lorenzo simonelli is here, the ceo of baker hughes. what does it mean for your world and how will things change? lorenzo: we have seen these times before as consolidation is taken place. obviously we work with our customers and get stronger with them as well. as we see the bigger players get together, we see opportunities to partner with them on the technology forefront. they are looking at efficiency, productivity, looking for ways in which they can also reduce emissions and if consolidation happens we see it as an opportunity to grow with them with a share perspective and introduce new technologies. jonathan: you talk about the new spending cycle, are you thinking about how to develop existing fields or discover new ones? lorenzo: it is definitely about existing fields. when you look at chemicals, esp's, pumps, doing more with what we have. we know that today 75% of the production is from mature assets. we've got to do more with those mature assets. green fields cost a lot of money so how do you drive the efficiency, productivity wit