Market Impact: Slightly Positive. 3Q15 cash flow of $444 mm ($0.53/share dil.) was ahead of our expectation for $356 mm ($0.43/share) and the sell-side analyst survey average of $422 mm ($0.50/share). Upstream netbacks were better than we had forecast ($13.78/boe vs. our $11.06/boe estimate), mainly due to operating expense ($10.27/boe) coming in $2.13/boe below our forecast (and down $0.59/boe sequentially).
