Murphy returned to growth. Production grew sequentially for the first time since Q1 2017 thanks to a 16% year-on-year boost from the onshore North America business. The company also confirmed that its first Mexican exploration well remains on schedule for spud in Q4 2018. The 2018 capital budget is up 12% on last year, with production guidance portending a 3% uptick in 2018 volumes. Murphy's deferred tax assets prompted a provisional tax expense of US$274 million due to the new US tax law.