The oil sands region has seen some of the largest reductions in US$ operating costs per barrel since the oil price fall. 2017 operating costs have reduced by 23% compared to our Q4 2014 outlook. Reductions in workforce labour lower fuel gas prices and increased utilization have driven savings from 2014 17. Going forward further reductions in operating costs are expected to be minimal. Several projects with significant amounts of sunk capital that were delayed in early 2015 have been re sanctioned. The next wave of FID's will require higher oil prices but operators have made significant strides in making new oil sands projects competitive at US$60 WTI.