Strategic Asset Acquisition in the Energy Sector: Caledonian Midstream’s Negotiation and Acquisition of the Quirk Creek Gas Plant

UNIVERSITY OF NEW BRUNSWICK
FACULTY OF LAW

 

Strategic Asset Acquisition in the Energy Sector: Caledonian Midstream’s Negotiation and Acquisition of the Quirk Creek Gas Plant

A Case Study in Energy Sector Transactions

Submitted by:

Edward May

Date of Submission:

April 2^nd, 2025

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Special Acknowledgement

I would like to extend my sincere gratitude to Charles Selby, P.Eng., JD, for sharing his time, insights, and expertise. His direct involvement in the Quirk Creek acquisition provided a critical perspective on the negotiation process, risk management, and strategic decision-making in energy sector transactions. Generously sharing his knowledge, Charles made a significant contribution to the depth and substance of this case study. 

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Contents

1. Introduction

2. Asset Background & Interest

i. History

ii. Initial Engagement to Acquisition

iii. Energy Transition & Indigenous Partnership

iv. Market Trends & Rationale

3. Key Negotiation Challenges

i. Valuation Discrepancies & Market Timing

ii. Financing Restraints & Alternative Capital Structures

iii. Regulatory & Environmental Considerations

iv. Risk Allocation & Long-Term Asset Management

4. Lessons in Negotiation Strategy

i. The Power of Market Timing & Strategic Patience

ii. Financing as a Negotiation Tool

iii. Proactive Regulatory Engagement Minimizes Deal Uncertainty

iv. Management of Environmental & Financial Risk

5. Conclusion & Future Considerations

i. Conclusion: A Negotiation-Driven Success in Asset Acquisition

ii. Future Considerations & Expansion Projects

a)       Optimizing Natural Gas Production & Processing Efficiency

b)       Environmental Remediation & Regulatory Compliance

c)       Strategic Infrastructure Investments & Future Development Potential

d)       Indigenous & Stakeholder Engagement

iii. Final Thoughts

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1. Introduction

(Aerial view of the Quirk Creek Gas Plant)

The acquisition of strategic energy assets is an inherently complex process that requires balancing financial, regulatory, and operational considerations. Nowhere is this more apparent than in the case of Caledonian Midstream Corporation’s acquisition of the Quirk Creek Gas Plant, which unfolded over nearly a decade. Valuation disputes, financing constraints, regulatory approval processes, and long-term strategic planning heavily influenced the negotiations surrounding the acquisition.

This case study examines how Caledonian Midstream, under the leadership of Charles Selby, successfully navigated the challenges associated with acquiring and operating the Quirk Creek Gas Plant. The transaction highlights several fundamental negotiation considerations, including disciplined capital allocation, strategic timing, creative financing, and proactive regulatory engagement. These elements collectively enabled Caledonian Midstream to secure a valuable infrastructure asset despite significant hurdles. 

The Quirk Creek acquisition represents broader trends in the North American energy sector. As many large oil and gas firms shift their focus toward unconventional resource plays, smaller companies like Caledonian Midstream have identified opportunities to optimize and extend the lifespan of conventional midstream infrastructure. This study aims to contextualize the negotiation, acquisition, and integration of Quirk Creek within the shifting energy landscape. It provides valuable insights into the dynamics of asset purchases in the energy sector.

Disclaimer: The analysis and perspectives presented in this case study are solely those of the author and do not necessarily reflect the views of Caledonian Midstream, its representatives, or any affiliated parties. While efforts have been made to ensure accuracy, some conclusions rely on reported information, industry trends, and the author’s interpretations of negotiation strategies. 

2. Asset Background & Interest

(Construction of Quirk Creek Gas Plant, 1970)

i. History

The Quirk Creek Gas Plant holds long-term strategic value that is better appreciated when one understands the underlying resources. Located 40 kilometers southwest of Calgary, Quirk Creek was initially developed in 1970 by Imperial Oil, a subsidiary of ExxonMobil. Over the decades, it has served as a vital midstream facility, processing sour gas with high hydrogen sulfide (H2S) content, which necessitates specialized infrastructure for gas sweetening, liquids recovery and sulfur extraction. At its peak, the plant achieved a processing capacity of 90 million cubic feet per day (MMcf/d), establishing it as one of the most significant assets of its kind in the region.  

From a geological perspective, Quirk Creek is a conventional reservoir with substantial remaining reserves. Initial exploration by Imperial Oil in 1967 identified a 500 billion cubic feet (Bcf) gas reservoir, primarily located within the Mount Head and Turner Valley formations. Subsequent development drilling, along with an extensive 3D seismic survey in 2001, confirmed the potential for continued production. As per the latest evaluations, more than 100 Bcf of recoverable reserves remain in the field, making it a long-term asset with significant economic potential.

By the early 2000s, ownership of the facility transitioned to Pengrowth Energy Trust, a publicly traded oil and gas producer. Initially, Pengrowth utilized Quirk Creek as a processing hub, benefiting from third-party agreements to generate revenue from gas processing and liquid recovery. However, as the industry began shifting towards unconventional shale and tight gas, mid-sized firms like Pengrowth increasingly viewed assets such as Quirk Creek as non-core holdings. This created an opportunity for Caledonian Midstream, led by Charles Selby, to assess the plant as a strategic acquisition target.

ii. Initial Engagement to Acquisition

Selby’s familiarity with Quirk Creek traces back to 2003, when he was a senior member of Pengrowth’s management team. Recognizing the plant’s operational capabilities and significant remaining gas reserves, Selby considered it a high-value infrastructure asset with potential for further optimization. Under Pengrowth’s ownership, the plant continued to operate successfully. By 2015-2016, it became apparent that Pengrowth no longer viewed this asset as a core holding and decided to divest.

Caledonian Midstream, established by Charles Selby and Jim Kinnear, the former CEO of Pengrowth, as equal partners, spotted an opportunity to acquire Quirk Creek and reimagine its role in shaping the evolving energy market. However, the acquisition of this asset would not be straightforward.

A mitigating factor for Selby was his relationship with Derek Evans, the CEO of Pengrowth at the time. Evans had been brought in at the tail end of Selby’s involvement with Pengrowth. Understanding this is crucial in the negotiation, as Caledonian not only had previous experience and knowledge of the other party, but also a deep understanding of the asset due to those involved having historically purchased it and reviewed its operations. They recognized the significant potential related to the remaining gas in place and had it independently evaluated, estimating that around 100 billion cubic feet of gas remained. Given the strong relationship and prior knowledge of the asset, Selby believed that Caledonian could successfully negotiate the acquisition; however, some key challenges emerged:

• Misaligned valuation expectations between Caledonian Midstream and Pengrowth.
• A changing regulatory landscape, including evolving Liability Management Rating (LMR) requirements under the Alberta Energy Regulator (AER).
• Financing restraints, given that traditional banks had largely exited the junior oil and gas lending space.
• Operational risks, including legacy environmental liabilities and ongoing well abandonment obligations.

Despite these hurdles, Caledonian remained committed to acquiring Quirk Creek. The plant’s extensive infrastructure, including pipelines connecting it to the Turner Valley oil field and other regional assets, made it a crucial hub for future energy transition projects. Moreover, the opportunity to integrate Quirk Creek into a broader strategic vision, including the potential for hydrogen production and carbon capture initiatives, further strengthened the business case for acquisition.

iii. Energy Transition & Indigenous Partnership

As part of its long-term operational strategy, Caledonian Midstream had integrated Indigenous partnerships to promote exciting energy transition initiatives. The company acknowledged that Quirk Creek’s existing infrastructure could be repurposed to support new energy markets, including hydrogen production and CO2 capture projects.

Furthermore, the plant’s location within the traditional lands of the Stoney Nakoda Tsuut’ina Tribal Council (G4 Group) provided opportunities for collaboration with Indigenous stakeholders. Through a joint venture with Hunter Spirit Energy Group, Caledonian aimed to create new business opportunities that aligned with local Indigenous communities. This partnership was intended to ensure that the economic benefits from Quirk Creek’s continued operation were shared with Indigenous stakeholders, promoting a more sustainable and community-integrated energy development model.

iv. Market Trends & Rationale

By the mid-2010s, the broader Canadian oil and gas market was undergoing a fundamental shift. While major energy firms increasingly prioritized investments in shale gas and oil sands, midstream and conventional gas assets, such as Quirk Creek, became secondary concerns. This created a window of opportunity for smaller, specialized firms like Caledonian Midstream, which could capitalize on undervalued assets with long-term potential.

However, the negotiation process would not be easy. Pengrowth initially valued Quirk Creek significantly higher than what Caledonian was willing to offer, citing existing third-party processing contracts as justification for its pricing expectations. Over time, however, the loss of these contracts weakened Pengrowth’s bargaining position, ultimately creating a more favourable negotiation landscape for Selby’s team.

Securing regulatory approval from the Alberta Energy Regulators (AER) posed another challenge as well. Under the LMR framework, Caledonian needed to demonstrate its financial capacity to manage decommissioning liabilities, while also proving the plant's long-term economic viability. This necessitated extensive engagement with regulators, environmental consultants, and financing partners to develop a feasible acquisition structure.

By 2018, after years of negotiations, financing arrangements, and regulatory approvals, Caledonian successfully completed the acquisition of Quirk Creek. This lengthy and complex process exemplified the importance of strategic planning, financial creativity, and regulatory foresight in energy sector negotiations. 

(Facilities in the Quirk Creek Gas Plant)

3. Key Negotiation Challenges

Negotiating the acquisition of the Quirk Creek Gas Plant posed a series of unique challenges, including valuation discrepancies, financing constraints, regulatory obstacles, and operational risk considerations. The process lasted nearly a decade, demanding strategic patience, financial creativity, and a deep understanding of the energy sector’s evolving landscape. The following section outlines the key negotiation hurdles and how Caledonian Midstream, under the leadership of Charles Selby, successfully navigated these challenges.

i. Valuation Discrepancies & Market Timing

One of the most significant challenges in the negotiation process was bridging the gap between Pengrowth Energy Trust’s asking price and Caledonian Midstream's valuation of the Quirk Creek asset. Pengrowth initially positioned the facility as a premium midstream asset, citing historical revenue streams from third-party processing agreements. However, Selby and his team recognized that several key factors significantly impacted the plant’s actual value:

• Declining Third-Party Processing Contracts: A major processing contract had expired, resulting in a reduction of the plant’s projected revenue stream.
• Environmental Liabilities: The facility had legacy contamination issues, including sulfolane groundwater pollution, requiring substantial remediation efforts.
• Regulatory Requirements: Alberta’s regulatory requirements mandated asset buyers to demonstrate sufficient financial capacity to cover future environmental liabilities and decommissioning obligations. This added complexity to the transaction, as Caledonian had to ensure compliance with Alberta Energy Regulators (AER) standards while structuring a financially viable deal.
• Market Shifts in the Energy Industry: The rise of unconventional resource development, such as shale gas and tight oil, led major producers to divest conventional midstream assets.

Selby and his team adopted a long-term market view, patiently waiting for Pengrowth’s financial situation to decline before re-engaging in negotiations. By the time Pengrowth had lost its key processing agreements and was under increased pressure to sell non-core assets, Caledonian could negotiate a more favorable purchase price that reflected the plant’s actual future earnings potential, rather than its historic peak value.

ii. Financing Restraints & Alternative Capital Structures

Securing financing for the acquisition posed another significant challenge. By the mid-2010s, traditional bank lending to junior oil and gas firms had become increasingly restricted. Most financial institutions had pulled back from offering credit to smaller firms lacking substantial producing assets, particularly in the midstream sector. This forced Caledonian to seek alternative financing options to complete the deal.

The solution came in the unusual form of a vendor-backed financing agreement, a structure in which the seller, Pengrowth, agreed to finance part of the purchase through a structured payment plan. Vendor-backed financing is rare in midstream acquisitions due to the seller’s preference for immediate capital, the risk of buyer default, and regulatory hurdles related to financial assurances and liability management. However, in this case, Pengrowth’s financial pressure and the limited availability of traditional financing created conditions where a structured vendor-backed arrangement was a mutually beneficial solution. There were notable considerations regarding this approach, which included:

• Reduced upfront capital expenditure for Caledonian Midstream, allowing the company to allocate financial resources toward regulatory compliance and operational improvements.
• Pengrowth retained a security interest in the asset as collateral, ensuring recourse in case of default but without direct ongoing financial involvement.
• Avoidance of predatory private equity financing, which could have introduced unfavourable terms and excessive external control over the asset.

This financing arrangement was crucial in enabling Caledonian Midstream to acquire the facility without incurring excessive financial risk, thereby allowing the company to focus on long-term operational sustainability. The purchase of the Quirk Creek asset was initially supported through financing arrangements that included vendor-backed assistance from Pengrowth. Importantly, all debt obligations to Pengrowth were fully repaid after the transaction, concluding that chapter of financial involvement and reinforcing Caledonian’s independent operational footing. In addition to vendor financing, a relatively modest amount of third-party debt was raised from a group of investors. This external debt has since been largely repaid, ensuring that ownership and financial control remain entirely with the founding partners.

iii. Regulatory & Environmental Considerations

The Alberta Energy Regulator (AER) posed another significant challenge, as its approval was necessary for the transfer of the facility’s operating license. Under Alberta’s Liability Management Rating (LMR) system, companies acquiring midstream infrastructure must demonstrate adequate financial capacity to manage eventual abandonment and reclamation costs. Given that Caledonian Midstream was a smaller firm with limited historical financial backing, AER scrutiny was particularly stringent.

To mitigate this risk, Selby and his team engaged AER regulators early in the negotiation process, demonstrating:

• Caledonian Midstream’s operational expertise, leveraging Selby’s prior experience with the facility under Pengrowth.
• A phased environmental management strategy outlining the steps Caledonian would take to remediate existing liabilities.
• A financial assurance plan detailing how the company would manage decommissioning obligations over time.

By proactively addressing AER concerns, Caledonian secured regulatory approval without unnecessary delays, which ensured a smooth transition of ownership.

iv. Risk Allocation & Long-Term Asset Management

One of the most critical aspects of the Quirk Creek acquisition was the allocation of risk between the buyer and the seller, particularly concerning environmental liabilities and long-term operational sustainability. Given the facility’s extensive operational history, Caledonian Midstream had to assume responsibility for environmental remediation efforts while ensuring that the asset remained economically viable. The acquisition required a strategic approach to risk management, balancing financial constraints with regulatory obligations.

Caledonian Midstream assumed full environmental liability upon acquiring the facility, as no provisions indicated that Pengrowth would retain financial responsibility for pre-existing contamination issues. However, recognizing the significant costs associated with legacy environmental concerns, Caledonian structured its approach to remediation in a way that would not burden the company with immediate, large-scale capital expenditures. Instead, remediation efforts were planned progressively, aligning with cash flow from ongoing operations to ensure regulatory compliance without jeopardizing financial stability.

To ensure long-term viability, Caledonian also incorporated future infrastructure investments into its acquisition strategy. The company regarded Quirk Creek not merely as a traditional gas-processing facility but also as a potential center for energy transition initiatives. This long-term vision involved optimizing existing infrastructure, enhancing operational efficiency, and assessing opportunities for hydrogen production and carbon capture. 

4. Lessons in Negotiation Strategy

(The Plant Processing Building)

The successful acquisition of Quirk Creek by Caledonian Midstream provides key insights into negotiation strategy, market positioning, and risk management in the energy sector. Several fundamental lessons emerge from this case:

i. The Power of Market Timing & Strategic Patience

One of the defining aspects of the Quirk Creek negotiation was the willingness to wait for the right conditions. Instead of engaging in a bidding war or accepting an inflated purchase price, Selby and his team carefully monitored market conditions, regulatory shifts, and Pengrowth’s financial health. This strategy allowed     them to acquire the facility when its valuation adjusted to reflect its true economic potential. 

ii. Financing as a Negotiation Tool

In an era when traditional financing mechanisms became increasingly unavailable to smaller firms, Caledonian’s use of vendor-backed financing proved to be an effective alternative. By structuring the transaction to align incentives between the buyer and the seller, the company secured an asset without overextending its capital resources.

iii. Proactive Regulatory Engagement Minimizes Deal Uncertainty

Regulatory approval is often one of the most challenging components of midstream asset transactions. Caledonian’s early engagement with AER regulators ensured that the deal did not stall due to compliance concerns. By demonstrating financial responsibility, environmental stewardship, and long-term operational viability, the company streamlined the approval process and avoided unnecessary legal complications.

iv. Management of Environmental & Financial Risk

Every asset acquisition carries inherent risks, especially regarding environmental liabilities and legacy infrastructure concerns. In acquiring Quirk Creek, Caledonian assumed full responsibility for environmental remediation and long-term operational planning. This allowed financial commitments to be managed progressively without excessive upfront capital burdens. 

5. Conclusion & Future Considerations

(Spencer Selby and Eddie May posing in front of the Quik Creek Gas Plant)

i. Conclusion: A Negotiation-Driven Success in Asset Acquisition

The acquisition of the Quirk Creek Gas Plant by Caledonian Midstream serves as a compelling case study in strategic negotiation, financial creativity, and long-term vision within the energy sector. Unlike conventional asset purchases, this transaction demanded tenacity, market awareness, and a profound understanding of financial and regulatory landscapes.

At the heart of this deal was a high-stakes negotiation process wherein Charles Selby and his team navigated multiple hurdles, including valuation discrepancies, financing limitations, and regulatory approval challenges. Instead of pursuing an immediate acquisition at an inflated price, Caledonian exercised patience and leveraged shifting market conditions to gain a stronger bargaining position. By waiting for Pengrowth’s financial constraints to increase and its third-party processing contracts to lapse, Caledonian was able to negotiate a more favourable purchase price that reflected the current operational value of the asset rather than its historical peak revenue potential.

Beyond valuation, the innovative use of vendor-backed financing played a pivotal role in finalizing the deal. With traditional bank financing largely inaccessible for junior midstream operators, Caledonian structured a transaction that aligned incentives between buyer and seller, enabling the company to secure the asset while minimizing its immediate financial exposure. This highlights a critical takeaway in energy sector negotiations: deal structuring is often just as important as price negotiation. By crafting an agreement that addressed both parties’ needs, Caledonian ensured a financially sustainable acquisition.

Regulatory approvals significantly shaped the deal. The Alberta Energy Regulator’s Liability Management Rating (LMR) system introduced an added layer of complexity, requiring potential buyers to demonstrate financial strength and take on long-term abandonment and reclamation obligations. Caledonian engaged with regulators early, showcasing operational expertise and presenting a phased environmental remediation strategy, which was crucial in securing necessary approvals and preventing last-minute regulatory roadblocks.

The Quirk Creek acquisition exemplifies how negotiation is not just about achieving the lowest price but rather constructing a deal that balances financial viability, risk management, and strategic foresight. It is a case in which industry expertise, timing, and adaptability allowed a smaller firm to secure a high-value asset despite significant barriers.

ii. Future Considerations & Expansion Projects

Following its acquisition, Caledonian has positioned the Quirk Creek Gas Plant as a key asset within its portfolio, focusing on maximizing operational efficiency and exploring long-term opportunities for value-added development. Given its existing infrastructure, the Plant offers strategic opportunities for enhanced natural gas production, environmental remediation, and integration into emerging energy transition initiatives.

The credibility and operational history established through the acquisition and operation of Quirk Creek have enabled Caledonian Midstream to further expand its portfolio by acquiring and redeveloping additional sour gas assets. These assets include the Moose Mountain and McLean Creek facilities, acquired between 2018 and 2022. Located in areas of significant environmental sensitivity and historical production, these sites enhance Caledonian’s strategic footprint in the sour gas midstream sector. The Moose Mountain field, first developed in 1961, and the adjacent McLean Creek operations have been revitalized under Caledonian’s stewardship, supporting both operational continuity and long-term infrastructure investment.

a)      Optimizing Natural Gas Production & Processing Efficiency

Quirk Creek remains a viable midstream processing facility, boasting significant natural gas reserves and an established pipeline system. Internal evaluations estimate that over 100 Bcf of recoverable gas remains in the Quirk Creek reservoir. To take advantage of this, Caledonian is exploring the addition of development wells and optimization of the plant’s processing systems.

Key areas of focus include:

• Drill new development wells to enhance production capacity and extend the facility’s operational lifespan.
• Assessing third-party processing agreements to optimize plant throughput and secure additional revenue streams.
• Upgrading processing systems to improve efficiency and reduce operating costs associated with sour gas treatment and sulfur recovery.

b)      Environmental Remediation & Regulatory Compliance

Environmental liability was a significant factor in the acquisition, given that Quirk Creek has a history of groundwater contamination stemming from sulfolane processing by prior operators. Caledonian is dedicated to tackling these longstanding environmental issues while ensuring continued compliance with Alberta Energy Regulator (AER) standards.

Key remediation and compliance efforts include:

• Continued monitoring of groundwater contamination levels and phased remediation strategies to meet regulatory standards.
• Implementation of a phased capital expenditure approach to manage environmental liabilities without overburdening financial resources.
• Engagement with regulatory bodies to ensure compliance with Alberta’s liability management framework and asset integrity requirements.

c)      Strategic Infrastructure Investments & Future Development Potential

Beyond conventional natural gas operations, Caledonian is evaluating opportunities to integrate low-carbon energy solutions and infrastructure repurposing at Quirk Creek. While no formal commitments have been made, the facility’s existing processing infrastructure and connectivity to key energy markets make it a strong candidate for emerging energy technologies.

Potential future initiatives could include:

• Carbon Capture and Storage (CCS): Given the facility’s existing infrastructure for sulfur recovery and emissions control, there may be opportunities to integrate carbon sequestration technologies, aligning with Canada’s emissions reduction policies. Furthermore, with Caledonian’s proposed GreenBluH2 project, the company aims to transform the facility into a leading-edge green complex, transitioning to incorporate carbon capture, utilization, and storage.
• Renewable Natural Gas (RNG) or Hydrogen Production: While not currently in development, Quirk Creek’s processing capabilities could be leveraged for future renewable gas projects, pending market and regulatory developments.
• Pipeline Rationalization and Processing Agreements: Quirk Creek is strategically connected to multiple pipeline networks, including the TC Energy Gas Transmission Pipeline. Evaluations of third-party processing agreements and potential infrastructure-sharing partnerships to ensure that gas processing remains economically viable, even amidst fluctuating market conditions.
• Solar Power Generation: Quirk Creek has significant potential for solar energy development. Large-scale solar arrays could be installed on non-operational land, providing renewable power for on-site operations or integration into Alberta’s grid.
• Greenhouse and Sustainable Agriculture Projects: Quirk Creek, comprising over 560 acres of land, coupled with the available energy resources, presents an opportunity to develop greenhouse operations. Indigenous partnerships could play a crucial role in developing food security initiatives that are tied to sustainable energy sources.
• AI and Data Center Integration: With the increasing demand for high-power, low-carbon energy sources, Quirk Creek’s existing infrastructure and access to natural gas could support AI-driven data centers. Potential development may include utilizing waste heat recovery for enhanced energy efficiency, integrating on-site renewable energy sources, or leveraging low-carbon natural gas to provide a reliable power supply to data-intensive operations.

d)      Indigenous & Stakeholder Engagement

The Quirk Creek facility is situated in an area where Indigenous economic participation and local stakeholder engagement are key factors. As part of its long-term operational strategy, Caledonian has begun discussions with regional stakeholders to explore potential collaborations and joint ventures in areas such as environmental stewardship and energy transition initiatives. 

Key focus areas include:

• Building partnerships with Indigenous groups to explore economic opportunities related to the facility’s ongoing operations.
• Supporting local workforce development initiatives to ensure that the surrounding communities benefit from Quirk Creek’s continued activity.
• Engaging with Indigenous nations, government, and regulatory agencies to align development plans with regional energy and environmental policies.

Further, the prospect of producing hydrogen for Indigenous and local power generation presents an exciting future. Caledonian Midstream has actively engaged with the G4 Group of Indigenous Nations, which includes Wesley, Bearpaw, Chiniki, and Tsuut’ina First Nations, to explore opportunities for locally produced hydrogen to power Indigenous communities and businesses. By aligning hydrogen production with Indigenous economic participation, Quirk Creek could serve as a model for community-integrated energy development.

iii. Final Thoughts

The Quirk Creek acquisition represents more than just a conventional asset transfer; it provides Caledonian Midstream with a strategic platform for both short-term operational improvements and long-term energy transition opportunities. While the company’s immediate priorities remain optimizing production and managing environmental liabilities, the facility’s infrastructure may offer future growth potential in carbon capture, renewable energy integration, and evolving natural gas applications. By aligning regulatory compliance, operational efficiencies, and stakeholder engagement, Caledonian Midstream is proactively working to ensure that Quirk Creek remains a valuable and adaptable asset in the changing energy landscape. In an increasingly dynamic energy environment, Caledonian continues to refine its vision for Quirk Creek and its other associated assets, aligning development plans with innovation and long-term market opportunities.