russ girling is the ceo of transcanada. have to be mindful of these megadeals and the potential they do have to reshape the industry. how do you think this affects global energy? russ: i think deals like this will be logical in this kind of environment. we have seen this kind of cycle before where we see consolidation of the industry and then cad consolidation at other points in the cycle. it's a natural evolution. -- d consolidation at other points in the cycle. there is potential for more transactions going forward. certainly, that is what we see in low-price environments. those that have the capacity to take advantage of opportunities will do that. i would expect to see those kinds of transactions take place. stephanie: is there a range of where oil prices could go when smaller operators could get desperate and need this m&a? russ: i don't think there is anyone price that is specific for individual companies. the lower the price goes those that don't have healthy balance sheets will be constrained. erik: i would like to k