MRO is focused on execution and we've made significant progress across every element of our playbook. We ended 2017 with a stronger balance sheet, a lower cost structure, a more concentrated portfolio, and an outstanding track record of consistent execution across all our assets.

Our 2018 capital allocation philosophy is fully consistent with how we managed the business in 2017, which is to deliver a returns-focused program that balances cash flow with our CapEx and dividend, and achieves that at a moderate oil price of $50 WTI while generating meaningful free cash flow at $60.

With over 90% of our 2018 development capital allocation associated with the U.S. resource plays, our margins will naturally expand as a greater percentage of our production is sourced from these high quality assets. This margin expansion story, coupled with outstanding financial flexibility, will help drive improvements in corporate cash returns and cash flow per debt-adjusted share.