PDCE
#Yes, Mike, what I was describing specific to the Delaware was that in addition to hedging, we've actually placed or we've actually purchased some firm transport out of the basin, and that's 40 million a day.
It takes us into the Waha Hub.
So while not a hedge, it provides us flow assurance.
So that's something that we think is really important.
When we think about our general hedging program, we tend to look at our total production, including the Wattenberg, and we're always looking at basis in those sorts of things.
Right now, obviously, on the gas side, CIG is probably our dominant basis position, so that's what we're taking the closest look at.
So hopefully that helps.
Mike.
This is <UNK>.
From API gravity standpoint, we're not seeing any incremental deducts for the variability in API across our position there.
There is a slight higher transportation charge per barrels on the West side versus the East side.
But from all that we see here in front of us today, there is no incremental deducts for API differences.
Sure.
So in the Eastern side, we're averaging right in that mid-40s API range.
As you go towards the Central area, where more sort of the lower 50s to maybe the mid-50s.
And then on the Western side, we're more than mid-50s to maybe a little bit higher than the mid-50s, but sort in that type of range.
So Mike, with that test of 12 wells per section in the A that <UNK> described, that compares to our acquisition analysis, our inventory of 8 wells per section in the <UNK>
So based upon success of that, would then have upward pressure on our inventory, which should be a positive thing for the company.
As far as other companies test in that tight of spacing, I know that, for example, Cimarex has talked about various tighter down spacings that they are doing.
In fact, I'd probably start maybe more on the Western side where they have tested 6 and 8 wells per section in the Upper Wolfcamp in Culberson County and they now plan to do a 12 well per section test in Culberson County called their Seattle Slew test there.
They're also testing tighter spacing.
This is Cimarex in Reeves County also in a test called the Wood State.
So that's another downspacing that they're looking at.
And then I'd say for the central area, the one we probably look at that's testing this most right now would be Resolute.
They've got some work that they're doing on various downspacing tests there between the Wolfcamp A itself as well as Wolfcamp A and the Wolfcamp B.
So there's 2 real examples that are pretty close offsetting this that are testing this tight of spacing.
So as industry progresses forward, as we get more data, we look to see a lot of additional of testing of this downspacing in offset locations and also as well as ourselves.
So hopefully, that gives you some insight of what we're looking at.
For this year, I'll share some thoughts and turn to <UNK>.
For this year, a lot of our work is focused on HBP and our acreage, and with that, we're doing primarily the Wolfcamp A and the Wolfcamp B intervals out there.
As we continue the HBP, the locations and then get more line of sight on then looking at how we continue to build and grow out the inventory.
Clearly, we're going to be looking at additional testing and other intervals, both below that and above that, the A and the B that we have talked about.
So it's something that's on our radar screen.
That's probably more a year or 2 out that we'll start looking at some of the testing of the other intervals.
But keep in mind too there's a lot going on in the industry test and additional intervals as well, so we continue to watch them us we're looking at our own programs as well.
<UNK>, this is <UNK> <UNK>.
So our guidance range right now is $3.25 to $3.60 per BOE for the full year, so we continue to ---+ as you know, we're adding a lot of folks this year, but the good part is, is we continue to see that trend down.
So I think that the trend is something that we anticipate for the full year.
Nothing else really remarkable in there.
Probably just kind of make sure that we trued up for bonuses last year and then we had some deal costs that were in there.
I think we had just about $11 million of deal costs.
Is that right.
So that was probably the biggest difference quarter-to-quarter.
Yes, that gets us transport to the Waha Hub.
And then from there, you get access to the Mexico markets.
You've got good flowback to the East and the shift channel markets and such.
So yes, just gives us great flexibility.
Yes, that part is ---+ that's the index that we're going to be trading against.
Well, what we can say is that, that's on a FERC-regulated pipe, so it's a tariff rate.
At this point, it's probably not something that we're going to put out there.
What I will say is we've captured all the volumes and the commitments in our commitment tables that's in the 10-Q, at least in aggregate.
Mike, no.
I think if we're in this ---+ $45 to $50 range our plan for the year is intact.
Our permits ---+ we obviously have the Delaware where we've been very clear on our efforts to hold the acreage.
Our Wattenberg, if you go back to what <UNK> presented at Analyst Day in some of the economics, even at $40 oil and $2.50 gas are incredibly strong in Wattenberg.
So I think we've got a good path.
I think we're not going to overreact to a market that corrects, hopefully, short term.
If our internal outlooks shifted to where we saw a longer term price correction, I think that will be something where we'll start looking at '18 and '19 and where we take the company.
But I think we've got a good plan this year, and you can expect us to grow in line with what we're guiding.
Yes, thank you, Kevin, and thank you, everybody, and all the Mikes out there.
And we appreciate the ongoing support and expect more to come as we go through the year.
