Stephen Ellis: Enterprise Product Partners is a wide-moat firm. This is a very high-quality firm. So I'd like to make three points. First: A) It's a wide-moat firm with an efficient skill moat source; essentially, pipeline firms have a geographical monopoly and we can build from point A to point B. And as an incumbent they have advantages in terms of building incremental capacity that a new entrant cannot match. B) We increasingly see the incoming to a hydrocarbon whether it be oil, gas in the form of NGLs, LNG, or natural gas workings being exported. And C) Enterprise Product Partners is the leading export player and also has a 2 million barrel per day project due to come on line in 2022.
So in conclusion, you have a high-quality wide-moat firm, run by a SCM wave management team that is really well positioned for the big trend in midstream.