. >>> henry dixon is with us to discuss. when i look at the sector map, energy, by far, the worst performing sector on both sides of the atlantic. a lot of that doing with the drop in oil prices. you look at refining margins, low-cost producers continue the ramp up production. and the u.s. producers kicking up their drilling as well. the highest level since 2013. how are these date pa points impacting the way you look at gas? >> i don't want to add to the chorus that is incredibly negative on them. i think they're now grasping the self-help that they can engender. i think the cuts are significant. and in many ways, the demand picture is always so difficult to analyze. you can analyze the supply side. the little weeks to in supply can have dramatic medium turn effects. analysts are in a huge hurry to downgrade the medium. i think that's the wrong way to think about it. it's still a sector we're not exposed to. we put over our lens of cash flow. and strong starting balance sheet, we're disappointed with the opportunities prese