Good day, ladies and gentlemen. And welcome to the fourth quarter 2009 ONEOK earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. (Operator Instructions) As a reminder, today’s conference call is being recorded. I would now like to introduce your host for today’s conference call, Mr. Dan Harrison. You may begin, sir.

Thanks. Good morning. And thank you everyone for joining us. Any 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. Please note that 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. And now, let me turn the call over to John Gibson, ONEOK'S President and CEO and ONEOK Partners' Chairman, President and CEO. John?

Thanks, Dan. Good morning. And many thanks for joining us today and of course, for your continued investment and interest in ONEOK and ONEOK Partners. Joining me on today's call are Curtis Dinan, Chief Financial Officer for both ONEOK and ONEOK Partners; Rob Martinovich, Chief Operating Officer of ONEOK; and Terry Spencer, Chief Operating Officer of ONEOK Partners. As our news release has indicated, both ONEOK and ONEOK Partners had solid fourth quarter and year to date performances in a challenging industry and economic environment. At ONEOK, all three segments performed well. Our Distribution segment turned into solid performance, benefiting from new rate mechanisms in all three states and from additional revenues in the fourth quarter from capital recovery mechanisms. During 2009, the Distribution segment essentially closed the gap between allowed and earned returns on equity, as a result of the successful execution of multi-year innovative rate strategies. And in 2010, the segment will benefit from the new rates in Oklahoma that went into affect late last year. Energy Services had an exceptional fourth quarter and year, as we continue to successfully implement our strategy to reduce earnings volatility. At ONEOK Partners, higher natural gas and natural gas liquids throughput, benefited results during the fourth quarter and the year. Although lower realized commodity prices compared with 2008 more than offset those benefits for the year. In the fourth quarter however, the impact of lower realized commodity prices was more than offset by higher volumes in both the natural gas liquids and natural gas businesses, resulting in a 15% quarter-over-quarter operating income increase, driven in part from earning associated with the completion of more than $2 billion in capital investments that began 2006. These completed projects drove volume growth primarily in the natural gas liquids business and benefited not only the fourth quarter, but also the full year. In fact, the expected contribution of these completed projects gave us enough confidence earlier this year to project a penny per quarter increase in ONEOK Partners distributions in 2010. The distribution increases will benefit not only ONEOK Partners unit holders but also ONEOK shareholders. Since two-thirds of every incremental EBITDA dollar generated at the partnership is returned to ONEOK as cash. Importantly, we are well positioned for continued growth at the partnership’s, as previously announced we have identified between 300 million and 500 million per year of additional projects through 2015, depending of course, on market needs and producer commitments. In early February of this year, ONEOK Partners took advantage of receptive capital markets and issued more than $320 million of equity, which will be more than adequate to fund our 2010 investments. While ONEOK did not participate in this offering, primarily because of the demand for our units in the public market, the company still believes an investment in the partnership’s has beneficial to shareholders. Now, at this time, Curtis Dinan will provide a more detailed look at ONEOK Partners’ financial highlights and then Terry will review the partnership’s operating highlights. Curtis?

Thanks, John. And good morning, everyone. In the fourth quarter, ONEOK Partners’ reported net income of $116 million or $0.93 per unit, compared with last year's fourth quarter net income of $122 million or $1.09 per unit. For 2009, net income was $434 million or $3.60 per unit, compared with $626 million or $6.01 per unit in 2008. John has already provided a high level summary of the drivers of fourth quarter and full year performance, and Terry will provide additional detail in a moment. Distributable cash flow in the fourth quarter was $149 million, a 35% increase compared with fourth 2008. For the year, distributable cash flow decreased $79 million to $558 million, but was more than adequate to cover a $1.10 per unit fourth quarter distribution, and maintain a 1.13 times coverage ratio for the year, towards the high-end of our 1.05 to 1.15 target. We issued the partnership’s 2010 guidance in January and expect net income to be in the range of $450 to $490 million for the year. Preliminary estimates for the partnership’s 2010 distributable cash flow are in the range of $580 to $620 million. Adjusted for the recent equity offering our average units outstanding for 2010 are approximately $101.4 million. Pending board approval, the partnership’s anticipate increasing the distribution a penny per quarter, building from the fourth quarter 2009 distribution increase to $1.10 per unit, which marked the 13 distribution increase since ONEOK become sole general partner of the partnership’s and represents a cumulative 38% increase over that time. Capital expenditures for the partnership’s are expected to be approximately $362 million comprised of $278 million in growth capital and $84 million in maintenance capital. Terry will provide additional details on the projects we are targeting with these investments. We have increased our hedges to…

Thank you, Curtis, and good morning. The partnership had a solid operating performance in the fourth and the full year, driven primarily by volume increases in both the natural gas and natural gas liquids businesses. Lower commodity prices primarily for the full year offset the impact of these volume increases. The gathering and processing segment's fourth quarter and year-end financial results were lower than in 2008, due primarily to significantly lower commodity prices offset somewhat by higher natural gas volumes process and by selling our Lehman Brothers bankruptcy claims. In addition to lower prices, we also experienced a 3% decline in natural gas gathered in both the fourth quarter and year-end periods, due primarily to production declines and curtailments by producers of dry natural gas from coalbed methane wells in the Powder River Basin. We have certainly seen a drop off in drilling and natural gas production in this region compared with prior years, due to lower natural gas prices. Powder River production generally is not processed since it does not contain natural gas liquids, and it’s some of our lowest margin throughput. However, our natural gas volumes processed increased nearly 3% for the quarter and for the year, and remain strong because of our presence in the growing natural gas liquids rich Bakken Shale in the Williston Basin in North Dakota and the Woodford Shale in Oklahoma. These areas continue to be very active development areas driven by favorable drilling economics due in large part to the natural gas liquids content and associated crude oil and condensate production. In 2009, we connected approximately 300 new wells, down 35% from 2008 levels. But over half of this well connects were located in the crude oil producing NGL rich Bakken Shale and contributed to our growing process volumes. If rig counts…

Thanks, Terry. It's a good summary, I appreciate that. Now, turning into ONEOK, Curtis will review, ONEOK's financial performance and then he will be followed by Rob Martinovich, who will review ONEOK's operating performance.

Thanks, John. ONEOK's net income for the fourth quarter was $93 million or $0.87 per diluted share, compared with last year's fourth quarter net income of $68 million or $0.65 per diluted share. ONEOK's net income for 2009 was $306 million or $2.87 per diluted share, versus $312 million or $2.95 per diluted share in 2008. Rob, will provide more details on the drivers of this financial performance in a few minutes. ONEOK's 2009 standalone free cash flow before changes in working capital, exceeded capital expenditures and dividend payments by $223 million. By virtue of ONEOK's general partner interest and significant ownership position, ONEOK received $278 million and distributions from the partnership for 2009, an 11% increase from 2008. At the partnership's estimated distribution level as detailed in the 2010 guidance, ONEOK will receive approximately $304 million in distributions for 2010, a 9% increase over 2009. ONEOK's liquidity position is excellent. At the end of the fourth quarter and on a standalone basis, we had $359 million of commercial paper outstanding, which is backed by our $1.2 billion revolver that does not expire until 2011, $26 million in cash and cash equivalence and $366 million of natural gas in storage. By the end of the first quarter, we expect that we've paid all of our short-term debt as we continue to full gas from storage to meet our customers' need. We currently project short-term borrowings to remain below $400 million for 2010. Our next scheduled debt maturity is not until 2011, when $400 million comes due. Our current standalone long-term debt to equity is 41% and our standalone total debt to equity is 46%, which are both under a 50, 50 debt-to-equity target. ONEOK significant free cash flow and financial flexibility provide us with opportunities to make strategic acquisitions, increase our investment at ONEOK Partners, increase future dividends or repurchase shares. As John mentioned, ONEOK did not participate in the recent ONEOK Partners equity offering because there was more efficient and timely through access the public market. However, it does not indicate a shift in ONEOK strategy or its capacity or support of the growth program of ONEOK Partners. ONEOK's 2010 net income guidance is in the range of $300 million to $335 million. Our guidance reflects higher anticipated earnings in the ONEOK Partners and distribution segments partially offset by lower expected earnings in the energy services segment. Pending board approval, ONEOK anticipates dividend increases of $0.02 per share semi annually during the year. Building on the fourth quarter dividend increased to $0.44 per share representing a 57% increase since January 2006. We remain committed to our targeted longer-term dividend payout ratio of 60% to 70% of recurring earnings due to the stability of earnings and cash flows from all of our business segments. Now, Rob Martinovich will provide an update on ONEOK’s operating performance.

Thanks Curtis and good morning. Terry already discussed ONEOK Partners, so I’ll start with our Distribution segment. Fourth quarter earnings were up 12% compared with 2008, due primarily to additional revenues from our capital recovery mechanism in Oklahoma that was approved by the Oklahoma Corporation Commission late last year partially offset by higher employee related cost. Year-to-date operating income was up approximately 11%, due primarily to increased margins in all three states from successful rate case outcomes. Operating expenses were slightly higher due to higher employee related costs primarily incentives offset partially by reduced bad debt expenses and lower vehicle related costs. For the past several years, we have focused on execution of our regulatory strategy to close the gap between our actual return on equity and our allowed return. I am pleased to report we have essentially closed this gap. Since 2005, the distribution segment has more than doubled its return on equity and nearly doubled its operating income. In 2010, our weighted average allowed return has increased from 10.1% to 10.7% with an expected return on equity of 10.4%. Our innovative rate designs for capital recovery in all three states have enabled us to earn a return on our investments more quickly thus reducing regulatory lag and improving the level of sustainable earnings. Going forward, we expect to grow rate base by efficiently investing capital and projects that provide benefits to our customers and our share holders. For example, we plan to invest $31 million to install automated meters and select metropolitan communities in Oklahoma. These meters will enable quicker, safer and more efficient methods and meter rating. And we’ll provide a net reduction in expenses while allowing us to earn a return on these investments under the new performance based rate structure, creating a win-win for customers…

Thanks Rob. Very good summary and congratulations on a good year too. Now to summarize, since becoming general partner of ONEOK in 2006, we demonstrated our commitment to and a strong track record of strategic growth. Growth in distributions, since 2006 of approximately 8% on a compound annual basis were more than $0.30 a quarter from $0.80 to a $1.10 as well as the expectation of continued distribution growth in 2010. Growth in capital investments to create long-term value for our customers and investors including more than $2 billion of investments between 2006 and 2009 and the identification of 300 million to 500 million per year in additional investment opportunities between now and 2015. Growth in projects that creates sustainable earnings this year and next which also lead to additional investments in needed infrastructure in the future. Our industry clearly needs additional energy infrastructure as we secure producer commitments on the projects we've identified internally. We will announce specific projects with specific details as we have in the past. We believe our track record of connecting supply with demand, meeting producer and customer needs by providing quality nondiscretionary services as well as doing what we say we will do, speaks to the credibility of our company and its employees. Since 2006, we’ve announced 10 major projects, nine of which are now in service. All in all, I would say that's a pretty good betting [ph] average. So at this time, I would like to thank our employees for their commitment and contributions which allow us to continue to create the value we are delivering for our investors and our customers. Our employee’s hard work and perseverance was a basis of our 2009 success. Making our sound strategy and good assets come together to deliver strong results in a challenging environment. I would like to thank each of them for their dedication and hard work. Operator, we are now ready for questions.

(Operator Instructions) Our first question comes from Helen Rue with Barclays Capital. Helen Rue – Barclays Capital: Hi. Yes. Good morning. Just a couple of questions on the OKS side, first one is in the NGL segment notice that gathered volume increased 138 million barrels per day year-over-year. And I was just wondering, adding Arbuckle 97 and Overland 130 that's about over 220. I guess some of the Overland number already appeared in the fourth quarter of last year. So I was just wondering that given your increased was 138 and you had a larger volume contribution from Arbuckle and Overland, whether was any other gathering -- NGL gathering lines that had volume decline?

I'm not sure. I understand your question. But what I will tell you is that the -- those volumes are interrelated to a certain extent. Helen Rue – Barclays Capital: Okay.

The -- we've actually seen increases in our mid-continent gathered volumes. We've seen increases of course in the gathered volumes to go into Overland Pass and Arbuckle. So we are not experiencing decline in the -- if you will the core business. Helen Rue – Barclays Capital: Okay.

So perhaps the numbers we could spend a bit more time with you and to help you perhaps with that to tie out. But we're experiencing growth across our entire NGL business and gathered volumes. Helen Rue – Barclays Capital: Okay. Okay. And then just -- you will be getting some new supply commitments on Arbuckle and Overland in the next three to five years and I was wondering if you would be provide fractionation distribution of NGL sales service for the new volumes coming in?

Yes. We will for some of the customers we will, there will be some customers that will have their own fractionation capacity or want to contract for that themselves. But we will provide many of services for those customers in the way fractionation, storage, marketing… Helen Rue – Barclays Capital: Okay.

And in fact the customers that we will see gathered the ones that probably where we can sell them the most services. Helen Rue – Barclays Capital: Okay. And then another question was just trying to understand better the operating data disclosing the NGL segment. I guess, what you gather you fractionate and then it goes distribution volume. And then the final pages, the NGL sales which -- and these are included, these four data points are included in new operating data. But I was wondering would you say the first three business gathering fractionation distribution business or fee-based business. And then the last part, the NGL sales you get a fee and make some additional margin on the -- a same product, spread between the two markets centers and the optimization margin between iso and on the butane side is that the way to think about this data?

Close. You are close. Absolutely, on the fractionation gathered volumes those are fee-based businesses. On the marketing -- on the sales volumes, we generally generate a marketing margin. It's not necessarily a fee, it's a generally premium that we can collect in the marketplace, because we do have considerable volume at the market hubs. So that in and itself is not part of the fee-based business. I think one of the other things that get -- that you need to understand here is that some of the volumes are actually one and the same. So some of the volumes that we fractionate are also those same volumes are being gathered and transported. Helen Rue – Barclays Capital: Right.

You can't add all those volumes together you would be double counting volume. Helen Rue – Barclays Capital: Right. I guess you would be offering some sort of a bundled fee on -- the same, okay. Okay.

That's exactly. That's how generally our exchange agreements are primarily a bundled service. Helen Rue – Barclays Capital: Okay. Got it. And then just finally, the Conway to Mont Belvieu spread, I think spread, came down quite a bit in the quarter and just wondering what you are seeing for 2010 and what's the guidance, what's the assumption embedded in your 2010 segment guidance that the 297 million. If what kind of spread assumption is embedded there?

Well, ERV [ph] for 2010 is about a $0.10 spread for ethane propane or EP mix is what I am talking about ethane spreads between Conway and Belvieu about $0.10 a gallon. There are other products that we generate that we optimize and generate and realize spread benefit as well, some of the heaviest propane and normal as well. But the big driver is ethane and that's about $0.10 a gallon. Helen Rue – Barclays Capital: Okay. All right. Thank you very much.

Thank you, Helen.

Next, question comes from Ted Durbin with Goldman Sachs.

Hello, Ted. Ted Durbin – Goldman Sachs: Hi, guys. Just thinking about the CapEx budget, more likely kind of what your customers are wanting to lean towards, processing fractionation may be little more commodity sensitive businesses or more than fee-based gas pipeline. Other things, what you are seeing in the market right now?

Well, inside the partnership, we are seeing a need for continued increase in gathered volumes whether that the -- at in the gas business and gas liquid business as supply pushes itself towards infrastructure. So it's undoubtedly supply push and then but once it hits system, the way we turn that in the revenues is predominantly fee-based. Ted Durbin – Goldman Sachs: Okay. So little bit of mix of both we are think about that, should going forward?

A mixing in that it won't very drastically from the mix they currently exist. Ted Durbin – Goldman Sachs: Yeah. Yeah. Okay. That's…

It's kind of more the same. Ted Durbin – Goldman Sachs: Yeah. Understood. And then may be just on the services that the Targa announced that, how we think about -- how that impacts your margins, there is something, I mean, capital involved there. But how we should workout for our models we think about that that agreement you signed?

Ted, as you recall from other discussions, we have had the fractionation situation in the industry right now is very tight. There's not much access fractionation capacity available, so this was a low end crude project that we really needed to do to allow us to continue to grow our infrastructure. It fits very well. It's down on the south end of our Arbuckle Pipeline allows us to continue to grow and then from an economic standpoint, how it will make money? It will allow us to generate fees from our pipeline business. Fractionation in and out of itself will be a profit center but the most of the revenue you will make from it will be from -- as John indicated earlier long-haul barrels at Rockies to the Gulf Coast, Mid-continent down to the Gulf Coast. Ted Durbin – Goldman Sachs: So you are seeing sort of potential constraints in terms of the overall movement of volumes and the pipe, which kind of drove you to drive to, agreement opposite?

Probably, the short story is that the piece that is shortest now is fractionation space. Ted Durbin – Goldman Sachs: Right.

And the party that can build the incremental fractionation the fastest certainly relative to us is the affiliate of target. So what we are able to do is, capture that capacity, used that and combine it with our gathering and with our -- as Terry said gathering of those barrels, so that we are able to provide producer a place to practice those barrels, then we have then barrels at the tailgate of that fractionators that we can then distribute and/or capture product price differentials. So, the short answer to your question is the way to think about this, we are increasing our margin. We are doing this to make more money. And this is the most economical and quickest way for us to meet the needs of the producers. Ted Durbin – Goldman Sachs: Got it. And if you could just -- just one more in terms of kind of bigger picture thinking about growth at the partnership and cost of capital, and so the LPGP [ph] relationship. How are you thinking about distribution growth going forward? Is there the things that, the general partner can do to make sure that the partnerships stays competitive, once it's completed projects?

The general partner has shown a willingness to do that in the form of buying units. The other option that we have available to us is and we are looking for these opportunities are for the GP to buy assets at the GP level for us to spend down in the future. So we not only have a willing GP, but we have a financially strong GP that is very flexible and how it approaches its investment in ONEOK Partners. Ted Durbin – Goldman Sachs: Okay. That's great. Thanks very much.

Thanks Ted.

Our next question is from Jonathan Lefebvre with Wells Fargo Jonathan Lefebvre – Wells Fargo: Good morning, everybody. I should say almost good afternoon.

Good morning, here. Jonathan Lefebvre – Wells Fargo: We are listening to the William's Call last week and talking about their intention to exercise the option Overland Pass Pipeline. I think that agreement comes up in November, and I guess I was just wondering, what your thoughts are around this -- are you anticipating that they will exercise and if not, do you have the right to kind of resell that, that portion of the pipeline and then would it impact any of our capital plans in 2011 and beyond?

Yeah. Okay. We didn't listen to the call. So, to my knowledge, we don't know what they said? So, let's just review the option that they do have which, as you correctly point out is they have the option to acquire interest in the Overland Pass, the D-J and Piceance Pipeline Systems. They have that and then option is in November. We have yet to hear from them as to what their intentions are. We offered that option to them and by virtue of the fact of offering it to them; we are completely fine if they exercise it. And what that means is that if they exercise it, then we are going to get money and that's at a pre-determined price and that's money that we then use to invest further in ONEOK Partners. If they exercise the option and exercise it to the extent that they become 50% owners in those pipelines, I mentioned and they have the right to become operator which they elect to do that is okay with us because when we entered into this option, we entered into that with full knowledge knowing that, Williams is an excellent operator, pipelines as are we. So, we are good with it and -- but we've not heard anything from them. As far as the overall impact, when you look at the pluses and minuses of dollars coming in and interest cost going down and how much money we make off of the downstream activities, net-net it's not going to make a big difference to us in 2010 and relatively neutral going forward. Jonathan Lefebvre – Wells Fargo: So I guess my question was if they don't exercise, will you look to bring in a different partner or will you just continue on with the same strategy or continue to own 99% of it?

I'm sorry. I didn't answer your question, I apologize, once their option period passes, we as owners of the -- 99% of the owners of the pipeline have the option to do whatever we like. I'm not sure that selling part of our pipeline to somebody else is not something we are thinking about. It's something that the short answer is we obviously have the right to do but it's not something we are contemplating. Jonathan Lefebvre – Wells Fargo: So your growth plans for 3 to 500 million are not predicated on filling that piece?

No, absolutely not. Jonathan Lefebvre – Wells Fargo: Got it. All right, that's all I have.

Okay. Jonathan Lefebvre – Wells Fargo: Thanks.

See you.

Our next question comes from Louis Shamie with Zimmer Lucas. Louis Shamie – Zimmer Lucas: Hi. Congratulations on the quarter and the year. I just had a quick question regarding the distribution segment. Does your 2010 guidance assume any impact from that filing in El Paso?

It does, yes. Louis Shamie – Zimmer Lucas: It does.

We got it. Louis Shamie – Zimmer Lucas: Do you assume you get the full 7.3 million?

No. Louis Shamie – Zimmer Lucas: Okay. Can you tell me what you do assume?

No. Louis Shamie – Zimmer Lucas: Okay. All right. Thanks very much.

Was that Louis or was that Alex?

That was Louis, yeah.

You are right, okay. Louis Shamie – Zimmer Lucas: All right. Thanks, John. Thanks, Rob.

See you Louis.

Our next question comes from Ross Payne with Wells Fargo.

Hello, Ross. Ross Payne – Wells Fargo: Hi. Most of my questions have been answered but one quick question. What kind of exposure do you have to the Granite Wash and obviously in Oklahoma, it seems that the Woodford is obviously a growth area for you, I assume Granite Wash is as well. What’s going on in between in terms of conventional drilling that you’re seeing?

Hey, Ross. Let me interrupt you. I'm sorry, but for some reason we can just barely hear you. Ross Payne – Wells Fargo: Okay. How about here, okay?

Little better. Ross Payne – Wells Fargo: Sorry about that. Obviously the Woodford is a growth area for you in Oklahoma? I was curious what kind of exposure you had to the Granite Wash, and absence that, what going on with conventional drilling just within your gathering areas?

With conventional drilling. Well, first part of your question, we do have exposure to both the Colony Wash and Granite Wash, so our system do extend into those areas, so we like our position there. As far as conventional drilling, it's slowed down quite a bit. There is still some activity but the thing that's surprising us even some of the more traditional conventionally drilled formations are being horizontally drilled, and they were not horizontally drilled before. So, yeah, conventional drilling has slowed down quite a bit. But the horizon drilling obviously the results in the Woodford and Colony Wash have much more than offset that. Ross Payne – Wells Fargo: Okay. Great. Thanks. Appreciate your comments on the overland pass as well. Thanks.

Thank you, Ross.

Our next question comes from John Tysons [ph].

Hi, guys. Good morning.

Hi, John. How are you doing?

Good. Just quick question on and clarifying on the -- in terms -- in regards to our signed long-term fractionation agreement with Targa. Where are you able to lock in supply that supports that your capacity agreement on the fractionator? Or is it your view that the mid-continent NGL supply going to be so robust that taking advantage of, I guess, short-term NGL basis differentials is going to be a more attractive way of monetizing that fractionation capacity?

Terry.

Yeah. Got it. We actually have a considerable portion of that locked up not all of it but we do have supply committed for that will affectively go through that fractionator. Our view on the supply is so bullish that we don't have any concern that we won't have that fract full by the time it starts up.

So if you look at the, I guess, the supply versus the fractionation capacity in the Mid-Continent area over the Conway market. The assumption would be that you’re going to be, there will be plenty of supply for the market and it's going to overflow to either Canadian or into the Gulf of Mexico, and I guess the is, Arbuckle pipeline is really the only incremental provider of the transport between the two at this point?

You know, I wouldn't say it's the only. But I will say that it's probably as economic if not the most economic alternative to move product down to the Gulf. It's readily expandable pipe and has quite a bit of connectivity on the down on the South end. And it ties directly into our fractionation facilities and as well, it will tie into the Targa fract.

What is your -- what is the -- how much further can you expand that pipe now that it's completed?

Well, the current capacity is about 160,000 barrels per day. And we can readily go to about 240, and some of our engineers would argue we could go even higher than that, but 240,000-barrels a day is what is expandable to.

Okay. Great. Thanks, guys.

Thank you, John.

Our next question comes from Carl Kirst with BMO Capital. Carl Kirst – BMO Capital: Hi. Good morning, everybody, and very nice quarter as well. Actually, most of my questions have been hit, one follow up if I could or actually in energy services. Can you comment at all how the first quarter weather has treated you guys, and I guess, I just want to make sure that as we see the amount of hedges in place and I guess, I'm on the same page. Did the weather spikes, I mean, do we have the capacity to take advantage of that now or is sort of the move towards cutting out the volatility, which I think is absolutely the right way to go. Does that sort of also mute the impact of taking advantage of weather events like that?

You got it. And so obviously we can't make any comments about first quarter, but as we said many times before the tradeoff for us to align our capacity whether it be transport and storage with our premium customers is that we remove the opportunity to participate in the upside but we greatly remove the opportunity to participate in the downside. So as you just described it is exactly what’s behind our strategy. Carl Kirst – BMO Capital: Perfect. Just wanted to confirm. And then, Curtis, the hedges you threw out on the NGL equity volumes and the gas volumes, I apologize, are those net two ONEOK or those Mont Belvieu have enough prices?

Well, the equity volumes are, they are a combination. Carl Kirst – BMO Capital: So net of the location.

They are…

They are net of prices. Carl Kirst – BMO Capital: Okay.

Yes. Carl Kirst – BMO Capital: Thank you, guys.

Okay. Well, thank you all. This concludes the ONEOK and ONEOK Partners’ conference call. As a reminder, our quiet period for the first quarter will start when we close our books in early April and will extend until earnings are released after the market close as on April 28th. Our first quarter conference call is scheduled for April 29th and we will provide additional conference call information at a later date. Andrew Ziola and I will be available throughout the day for any follow-up questions. Thank you for joining us.

Ladies and gentlemen, this does conclude today's presentation, you may now disconnect.