Canyon reported 4Q15 EBITDAS of $8 mm, ahead of our es mate of $6 mm due to higher pressure pumping revenue. The Company has amended its credit facilities and we believe it has ample room to do so again if required. This is an event we expect to occur. Canyon has eliminated its dividend, which results in a reduction of annual cash outflows by $8 mm. We have lowered our 2016e EBITDAS to a loss of $4 mm, from positive a $9 mm. In 2017e, we are now forecas ng EBITDAS of $28 mm (prior: $50 mm).