The portfolio may change, but the principles that guide us haven't changed. We're going to be portfolio-balanced, we're going to be rate-of-return-focused. And when I say rate-of-return-focused, I'm not talking about just wellhead-focused. I'm talking about total all-in rates of return. And I think if you just look at our performance over the last several years on a cash flow per share or ROE or ROCE, we are either #1 or #2 in our industry over that time frame. We're going to live within our means, and I'm going to show you what this program looks like in terms of, based on today's strip, what kind of excess capital that we have generated even over and above our growth rate. And we're going to be away from the herd. One of the things that I started out talking about was that we really saw it was a good time to be back in the United States. The idea that we are in the last land grab, really if you look back in 2009 -- we have a tremendous inventory or acreage base in this country. And what our premise was -- is that those that had the financial strength when that acreage came back around would be able to take advantage of it. So that's what, some of what you're seeing today.
A lot of people talk about financial strength. The world's going -- it's off its speed because everybody's trying to catch up with their debt. And that doesn't matter if it is Greece or Spain or some companies in our sector. What we've learned over many, many years is that you can't continually put on debt and outspend your cash flow. This is from Goldman Sachs, it's EBITDA for 2011 versus net debt. And you can look on there, many of our peers have 2x, 3x, 4x the cash flow to -- or the debt to their cash flow. And things haven't gotten much better in 2012. So we find ourselves in a very good position to take advantage of what's in front of us.
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