We shifted our focus north of the border and hosted Myron Stadnyk, President and CEO of Canadian E&P ARC Resources, Ltd. Mr. Stadnyk has served in leadership roles since the company’s 1997 founding and was appointed CEO in 2013. He stressed the consistency and continuity of ARC’s strategic focus – high returns on capital balanced between a mix of growth and dividends. The company has paid out almost $6 billion over its life. Mr. Stadnyk acknowledged the back and forth nature of investor priorities over time – in certain phases of the cycle, maximum growth is all that seems to matter, while at other times (now, for example), balance sheet discipline and a focus on returns are what investors want. ARC has resisted the temptation to play the short-term game, as evidenced by its historical payout and the fact the company’s net debt/funds from operations has never exceeded 3x (currently below 1.5x). Despite its methodical approach, the company has remained nimble and forward looking – it was an early mover on the massive, multi-zone Montney gas opportunity and drilled the first horizontal well in the play. Mr. Stadnyk has led a major asset profile shift to a portfolio that is now ~40% light oil with gas growth dominated by the Montney, a play that competes very well with the Marcellus in terms of resource potential, cost structure and returns.