Murphy made a statement in Q3. An entry into the Permian, deepwater Brazil and an oil discovery in Vietnam were among the highlights. The phrase "highest bidder" surfaced three times in the press release, as the company articulated its newfound preference for boldness following a period of relative conservatism. In aggregate, we are optimistic on these moves. They reload the company's opportunity set, and might go a long way to shore up its long-term production growth.