see every shareholder in our stock and we like to see every shareholder hold our stock for a period of time and enjoy the ride up. And by having a consistent dividend yield and increasing maybe dividend policy and also buybacks I think the higher priority focus is then trying to suggest that we would be issuing special dividends. Paul Grigel - Macquarie Capital (USA), Inc.: Fair enough. And then on the operational front, could you provide any additional color on the compressor downtime into 3Q, location or risks that it may extend into September? And then tangentially to that, any comments on either service cost inflation or availability within the Marcellus that you're seeing? Dan O. Dinges - Cabot Oil & Gas Corp.: Okay. I'll let Jeff take care of the compressor comment first. Jeffrey W. Hutton - Cabot Oil & Gas Corp.: Sure, Paul. We got notified by DTE, who owns and operates Bluestone Pipeline, which cuts through the core of Susquehanna County in our area.…

And our next question comes from Karl Chalabala of Stifel. Please go ahead. Karl J. Chalabala - Stifel, Nicolaus & Co., Inc.: Good morning, gentlemen. I just have one question. I was curious if you could – because Cove Point has been commissioned and looks to be taking some peak gas here. You guys obviously are a big supplier of that gas at Sumitomo. Are you going to be able to get physical down or through some other backhaul arrangement before Sunrise comes online and capture any margin there, or will that gas be coming from somewhere else? Dan O. Dinges - Cabot Oil & Gas Corp.: Jeff can handle that one too. Jeffrey W. Hutton - Cabot Oil & Gas Corp.: Yes, Karl, thanks for the question. We talk about this quite a bit and preparing for a good little while now since we've known that Sunrise is going to be slightly delayed on what is the best path on getting Susquehanna County gas down to the Cove Point Pipeline. We currently own existing capacity to get some of that gas down to the Cove Point Pipeline. We're contracting with a few others that have paths leaving Susquehanna County to get additional volumes down to Cove Point. We have some other options with capacity holders that have valid paths, our gathering systems that run past the Cove Point Pipeline, so we're working out arrangements with them as we speak. We're looking at this from a variety of angles. For example, we're still not entirely sure when Cove Point will be up and running. We're taking on the best case that they'll be up in January, which fits us rather nicely. And I don't think we'll have any problem contracting for various paths and cobble together enough transportation options to get our gas down to the pipeline. Karl J. Chalabala - Stifel, Nicolaus & Co., Inc.: Thanks for that, Jeff. And can you remind me, please, the agreement on price for that? Would that be a NYMEX Light deduct on the FT cost? Jeffrey W. Hutton - Cabot Oil & Gas Corp.: Yes, so reaching way back to when we press released the deal, we let everyone know that it was a Henry Hub-based price that had other opportunities associated with it. Due to the confidentiality with Sumitomo, we've hesitated and not disclosed any particulars about the pricing. Karl J. Chalabala - Stifel, Nicolaus & Co., Inc.: Got it, okay. Thank you, gentlemen. Dan O. Dinges - Cabot Oil & Gas Corp.: Thanks, Karl.

And our next question comes from Bob Morris with Citi. Please go ahead.

Thanks. I think you called me earlier, Dan, I had to step away, so I apologize if you did call me earlier. But just looking at the Gen 4 completions, which you pointed out are outperforming the 4.4 Bcf per 1,000-foot type curve, I recall that in going to Gen 4 from Gen 3, it was a combination of enhanced cluster spacing, some higher sand loading, some tweaks to the pumping system there. But if you look at the economics of that and the higher cost to put in a higher sand in particular in the tighter cluster spacing, how much of an uplift are you seeing in the actual economics given that higher cost for what is now that higher type curve? Dan O. Dinges - Cabot Oil & Gas Corp.: As far as the 4.4 Bcf increase over the Gen 3 or even looking at now our current type curve, I'm going to do a SWAG here and I'll probably get slapped back, but I think it's about 10% to 15% is the uplift I think we're seeing.

And then, I guess similarly in the Eagle Ford, I know you didn't put out the type curves because it's taken longer for the longer laterals to clean up, there you'd gone from 1,600 pounds per foot to 2,000 pounds per foot. Similarly, is that providing enhanced economics and you then go to even higher sand loadings, or what are you seeing as far as optimizing the sand loading into Eagle Ford? Dan O. Dinges - Cabot Oil & Gas Corp.: We've had a little bit of discussion, Bob, on additional loading, cluster spacing. Steve went over, and looking at our flow-back periods with the longer laterals, more water pump to carry extra load and more clusters, we're looking at the tweaks. And as Steve mentioned, if you have more water around near well bore, more loading you push back some of the volumes back until they work their way back to the well bore. Initially, certainly the rate it comes back does affect the rate of return, and so we're at early, early stage trying to evaluate just exactly what is going to be the best recipe to get the most return out of the project without compromising the EUR and cost. So it's still early and it's work in progress and all the data gathering and database that we're building, trying to build our Big Data platform as others are. We are going to be looking at it and utilizing the data to make decisions in the future.

And then just lastly real quick, back to the Gen 5 completion, is that strictly just reducing cost, or does Gen 5 in the Marcellus also entail some greater sand loading or even tighter cluster spacing? Dan O. Dinges - Cabot Oil & Gas Corp.: It's just different. And yes, we are trying to do a little bit of both. We're trying to see what cost can be taken out by different completion, and we're trying to make a determination, does it also affect initial rates and EURs on the completions. Too early time to speculate where we are with that.

Okay. Great, thank you, Dan. Dan O. Dinges - Cabot Oil & Gas Corp.: Thanks, Bob.

And today's final question comes from Marshall Carver of Heikkinen Energy Advisors. Please go ahead.

Yes, I was just trying to connect the dots here. Your comments that you're looking for core rates of return with your exploration program similar to the Marcellus, that just seems like almost an impossibly high hurdle. If it doesn't compete, would you expect to sell it and therefore you probably would sell it because it's hard to find anything that could possibly compete, or am I thinking about that wrong? It just seems like 100% rates of return are a really, really tough bar to clear. Dan O. Dinges - Cabot Oil & Gas Corp.: Marshall, I don't put the core definition as only what our return is in the Marcellus. There are some areas out there that I think have what I would define as core returns that might not be the returns of the Marcellus, but they're returns, if that was where you were strictly focused would allow for, even though less returns than the Marcellus, would still allow for growth and return of free cash, and that is somewhere in between, which I have not defined, between our Eagle Ford and our Marcellus. So there is a swap in between there, obviously on the upper end, that says yes, these would be core projects, and you're right in your assessment. How you define a core and looking at the number of companies that are able to spend the money, drill the wells, complete them, put them in the pipeline, grow double digits, and generate free cash and give free cash back to shareholders, there's not many that fall in that definition, but that definition is I think somewhat below what our Marcellus return is, but it is a very, very high bar to get to, and that's what we're trying to do. We recognize that if…

Thank you.

And this concludes the question-and-answer session. I would like to turn the conference back over to the management team for any final remarks. Dan O. Dinges - Cabot Oil & Gas Corp.: Okay. Thank you, Rocco. I think with the questions that have been asked and the answers provided, you can see that we remain focused on returns. We are going to continue to focus on returns. And with the right projects where we allocate capital, we think we're going to be able to achieve exactly what we've been able to achieve in the second quarter. Thanks for your interest, and I look forward to discussion again on the third quarter call. Thank you.

And thank you, sir. Today's conference has now concluded. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.