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So with that, I’ll turn it over to Alan.Alan S. Armstrong Great, good morning, and I’m going to start here on slide four. First of all, we have a very exciting news we’re going to talk about today on the Caiman acquisition as well we’ll talk about the financing details around that. And then finally, Don will provide some detail on our guidance raise, and another very substantial dividend raise that we’re announcing. So first of all, on the deal very excited about this location. We’ve been very clear with folks all along that we intend to be number one or number two player in the very large Marcellus basin, and we think this moves us another step in that direction. And we’ll talk about the overall scale with that, this brings to us. But certainly this Caiman acquisition is exciting just from the existing cash flows from this business. But as you’ll see, our sites are aimed quite a bit higher than that in terms of the overall NGL infrastructure solutions and gas takeaway infrastructure solutions for this area. And we think this provides us a great platform for that. Turning on to slide five here now, I’ll get into a little bit of details on the Caiman acquisition. First of all, I’ll just tell you this area, we of course continually study the various areas and figure out where the best locations are for us to be from, which basins we want to enter. This is absolutely the best we think right now in the U.S. from a gas drilling location. Wells in this area, 4.5 to 7.5 EURs, and about 1350 MMBtus in this area, the liquids production from this, just from the NGLs is about 70 to 160 barrels per million cubic feet. And so very excited about what this brings to us in terms of the drilling netbacks, which is really key to how attractive this area is from our standpoint. Today, even at the lower prices we’re seeing today on natural gas and without any ethane advantage, this gets us to about netback to producer about $5.70 at $2.30 gas and that is without any uplift from ethane, which we think ultimately will be.
So, next moving on here to the acreage dedications and what comes to us in this area. This is the, as I’ve said, the rich gas area in the Marcellus, and we think the wells produced here will produce about 75%, an IRR of about 75% here for producers in this area.And on this, looking here to the centre column then, we can see the acreage dedications, we’ll talk a little more about this, a little more detail here on this, but about 236,000 acres are dedicated in this area from 10 producers. And in addition to that, we have about another 100 million cubic feet a day of additional commitments that are not dedicated acreage but are by contracts. So, very exciting area that’s already heavily contracted in this area. And then moving to the right hand column here on slide five, talk a little bit about the system as it sits today. This is going to be a very large scale system for us. And first of all, the processing capacity here by the end of 2013 will be nearly 1 Bcf a day in this area. So as we’ve been very clear in the past, we’re really only focused on being a large scale infrastructure provider and we certainly think that gets us here. On the fractionation capacity, by the end of 2013, we’ll be up to almost 73,000 barrels a day of C3-plus fractionation and another 30,000 to 45,000 barrels a day of ethane, the euthanizing capacity in this area. Read the rest of this transcript for free on seekingalpha.com