Question-and-Answer Session
Operator
Of course. (Operator instructions). Our first question comes from Michael Blum of Wells Fargo. Your line is open.
Michael Blum – Wells Fargo
Thanks, good afternoon or good morning, everyone.
John Gibson
Hi Mike.
Michael Blum – Wells Fargo
Couple of – just a couple of quick questions from me. The first, in terms of the hedging information you provided, have you – are those hedges mostly at the heavy end of the barrel on the NGL or have you also hedged on ethane?
John Gibson
Terry.
Terry Spencer
Yes, most of it is on the heavy end of the barrel. We still have some ethane to do.
Michael Blum – Wells Fargo
Okay. Could – any granularity you are willing to provide on it?
Terry Spencer
Not really. Yes, I mean we are still –
John Gibson
The majority of the unhedged barrel is –
Terry Spencer
The majority of the unhedged is that thing.
Michael Blum – Wells Fargo
Okay. And the second question is, you made some comments around natural gas pipeline growth potentially in the Mid-Continent, can you talk about what you are seeing there in terms of where you’re seeing the long-term opportunities from a growth perspective and would that – do you think that’s mostly going to entail expansion of existing pipelines or do you think there is actually room there for another pipeline and where would it go?
Terry Spencer
Well, from what I can tell you Michael is we are looking at a lot of things and particularly in the Mid-Continent supply is a key driver, the supply development in the Woodford Shale has been very significant and the outlook is very strong. So we see expansion opportunity of our existing assets and the potential for new pipeline facilities. So when – and we are talking to producers on a continual basis and trying to frame up economics and frame up the commercial structures.
John Gibson
So to provide a little more color to that, what if you say or I mean isn’t it true that in addition to expanding our existing system which – for which there are opportunities, we are not talking about across the country pipelines, we are talking mainly about just like on the NGL side moving incremental natural gas to liquid points. Just so that you don’t have a view that we are thinking about a Southern crossing of the United States or something like that.
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