In this update, we look ahead to a post-COVID world and assess how Canada and US Lower 48 production will recover as well as how US focused producer behaviour may evolve on the other side of the rapid market downturn. L48 production in our latest outlook is very much a story of modest rebound and growth deferred. This promises significant impacts on regional crude flows, basis pricing and future midstream investment needs for the next 20 years. In this update, we explore: -Key regional supply, midstream, and pricing dynamics -Is there a need for future crude midstream capacity additions? Where are the investment opportunities? -How do Western Canadian midstream developments impact crude flows and regional pricing in the US? -What is the outlook for US crude exports and what does this mean for coastal infrastructure development – is an over-build still looming?