Anadarko's exploration performance has weathered the price downturn better than most maintaining double digit returns in both conventional and unconventional exploration. Exploration led growth remains core within its diversified strategy and the company's deepwater exploration credentials are a key differentiator. It has a world class deepwater portfolio with high impact acreage in the US Gulf of Mexico East and West Africa supplemented by select frontier opportunities elsewhere. The focus has shifted to lower risk incremental opportunities and new test areas have been added potentially impacting long term growth. Unconventionals are increasingly important in particular key liquids rich plays including the Niobrara and Wolfcamp where production will grow. Positions in the Eagle Ford and the gas prone plays in the Marcellus and Haynesville are looking increasingly peripheral.