 And now we'll talk about some of the specific products that come out, the actual natural gas liquids themselves. These are hydrocarbon liquids derived from natural gas through the processes that we spoke about. You've got ethane, which is C2H6, propane C3H8, butane C4H10. Isobutane is an isomer of butane, IC4. The pentanes are what we call C5 pluses, that's C5H12. Natural gas liens, some of them are C5s and some are C6 through C9, and then condensate is C6 plus. Again, condensate is a very, very light type of oil, and it is marketed in the oil markets. Again, as we talked about, we've got to remove them from the gas stream itself because they're volatile components. But a lot of these then are converted into chemical feedstocks. Some are used as gasoline blending components. The raw stream coming from most processing plants has to be processed into Y-grade. Y-grade is a composite of all the NGLs that makes it easier to ship it, either by pipeline or for trucks. Then when they arrive at a fractionation facility, that's where they're separated in so-called purity products. And a purity product would contain at least 90% composition of the single natural gas liquid. So for instance, when I talked about purity propane, the liquid would be at least 90% propane. The types of NGLs that we have, probably one of the most common ones that we do know is propane. It's approximately 40% of the overall NGL market. It is mostly used for home heating and cooking, but it is also largely used as a chemical feedstock. You can take propane and you make propylene, which is a base chemical for plastics. The primary markets for propane are the Gulf Coast Petrochemical Facilities. Again, the Gulf Coast is the world's largest refining and petrochemical quarter in the world. Montbelview, Texas is a large complex east of Houston. It is a huge fractionation facility. There's deliveries to and from the plant. It's a trading point. There's storage there, both above ground and underground. And there's a global market. There are actually NGLs that are exported from this area. There is a secondary market in the Mid-Connate. It's in Conway, Kansas. Again, this is a much, much smaller plant than Montbelview, but they have fractionation towers. There is NGL takeaway and delivery. There is storage there. It is a trading point and there happens to be a petrochemical refining plant adjacent to the Conway NGL fractionation plant. And, of course, they do have pipelines that can move southbound to Montbelview. So additional NGLs can make their way down to Montbelview. Ethane is about 25% of the natural gas liquids market. It is primarily used as a chemical feedstock for ethylene and propylene. Again, those are base chemicals used in the manufacture of plastics. That's rarely used as a fuel source. It can be left in the gas stream as methane. We refer to this as ethane rejection. If ethane prices are low, but natural gas prices are fairly strong, then the ethane is left in the natural gas stream, which raises the overall BTU content for the stream. And, of course, this is highly price dependent. Sometimes in the middle of winter, the actual price of the natural gas on a BTU basis far exceeds that of selling the ethane in liquid form. And so you'll find processing plants go into what they call ethane rejection. That means they don't want the ethane. They leave it in the natural gas stream. Same market hubs as the other NGLs, Montbelview and Conway, Texas. If you hear the term EP mix in the natural gas liquids industry, that means that it's 80% ethane and 20% propane. And that is strictly used for ethylene production. Butane or envutane, because now we're talking about normal butane. 85% of butane is used for gasoline blending. Now, we talk about RVP. In the wintertime, butane is used to stabilize the RVP. RVP is the re-vapor pressure. Now, it's a measurement of the ability for gasoline to vaporize at atmospheric pressure. Anytime, you know, that you are filling your car up. If you see fumes coming back up out of the tank while you're filling it, okay, that's a measure of RVP. You've got vapor there. Several states in the United States have those vapor recovery nozzles, those plastic things that are over the gas. The idea is that you want to recover as much vapor as possible, because, number one, they do condense and they are gasoline. Number two, they are a form of pollution when they just go to the air. We talked about the refining process. Butane is used as a cracking component. We talked about cracking portion of a refinery process. A lot of us know about lighter fluid, meaning butane is used in lighters. It's also a propellant in aerosol sprays. It can be used for household cooking and bottled gas. And it's also refrigerant. It is a refrigerant that can be used at the processing plants to chill the natural gas. It is also refrigerant used in air conditioning systems in motor vehicles. And this is isobutane, which is an isomer of butane, also known as methyl propane. It has similar uses to butane. Gasoline blending, it's a chemical feedstock. Again, it's also used as a refrigerant in automobiles for the air conditioning systems and it's known as R600A. And it's also known as iso-octane. This is an anti-knock gasoline additive. If you've ever had the situation of knocking your car, it seems like it's starting to stall and it bangs really hard and then it shuts down. This helps to stabilize the gasoline so that those things do not happen because they can be very damaging to the engine. NGL is the next group of natural gasolines. C5 pluses are considered natural gasolines. They are literally able to burn those as natural gasolines. So these are also used for gasoline blending. Now, they're used to stabilize the RVP mostly in the summertime. They can be used for ethylene production. They are used as industrial solvents. They're also an ethanol denaturant. If you think about ethanol, the vast majority of ethanol is produced from corn and it's a form of alcohol so it literally is corn liquor. You could drink it as an alcohol. So to discourage people from doing that and to prevent the sale of it as that, basically they have to add a little bit of natural gas to lean to it. So in essence it becomes lethal and it certainly tastes bad. It's also known as it's used as a crude diluent. That means it can be used to dilute crude. For instance, in the western provinces, especially in Alberta, Canada, you have the tar sands oil, which is also known as bitumen, and it's extremely thick and so they can take the natural gasolines and they can blend those or add them to the thick crude, which makes it a bit thinner, which allows it to more easily ship in the pipelines. Again, the biggest market hub for natural gasolines is Montbelview, Texas. Pricing wise you can see this is just a comparison of the natural gas liquids, which tend to run in sync with things like natural gasoline and crude oil. And here you can see just basically again another trend where you've got spot prices for natural gas liquids compared to Brent crude, Montbelview propane. You can see that that's in here and then of course natural gas. This last slide I want to show you has to do with the fact that you can see the spike of mostly propane, I mean this is propane spot pricing, and you can see the winter of 2013-2014, there was a huge spike specifically at Conway, Kansas. Now this didn't necessarily have to do with the amount of propane, it had to do with the deliverability. We couldn't get the propane to the markets that needed the most, in the upper Midwest. You can see this past winter of 2014-2015, there was not the same type of spikes in Kansas or at Montbelview. And then lastly, I've got a slide here that sort of kind of gives you an appreciation of the value of natural gas when you add in the revenue from the liquids. A lot of people want to know, you know, why do producers continue to sell natural gas, you know, above or below three dollars? How is it possibly economical? Well, if you're also extracting natural gasoline, then you've got a considerable amount of revenue there that's possible. So you can kind of see, as you move across this spreadsheet, and you get over to the liquid price per MMBTU, it is considerable. And then we talk about the spreads that the midstream or processing companies get, and you can see this particular example, the metal stream was worth about three dollars and twenty cents. The gas that it cost them to basically run the plant was 265. So their crack spread becomes 55 cents per MMBTU, which is a pretty healthy spread.