Our outlook focuses on the best places to invest and the interplay between upstream, oilfield services, and midstream in 2018. We believe 2018 is set-up to be the best energy investing market in the last five years. We believe the current low valuations, low energy sector weightings in the overall market indices, improving earnings and cash flows, and more stable commodity prices set-up for energy outperformance. Crude oil is stable as growth in the United States is better understood by the commodity markets, even in the face of our 1.1+ MMbo/d of US oil growth in 2018. US growth provides opportunities in the midstream sector, but also likely results in higher Brent-WTI oil basis spreads as pipeline capacity is tight until mid-2019.