Good morning. My name is Jennifer, and I will be your conference operator today. At this time, I would like to welcome everyone to the Enterprise Products Partners Third Quarter 2015 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. And I will now turn the call over to Randy Burkhalter. Sir, you may begin.

Thank you, Jennifer. Good morning, everyone, and welcome to the Enterprise Products Partners third quarter 2015 earnings conference call. Our speakers today will be Mike Creel, Chief Executive Officer of Enterprise's General Partner; followed by Jim Teague, Chief Operating Officer; and then Bryan Bulawa, Chief Financial Officer. Other members of our senior management team are also in attendance for the call today, including Randy Fowler, Chief Administrative Officer, who is calling in from the road. During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934 based on the beliefs of the company as well as assumptions made by, and information currently available to, Enterprise's management team. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Please refer to our latest filings with the SEC for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call. And with that, I'll turn the call over to Mike. Michael A. Creel - Chief Executive Officer & Director: Thanks, Randy. While we reported a solid third quarter financial results again this quarter, our performance might lead some people to believe we're boring and predictable, while others might say we are tons of consistent and produce good results because our business model, which has withstood the test of time, actually works. Key components of our model include a simple company structure, a low cost of capital with no GB (1:56) IDRs, a supportive general partner, distributable cash flow growth driven by a portfolio of integrated assets with strong distribution coverage and a prudent use of financial leverage. Our willingness to sell non-core assets and…

Thank you, Mike. Jennifer, we are ready to take questions from our listeners now.

Our first question comes from Brandon Blossman with Tudor, Pickering, Holt. Brandon Blossman - Tudor, Pickering, Holt & Co. Securities, Inc.: Good morning, everyone. Michael A. Creel - Chief Executive Officer & Director: Good morning. Brandon Blossman - Tudor, Pickering, Holt & Co. Securities, Inc.: I guess first question, LPG throughput, as you bring on incremental capacity here in the fourth quarter, any thoughts on the actual volumes that move against those contracted rates and I guess probably more pointedly, where are those volumes going to come from on an incremental basis?

Is he talking about export? Michael A. Creel - Chief Executive Officer & Director: Brandon, are you talking about exports? Brandon Blossman - Tudor, Pickering, Holt & Co. Securities, Inc.: Yes, LPG exports. A. James Teague - Chief Operating Officer, Director & Executive VP: Yes, well, when it comes on, it's full. It needs to come on, on time, or we are over pool. We expect to have those going up and running mid-December, Al, Graham? And it's fully contracted next year. Where will it come from? Well, we've got about 700,000 barrels a day of fractionation capacity in Mont Belvieu that we can supply all the low ethane, propane, export quality LPG that we have the ability to do it internally, so we're not worried on storage. We got one heck of a lot of storage. Al, you want to add something? Albert A. Martinez - Senior Vice President-NGL Marketing & Supply: Almost a hundred million barrels of propane in inventory. A. James Teague - Chief Operating Officer, Director & Executive VP: By the way, we don't have a hundred million barrels. Brandon Blossman - Tudor, Pickering, Holt & Co. Securities, Inc.: Good to know. All right, so you expect to see some drawdowns of inventory over the next 12 months, understood. Perhaps related a little bit, any incremental thoughts around, or conversations around Centennial as a project? A. James Teague - Chief Operating Officer, Director & Executive VP: Yes, we continue to work with our partner, Marathon, Centennial, I think, their recent announcement on the combination of them and MarkWest and MarkWest position in the Marcellus, there might be some light at the end of the tunnel on – I think we've been fairly public about this, about putting that thing in NGL service coming back to the Gulf Coast. That light at the end of the tunnel might be a breakthrough, I am not sure, but I think we are beginning to see some things that we might be able to sink our teeth into. Brandon Blossman - Tudor, Pickering, Holt & Co. Securities, Inc.: Okay. I guess that's an interesting teaser. And then just on the capital side, any interest or willingness to comment on why no issuances under ATM during the quarter, I think it's probably obvious but just would like to hear your thoughts there. Bryan F. Bulawa - Chief Financial Officer & Senior Vice President: Brandon, this is Bryan. As we mentioned in the second quarter call, with the sale of the offshore business really eliminated the need to go to the equity markets for the remaining part of 2015. Brandon Blossman - Tudor, Pickering, Holt & Co. Securities, Inc.: Okay, fair enough. All right, thank you, guys.

Your next question is from Michael Philips from Clarkson (27:34).

Morning, everybody.

Good morning.

Mike, congrats on your tenure and accomplishments there and thanks for putting up with us all these years. Michael A. Creel - Chief Executive Officer & Director: Jim has a way of exaggerating, by the way.

A couple of questions on the NGL segment. Processing and NGL marketing margins are off pretty significantly over the past 12 months, down around 30%, can you break that down on a fee-based component versus commodity exposure on the NGL marketing and kind of where do you see these margins stabilizing? A. James Teague - Chief Operating Officer, Director & Executive VP: Do you want to talk about how we operate the plants using our variable?

Yes, so, we operate plants looking at variable cost of transportation and fractionation to recover additional ethane, doesn't cost you more in the plants. Our variable cost as far as transportation and fractionation is very, very low. So, we tend to recover a lot more ethane in those times that kind of puts some burden back on the plants that they have to eat to subsidize the downstream so to speak, so I think that maybe would do. A. James Teague - Chief Operating Officer, Director & Executive VP: Yes, and it kind of goes to the comments that I made earlier. At Enterprise, our people don't really care where the money is made. So, if you're looking at value chain economics and across the value chain from the pipeline to the frac to the storage, you can afford to recover ethane because you're making money relative to your variable cost. You're going to do that, but the hit's going to go against the processing plant.

Correct. A. James Teague - Chief Operating Officer, Director & Executive VP: So, that's why – so the processing plant is effectively subsidized in the value chain.

Okay, so the process... A. James Teague - Chief Operating Officer, Director & Executive VP: Oh, it's called teamwork.

Okay, so I mean is that part of the reason that fractionation margins have held up better than processing margins?

Absolutely.

Okay. And related to that, I mean over the past year or so, propane production overall in the States has sort of flattened out and roll here a bit recently, I mean, has anything changed with your long-term view with regards to NGL production and obviously the gas price isn't doing anyone any favors. I mean do you see this in the future weighing on NGL volumes on your system?

Michael, this is Tony. We're in the process of redoing our forecast, we'll be publishing in the first quarter but I'll tell you that surprising to many as we look at the numbers, we don't see NGL production coming off a whole lot. And the other thing I think that supports that here of late is really, really low natural gas prices. So producers are still incented to drill rich natural gas versus dry at this point.

Okay, great. Thanks for the color. That's all I have.

And your next question comes from Sunil Sibal with Seaport Global Securities.

Hi, good morning, guys, and congratulations on a good solid quarter. So a couple of questions for me, first in terms of the project backlog, I was just kind of curious in this current commodity price environment what kind of opportunities you're seeing specifically say in Eagle Ford? And also if you could remind us your crude pipeline from Midland to Houston, how much of that is currently contracted? Michael A. Creel - Chief Executive Officer & Director: I'll take the first part of that. With respect to our backlog of $7.8 billion that we have under construction, it has already been announced and disclosed so that is easy to see. The other project opportunities that are not yet fully baked, we don't disclose those until they are, but you can look at our track record over the last five years or go back however far you want, we see a lot of opportunities in this environment just as we have in other periods where markets have been disrupted. A. James Teague - Chief Operating Officer, Director & Executive VP: Yes, on this Midland to Houston pipeline, I think we've got just over 200,000 barrels a day and we're working with four customers and I have said publicly before that when that time comes up, I expect we'll have between 300,000 barrels and 350,000 barrels a day flowing.

Okay, that's helpful. And then, just one housekeeping for me. Seems like your distribution from unconsolidated affiliates during the third quarter was off a little bit, anything which drove that in the third quarter?

Sunil, this is Randy Burkhalter. No, I'm not aware of anything like that, but I will tell you what, we will check that and I'll get back to you offline. But, I'm not aware of any material differences. Bryan F. Bulawa - Chief Financial Officer & Senior Vice President: Randy, the only (32:37).

Well, okay, okay, that's true (32:41) okay, thanks.

So, basically the offshore assets that you sold...

Yes.

...that impacted that dynamic?

Right, Right, Cameron Highway, Poseidon, some other joint ventures that we have, were part of those assets that we sold.

Okay, that's all I had. Thanks, guys.

Your next question comes from Kristina Kazarian with Deutsche Bank.

Morning, guys. So, you guys alluded earlier in the call to ample M&A opportunities in 2016 and I know you had a really active last 12 months; maybe you can provide some sort of color on how we all should be thinking about this magnitude and pace similar to the last 12 months, just color on your general appetite would be great?

...question. Michael A. Creel - Chief Executive Officer & Director: Yes, I am sorry, Kristina, you are asking about CapEx, growth CapEx for 2016?

No, I said M&A opportunities in 2016. Michael A. Creel - Chief Executive Officer & Director: M&A?

Yes. Michael A. Creel - Chief Executive Officer & Director: If we haven't announced it, we're not going to talk about it today. There is nothing huge that we're looking at, we look at opportunities that come around and there is a lot of them floating around out there, I couldn't tell you whether any of them are actionable or not. Even if they are, I can't imagine that there is anything that's significant, but who knows what unfolds. Sometimes these things move pretty quickly, but for us it has to be something that fits our system, it has to be at a price that makes sense and if there is a crowded field with a lot of people that don't have other alternatives, they are probably going to get the deal.

Yes, so when I just think about magnitude and pace versus the last 12 months, which were very, very active, similar opportunity set, greater? Michael A. Creel - Chief Executive Officer & Director: The last couple of deals that we have done were very unique. If you look at Oiltanking or you look at the Eagle Ford Shale assets, those were assets that don't come around every day. And so if you look at our acquisitions over the last 15 years, they tend to be fairly lumpy and they are assets that are very attractive to us coming around at prices that make sense. I wouldn't place high odds on that happening in 2016. A. James Teague - Chief Operating Officer, Director & Executive VP: And they have to be strategic. Michael A. Creel - Chief Executive Officer & Director: Yes, and Jim says they have to be strategic. We don't just buy things to get big.

Great. And then you guys have a really attractive coverage at 1.3 times for the quarter. Given the tighter capital markets that a lot of people talk about, can I just get your thoughts on longer-term coverage levels? What you guys are just thinking here looking at your business from a PE (35:09) based perspective and thinking about how investors should be thinking about volatility in this number and what longer-term rates might look like? Michael A. Creel - Chief Executive Officer & Director: Yes, let me start off and then I'll turn it over to Bryan, but if you look at what we've said about distribution coverage over the last eight years, nine years, we tend to deliver the same message. And when times are good and everything is working for all the MLPs and most MLPs are floating around at 1 times coverage, we get the question why don't we lower our coverage and distribute more cash flows. In times like this, investors say, you know, it makes sense for MLPs to retain more cash flow, it takes the pressure off the equity markets and now people seem to be drifting more towards our model which has been very consistent over time. So there is one thing about it is we're consistent. Bryan F. Bulawa - Chief Financial Officer & Senior Vice President: Yes, I don't know, I don't have much to add to what Mike said. I think what you will see is that as Mike had made in his prepared comments as far as being more appreciated for having that coverage and actually having a solid balance sheet and not actually facing the same pressures that are probably hitting the headlines of recent. We're not really facing those same headwinds given our leverage and our higher, much higher investment grade relative to much of the headlines that have been out there.

All right. And last one for me, guys. I know you guys participated in the IRS hearings down in D.C. earlier this week. They seemed positive-receptive to me but I would love your thoughts and potential impact for EPD? Michael A. Creel - Chief Executive Officer & Director: I think the – it is kind of a wild card what the IRS does; I think from our standpoint, we're pretty comfortable with our position. We think there have been some proposals that have been floated that make absolutely no sense and I think that the testimony in Washington is showing the problems with that. Certainly to the extent that the IRS has expanded the scope of qualifying income over time, they may be trying to change that, but when they start trying to change the original legislation, that seems to be problematic. The end result is we don't think there is going to be any significant impact on us. But again, this is your government at work.

Sounds great, thanks, guys, nice job today.

And your next question is from Darren Horowitz with Raymond James. Darren C. Horowitz - Raymond James & Associates, Inc.: Morning, guys. Before I start, Mike, on behalf of Raymond James, just want to congratulate you on your accomplishments, helping EPD evolve to what it is today and we certainly wish you well. Jim, shifting gears over to you, I would like if we could go back to your comment on efficiencies and I'm thinking more about asset optimization efficiencies maybe through this quarter, into the first quarter and next year and I'm certainly not asking you to open up the playbook, but you're coming into your two seasonally strongest quarters, so theoretically you should get the benefit of a better seasonal arbitrage between normal and isobutane. So, hopefully we see a pick-up in butane Isome (38:12) sales and maybe the high-purity isobutylene sales continue hopefully at a bit better margin. But I think there is also or at least there should be pretty good opportunity for more refined product across your docks on the Ship Channel in Beaumont especially middle distillates side, I'd love your outlook there. A. James Teague - Chief Operating Officer, Director & Executive VP: Probably some of what we're looking at doing, I can't say on this call, Darren, but you're right about what's going on in our refined products exports over in Beaumont have, that dock we built before we acquired Oiltanking; that dock is now sold out and I guess – is RB (38:48) in here I guess for the next five years Bob (38:52), and we're tying in to our refined products pipeline system, we're tying that into the Oiltanking docks, we're building two docks there and we're already loading refined products at that dock. So, we see refined products as something…

Your next question comes from Ted Durbin with Goldman Sachs. Ted J. Durbin - Goldman Sachs & Co.: Thanks, and I did want to say to Mike, congratulations and best of luck on retirement. Michael A. Creel - Chief Executive Officer & Director: Thanks, Ted. Ted J. Durbin - Goldman Sachs & Co.: Just coming to the Eagle Ford acquisition, you mentioned the $41 million of gross margin there, I guess, can you just give us a little sense of, is that a good run rate here, I know we've talked about growing that, how much of that is just based on the minimum volume commitments you have or how much of that is actually filling up the plants and the pipes more? A. James Teague - Chief Operating Officer, Director & Executive VP: I'll take a shot. That does not include what we see as upside and upside being getting other producers other than Pioneer on those systems, and while we haven't signed any deals yet, we are pretty close with a couple. So, some of the upside we expect off that system is from other producers who wouldn't necessarily want to be on a producer system. Ted J. Durbin - Goldman Sachs & Co.: Where would you see utilizations running right now on that system? A. James Teague - Chief Operating Officer, Director & Executive VP: Phil, do you know?

We've moved a lot of spare capacity... A. James Teague - Chief Operating Officer, Director & Executive VP: Oh yes, we've got spare capacity, but it's – outside that it's running it, what we expected it to, given the production of Pioneer's production but we got capacity existing that we can go sign up other people. Michael A. Creel - Chief Executive Officer & Director: And, Ted, one of the things that we need to do, we made that acquisition in July. There's still some things we need to separate that business from Pioneer, and so there is some costs that we are incurring to build that out, but we think that those costs should be lower as we finish that separation and plug it into the Enterprise model. Ted J. Durbin - Goldman Sachs & Co.: Makes sense. And then just the only other from me was just the maintenance capital number I think, I heard it's now down to $300 million for the year, it feels like it's been trending lower all year, is this still sort of low point in the cycle as we look forward to 2016 and 2017's, we see that number tick up or is this a better runway to look forward with? Michael A. Creel - Chief Executive Officer & Director: Ted, I don't know if you heard, Graham, do you think that's probably current run rate, it is somewhat cyclical during the year, but it's probably not a bad place, part of it's weather-dependent, it depends on where we are. Ted J. Durbin - Goldman Sachs & Co.: All right, I will leave it at that, thanks.

Your next question comes from Faisel Khan with Citigroup.

Thanks, and, Mike, congratulations on your retirement. Our team here, at Citi, certainly appreciates your insight into the business over the years. Michael A. Creel - Chief Executive Officer & Director: Thanks, Faisel.

I was wondering if you guys could discuss sort of any change we have to your sort of outlook for the global LPG trade and sort of the vessels that are being delivered in order to satisfy your customer's need and move that volume off of your docks. Is the trade as good as it was in the second quarter, better or the same or worse? Albert A. Martinez - Senior Vice President-NGL Marketing & Supply: I'll just give you an update. Year-to-date in 2015, 24 new VLGCs have been delivered. There is nine left to be delivered in the fourth quarter of 2015. In 2016, there is an additional 48 VLGCs coming into the fleet and in 2017 an additional 21 VLGCs to support the LPG exports. A. James Teague - Chief Operating Officer, Director & Executive VP: So it's always – the arbitrage is always a function of our cost and shipping costs and shipping costs have been unbelievably high, what Al just quoted here, it's coming down. Albert A. Martinez - Senior Vice President-NGL Marketing & Supply: Let me in, to further that, in July 15 multigrade was around $137, Houston to Flushing around $100 a metric ton and Houston to the, into the Far East was $288 a metric ton. Today, the (45:18) is $73 a metric ton, Flushing, $59 a metric ton and into the Far East $143 a metric ton.

Okay, great. Albert A. Martinez - Senior Vice President-NGL Marketing & Supply: As Jim said they have come down significantly. A. James Teague - Chief Operating Officer, Director & Executive VP: They will come down further. Albert A. Martinez - Senior Vice President-NGL Marketing & Supply: Yes.

Okay, got you. Fair enough. And then on the gathering and processing side, this is the field level for your guys, can you talk about what you're seeing in terms of volumes? I know oil producers have come out and sort of talked about what they might see for next year in terms of potential declines. But if you could just sort of frame what you're seeing in the field versus what you guys have sort of laid out or thought at your Analyst Day earlier this year?

Look, we're seeing a little bit of a mixed bag, we get a lot of producers that we talk to that are hedged out through 2016 at some pretty reasonable prices, and we got others who aren't so far hedged out who're still seeing kind of a little bit of growth and will that turnover I think is yet to be seen, it's going to depend on what prices do.

Okay. Are you pretty much sort of in the ballpark of where you guys thought things would be sort of in the beginning of the year when you had your Analyst Meeting or is it things are getting a little worse, or I mean how has your outlook changed it at all if any?

I don't think it's changed very much to where we're at today. Going forward, I think still yet to be seen.

Okay, got you. And then where are total propane, I mean where is the capacity on the propane inventory side? I mean are we, I thought we've reached that level a while ago, but somehow the volumes sort of keep moving up, so... Michael A. Creel - Chief Executive Officer & Director: Well obviously we're approaching 100 million barrels as an industry stored. There is not an exact number but it's not why people were talking about it Cushing eight months ago that we're going to reach tank tops, markets see this is a massive number and propane is pricing itself accordingly to go. It's really that simple. It has to go; it's going. That makes sense?

Yes, no, it does. And then just going back to your previous comments on sort of, looking to work with your producer customers; so, I mean, have you seen – I mean, when would we sort of see this sort of moving, I guess would we, you guys have laid out obviously a capital budget over the next couple of years with a backlog, could we see sort of that backlog change sooner rather than later or is it too soon to say? Michael A. Creel - Chief Executive Officer & Director: Yes, Faisel, I think the projects that we have are pretty much on target. So, I think the outlook would really maybe affect things that we haven't announced yet that we're still working on.

Okay, but nothing for this year? Michael A. Creel - Chief Executive Officer & Director: No.

No.

Okay, got it. Thanks, guys. I appreciate the time.

And your next question comes from Michael Blum with Wells Fargo.

Thanks, and I echo everyone's sentiments, Mike, congrats and we will certainly miss you. Michael A. Creel - Chief Executive Officer & Director: Thanks, Mike.

Just following up on Faisel's question, maybe just, I don't – and I apologize if I missed it but do you have a sense of what 2016 growth CapEx is going to look like in rough numbers? Michael A. Creel - Chief Executive Officer & Director: I think we're somewhere in the $3.2 billion to $3.5 billion. Bryan F. Bulawa - Chief Financial Officer & Senior Vice President: That would be inclusive of sustaining capital.

Okay, got it. And then just, Bryan, back to your comments, you talked about maybe temporarily getting up to about 4.25 times on a debt to EBITDA basis and then trending back down to kind of your normalized range; can we just, I guess talk about any kind of sequence or timing that you can provide around that kind of quarterly or yearly basis? And then, are you – given what's going on in equity markets now and where your stock price is, are you thinking to lean a little heavier on the debt side versus equity in the near-term to fund some of those projects, just wanted to get your thinking on how you're financing growth in this type of market? Bryan F. Bulawa - Chief Financial Officer & Senior Vice President: Yes, Michael, this is really what I mentioned is really continuation of what we've been talking about is it began in the late stages of some of these large scale projects. You have a little bit of an elevated leverage level, however, it's consistent with what we actually laid out with the rating agencies earlier part of this year. As far as – we don't really talk about this and I know many others do but when we look at the pro forma of these projects that are fully contracted, then we're still in that range of the 3.5 times to 4 times and that's really what certainly the rating agencies are focused on, so that's where we are focused on as well. And so we look at the market to make sure that we're kind of keeping within that range and not pushing that level. So no, we are not really looking to lean on leverage. Michael A. Creel - Chief Executive Officer & Director: And, Mike, when you look at leverage just using the numbers that are in the earnings release, you tend to not see that we've got big projects that are coming online that have chewed up capital for a while. Once those come online, it takes a full 12 months for it to show up in the income statement or cash flow statement a full 12 months of cash flow, the rating agencies tend to look at it a little differently.

Okay, so just to be clear, when you were talking earlier about getting up to 4.25 times, that was on like just a straight trailing 12 months calculation and not with pro forma credit? Bryan F. Bulawa - Chief Financial Officer & Senior Vice President: That is correct.

Okay, got it. Thank you.

Your next question comes from Chris Sighinolfi with Jefferies.

Hey, good morning and, Mike, I echo all prior words of congratulations and appreciation. Just want to pivot quickly and, Jim, you had made comment on the export side, both ethane and LPG, about contract additions being added in the out years. And there was another question as to sort of where the volumes were potentially coming from. I guess two questions related as a follow-up to that and I don't know if this is for you or for Al, but broadly speaking what types of players are adding contracts in those out years and do you think that's something that's occurring broadly across the companies with export facilities now or is that something that you think is really unique to EPD? And then the second question is not where are the volumes of propane coming from, but more, where do you envision them going? What sort of regional or global end market do you think there is an area of incremental growth as you look at that market? Albert A. Martinez - Senior Vice President-NGL Marketing & Supply: Yes, this is Al, and I will sort of keep this as simple as possible. Looking at our customers, we have I will say close to 30 different export contracts in play on propane and butane in combinations. Most of our customers we align with and again, they're varying. We have consumers, trading companies but most of our customers are aligned with end use consumers and about 54% of the volume or over 50% of the volume that moves out of Enterprise, goes into the Americas into the Mexico, Caribbean, South American markets, for domestic consumption. We have the next largest percentage going into the Asian markets and it's somewhere a little bit north of 30% and then the balance going into Northwest Europe against both domestic and petrochemical demand. So, I would say a lot of our markets are going to, I mean, what we see with our exports are going directly to consumers, or aligned with consumers.

And now you have featured in your slide presentation those breakdown sort of end market deliveries for a couple of years now. Do you think broadly speaking that the breakdown is going to remain rather static or do you envision for example the Asian market taking more or are the Americas saturated yet or is there still a deep opportunity in Central South America, Caribbean and Mexico. Albert A. Martinez - Senior Vice President-NGL Marketing & Supply: We're seeing growth in those domestic markets for domestic consumption. I mean we're seeing the Asian market continually increase with the continuing development of their petrochemical demand.

Okay. A. James Teague - Chief Operating Officer, Director & Executive VP: We're signing contracts, we're close to one that's rather large with an Asian company but we're seeing more and more contracts signed with Asian companies, Al? Albert A. Martinez - Senior Vice President-NGL Marketing & Supply: Yes, sir.

And is the VLGC profile of delivery that you talked about, is that what's making people more comfortable in these foreign markets signing for supply or is it just the end market need that they are looking at or is it both? A. James Teague - Chief Operating Officer, Director & Executive VP: I think it's also they love the idea of diversifying their supply sources to the U.S. Gulf Coast when they are traditionally but where we have a price transparency traditionally they pulled out of the Middle East at a posted price which frankly was never predictable, I don't think, Al. I mean used to, they tied the posted crude oil and there was some predictability. I don't know that it is tied to anything now other than their view of supply and demand but what we see and I think we're seeing it on our condensate, we're definitely – is that Asian companies love the idea of diversifying their supply to a market that has price transparency. Albert A. Martinez - Senior Vice President-NGL Marketing & Supply: And I think certainly important to note is look at who is basically building or buying the new vessels. Looking at going all the way to consumer, these vessels are being built to in anticipation of new demand.

Okay great, thanks so much for the color on that. If I could add one more and just pivot quickly to the onshore crude business performance in 3Q, it looks like ex EFS, this segment would have been down a touch maybe 9% or so quarter-on-quarter. I am just wondering what the drivers of that were on a more granular level and then what perhaps expectations for those drivers might be in 4Q and into 2016? Sorry, if I went too fast.

Yes, I think a large part of that's probably the spreads between Cushing and the Gulf Coast and the Seaway and what we are doing with our transport on Seaway and what other people are doing with their transport on Seaway. You know the LLS, WTI has come in quite a bit and so those spreads aren't there, so that's probably a large contributor to this.

Okay, perfect, thanks a lot, guys.

And your next question is from Robert Balsamo with UBS.

My questions have actually been answered at this point. Thanks, guys.

And your next question is from Helen Ryoo with Barclays.

Yes, good morning, thank you. Just following up on Mike's question about the leverage, and, Bryan, you said, pro forma for the projects, you already had like 3.5 times to 4 times, so does this mean that next year, you don't really need to do any significant equity or asset sales to meet your leverage target for next year? Bryan F. Bulawa - Chief Financial Officer & Senior Vice President: Helen, I would tell you, it always depends on – we're still going through the 2016 planning process, right now. So it's a function of that excess distributable cash flow as well. But as far as you know I would say this is going to be relatively similar to previous years. So I don't think you're going to see a spike at all, it might actually be a little bit lighter equity lift than you've seen in the past.

Okay. And then, you will be using I guess combination of ATM and overnight or are you... Bryan F. Bulawa - Chief Financial Officer & Senior Vice President: It's always dependent upon market conditions.

Got it, okay. And then just a quick follow-up on the, I guess, Jim's comment on Aegis. I think Jim said 100,000 barrels per day remaining to fill that up and the customers you're talking with need 300,000 barrels per day, so, could you remind us if that project is – that capacity is expandable at a pretty reasonable cost? A. James Teague - Chief Operating Officer, Director & Executive VP: It's probably not that expandable, is it, Leonard (58:31), I mean it's not to that degree anyhow, it's called the high class problem, Helen.

Sure. A. James Teague - Chief Operating Officer, Director & Executive VP: And, we've got other pipe between there, we may very well – not all of this capacity will come on. It's four companies looking at ethylene plants, I guess all of them are in Louisiana, Tony? And will all of them be built? No. But will a couple of more be built? Jim Teague thinks so, and we probably got a couple of pipelines over there that we would be willing to repurpose to get more of that volume.

Okay, got it, all right. Thank you very much.

Jennifer, this is Randy. We have time for one more question.

And our final question comes from Gil Alexandre with Darphil Associates.

My questions have been answered. Mike, all the best wishes on your retirement, and really thank you for your help over the years. Michael A. Creel - Chief Executive Officer & Director: Thanks, Gil, I appreciate it. A. James Teague - Chief Operating Officer, Director & Executive VP: It's been refreshing here, and all you guys congratulate, Mike. From the Enterprise people, he is getting best wishes but no congratulations. Michael A. Creel - Chief Executive Officer & Director: I'm leaving it in good hands. There's a lot of good people here. Seriously, it won't miss a beat.

Okay, well, thank you. Jennifer, if you would give our listeners the replay information, then we will close, and the call will be ended. Thank you.

Absolutely. A replay of this call will be available from today, October 29, 2015, at approximately 1:00 p.m. Eastern, until Thursday, November 5, 2015, at midnight. To access this replay, please dial 1800-585-8367 or 404-537-3406 and enter the pass code of 60430685. Again, those phone numbers are 1800-585-8367 and 404-537-3406 with the ID number of 60430685.

Thank you, Jennifer. And that ends the call for today. Thank you for joining us. Have a good day. Goodbye now.

Thank you for your participation. This does conclude today's conference call and you may now disconnect.