Energy Transfer (ET) 7 Aug 242024 Q2 Earnings call transcript

Good day, and welcome to the Energy Transfer Q2 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I'd now like to turn the conference over to Tom Long, Co-CEO. Please go ahead, sir.

Thank you, operator. Good afternoon, everyone, and welcome to the Energy Transfer Second Quarter 2024 Earnings Call. our by senior ] here issued management answer questions today members and to earlier joined saw your the you of team, after this also afternoon. [ release McCrea Mackie other help the I'm press remarks. Hopefully, we prepared who are

website As our as posted to everyone look contains the release earnings gain a goes slides MD&A that to encourage a the and segment understanding opportunities. our quarter we as full reminder, well to the our through and results release of thorough in a detail, at the growth

EBITDA As making Securities to more as and in tomorrow, refer information meaning XX-Q Exchange the and the quarter we ended current are a details the XX, for or which XXXX. file are certain the of adjusted Form assumptions are distributable in we of also our non-GAAP reminder, well August to June discussed statements both financial These DCF, expect and will forward-looking statements us, Xth. I'll as available Act measures. of cash currently based of which be Section flow, XXE XXXX, upon our within to beliefs

of these as and transaction quarter oil volumes of costs, NGL today Absent non-GAAP financial of find as billion the our of will reconciliation record million $X.X billion EBITDA to will over $X.XX number generated pipelines compared adjusted on We well second expense. been results $X.XX XXXX. for going our through $XX This a NGL over website. I would had our start for You the quarter exports. by billion. We XXXX. over our includes adjusted transaction measures record have second crude EBITDA of

to and to on strong organic $X we of Compression partners [ performance compared the billion and the in was USA growth terminals. Refined quarter Midstream also our of $X.X billion attributable DCF from CapEx. fractionators billion our approximately the capital We Products and Transfer, Energy X SUN adjusted, pipelines saw and spent XXXX. And $X as for the and excluding Refined ] NGL months NGL a primarily of XXXX, second segments, Products for

Now Refined with Permian EBITDA increase billion growth by fractionation second million The Adjusted results across for the to was let's and NGL pipeline compared volumes operations, records as NGL well including exports. both our turning quarter second and segment of start transportation, Products. to and due Mariner $X.XX quarter, was to $XXX for East as our and terminal the in primarily XXXX.

had of addition, hedged the higher inventory. gains optimization In we NGL from

EBITDA the to XXXX. the adjusted of Midstream, was higher compared volumes primarily $XXX For million $XXX addition due was of increase Permian as assets to well as Crestwood for second in the the million Basin. The quarter

November $XXX XXXX. the EBITDA of and Crude transportation and the of in as million quarter increase to XXXX, Crestwood million Oil to up second increase our was segment, total compared May the The Lotus our $XXX For as well were oil crude XX% exports, primarily oil throughput respectively. crude and which in due acquisitions was of assets adjusted for record

quarter these Excluding compared million X% was base $XXX volumes oil and X%, for acquisitions, and to our transportation million our EBITDA $XXX segment, EBITDA crude the on adjusted adjusted XXXX. Interstate business respectively. In second increased of

maintenance million our related Pebble $XX for offset ], gas contracted to Run sales, Gulf project During Pebble of cost as by the well a as case. refunds million reduction on [ operational higher MRT. [ shipper quarter, rate ] [ we ] lower saw Trunkline, in was and $XX volumes revenue This

gas optimization underway, opportunities about and and great The and was quarter the access with the increased supply as plant related increase are XXXX, million per million closing the to pipeline last Permian storage due volumes XXX of natural Red $XXX the we to Energy year. of which opportunities. In Energy WTG, really of businesses. is supplies adjusted base million into gains and For the enhances the of was X provides growing NGL growing customer the this in increased transaction, Intrastate million favorable $XX to Transfer cubic Transfer our acquisition operations $XXX July placed second segment, excited primarily assets downstream optimization gas EBITDA day to behind combined was service. asset. Since and approximately well completed processing of compared as Integration foot the Lake

to in joint the quickly Transfer announced and more as combining takeaway Energy water the optionality our of in exciting XXXX, respective that to volumes family together customers. oil table creativity opportunity up and to Permian our expect ramp and service our Basin. the market gathering when brings This partnerships and offerings we We produced the a venture highlights expand formation July LP assets of Sunoco residue becomes work crude available. Also for is the another

in at terminal, starting projects, mid-XXXX to on Construction Nederland and terminals. continues our continues remain and progress construction the growth Marcus Marcus the to Hook the export turning initial on the our anticipated at expansions for an export of capacity of progress for project. NGL our our we Now, and with phase Hook schedule service an Nederland to optimization first to phases in project. of And

fractionator our [ will bring day to Belvieu Mont to will in barrels on expected be per Belvieu. schedule Turning recently Star XXXX, IX This service QX Basin. We fractionation per per barrels in XXX,XXX Mont barrels of Frac our approved our X capacity expansion ] out over day. a XXXX. of total X.X and to bringing of the million day capacity is in than more XX,XXX be at our design million have day Permian to capacity service of NGL project total at ninth barrels Lone remains in Express, transportation to per

XX Belvieu barrels. placed In million into at unutilized approximately million current a butane capacity recently well barrels to back our service, addition, X storage storage we previously bringing NGL Mont

plans existing will per add expansions. plant which Now construct is on which Basin. to we the at approximately taking This a Permian our cubic the million in processing facilities, Permian processing XXX capacity to XXX be of plant, Texas. And in our per cubic day day million facility XXX idle Louisiana, per cubic feet announced processing look and combined upgrades is July. save utilize in Badger in relocated Basin, feet building processing to service will West service These expected June, our [ day. a Construction help placed feet in plant to to X versus trains be Ajax an will North have capital that mid-XXXX, million ] treating approximately of in the trains new Delaware plant. In which capacity of a treating into X we continues

progressively a this opportunities forecast important, power clear becoming and for our growth brief demand. on grid gas generation. update increasingly for bullish Now natural that With will is reliability helping demand a becoming around for need meet significant play in it more the role electricity

loads XX interstate XXX,XXX our power states. Given provide extremely via recently currently we gas from indirect natural systems pipeline direct XXX gas plants in plants over per served states across these with approximately rise gas we Energy day. footprint, in positioned and to extensive well serve or natural And benefit to Transfer's believe deals have connections intrastate of needs. We signed MMBtus gas-fired we throughout are the anticipated

facilities in have quarter, operations mentioned megawatt to in the XX the Texas. the of partnership's as construction electric we support approved natural X, last addition, generation In gas-fired

to XXXX. facilities facilities for our XXXX Transfer these expect to increase expected system go are These and customers. into Energy to continue service for and throughout reliability We

at carbon them we LNG, progress We also a Charles FID. more to offshore to Lake Blue and closer Warrior, to several Lake and bring of Charles We hubs projects, providing make continue project, discussions development Nederland. these growth project projects customer other CapturePoint sequestration look updates on capture on Marlin the with our as Ammonia and including Blue advance forward and

primary Looking primarily related increases capital billion in capital guidance, addition is to growth ahead growth now driver growth WTG segment guidance capital approximately and and Crude of will $X.X expenditures the of our Oil returning to Midstream from in The the the Refined quicker be the and Products at related projects Crestwood billion, our be expect NGL acquisition. the XXXX we segments. previous spent XXXX of $X.X which to organic

guidance. turning our to EBITDA adjusted Now

between compared range $XX billion. billion of XXXX We to are be to raising billion our $XX.X adjusted our guidance $XX.X prior $XX.X to billion to guidance EBITDA

acquisition business, year even base has Our to which WTG, costs updated million our with and the guidance. guidance XXXX our closed full also include of over transaction within on been in $XXX July outperformance XXth included

We're equity increasing We leverage continue to to to existing domestically and the rate growth asset maintain attractive strategic be position expansion excited our opportunities to targeted growth and distribution base flexibility strong we our returns. And demand and that the for a products unit about organic our in balance services, with business to further expect and our help enhance this and internationally. maintaining meet and optimization projects reduction, our both with generate holders. returns demand

to in the our we made remarks. that up concludes pleased June, strides are senior upgraded please our further we to see that addition, Moody's BaaX, credit line our financial to position. This prepared the strengthen unsecured sheet first rating have demonstrates which and balance Operator, In open our question. for

[Operator Instructions] And the Tonet with from JPMorgan. Jeremy first question comes

just similarly, as see the could. you call. bit I JV opportunities books, to with on I to in see could And Sun far with on NuStar, opportunities it month just deal? a wondering front what the you wondering WTG this I what commercial with Just talk X you post new guess, of I off, if the color But start wanted you that was as as in on appreciate if the more, the relates there?

We're This is one. WTG. [ very Mackie your about ]. with first excited start I'll

assets do the But is business as X to our to But you our a don't to it. still fractionation even itself the of almost it's couldn't more business. Lone supporting support that feed long-term, just downstream numbers put with acquisitions said, us be into going to more well we [ We only As just producers and we are large ]. transport our not that rocks in have over. the NGL we lot excited, and we're residue exciting this that that going all really barely into what's creditworthy and Star, how when residue dedications is [indiscernible] business turn very -- our even like cryos as month

had it. that the little just to around about. arms very have part a gas getting Midland exposure in the on that of Basin side. we enormous We're we're excited growth our So There's

forward and pipeline So too. the we things we're a Kim Joe evolving welcome. and that we're very entire excited they're growing excited lot areas job been kind of incredible an ] Sunoco. done that areas, the kind different acquisition. With of of side, looking has come NuStar, good in of [ to about and out They've

a our them lot Texas. We've J.C. in We we're line in moving to lot our got a as be be forward seeing. the with going add Coast them diesel new or of news. now have ] transporting lot some -- to a a really refined of our but But partnerships on Gulf They're -- We're West great partnerships. to Nolan there and with got for value a of a right up, to we're of We'll the X that Once on to partnership getting on with X both well, lot the more one-on-one, really for our very really also going Northeast that's arms that. already that's we do partners. We is what gone both with products in them. producers than up team lot downstream deals to provide a from that's up stuff them lot [ much going out look bottom what and good JV. again, to going just better benefits around the it's

those excited So of deals. we're both about

and for want [ well? the just pivot still as itself, I hydrocarbon how could. side see incremental discussion Do chains how different egress takeaway do to Curious ] need right at crude point? guys now X you takeaway? oil this the about And the the see to more situation if think Permian And you across Warrior with the you

their there. standpoint, had -- crude oil. what's Well, on from X -- probably I'll gas I don't concerns XX that to project. the more no [ certainly a the fill do away desire for I'll We Warrior, and see lot announcement an internally, see or both XX We're some Warrior. there questions we'll already be does in eye ] around a yes, or just [ at next sign markets about supporting business that, But over growth crude externally Texas quite any we've We to the bit about keep needs on that, X we're the with [indiscernible] signed mainly but from the that. what days, pressing with our to going at but customers vast be up X. The tell either that have summarize we've up this up start majority year oil. to ] to are South of least you

I by East, after no -- through that market not us of and is up talked has quarter, but a is know means really. it Texas parts quarter So East but There we've country heading We're the very about slowing this South tremendous and picked other down. steam.

so overbuilding build what we're out worry say not that, that the we last but We're be it and lot there's that FID, are where going out we with very many to announcing our by Certainly, not around take -- And we'll out NGLs gas be excited -- of I'm disappointed but X, we see pipelines get working that And will to about that you any if If if area sold move in of one all customers. and disappointed on announce doing basin implying and we risk necessary growth to basin, we're of others meet mentioned have fully the there. Warrior, NGLs, of our a we're then just we to for the opinion. And come never we next still I'll we're our contracts years on that NGLs. oil out. do FID will earnings about can be call. hard but sit almost But I'll I'll

And next from John comes Mackay Goldman with Sachs. question the

year? just to wanted more half of maybe touched little a color more -- drivers, looks Maybe I back a couple business a these underlying and little and just performance for on the the you guidance for of the but there how on of the kind that update?

and more [ Yes, John, Mackie this start, on. add is I'll then can Tom. ]

And we were we the very the to bring that's in why WTG. in said up remarks, business. As reason just not prepared good acquisitions, we about to addition feel it the the base able the

at to the et as benefits think group. We to as a year able we it when continue even really additional stuff up But you out great lot been this extra in just the be to the continue no, environment prices look the of to you get be when higher, [ able it, that, over know, we're look to group, of good was gas cetera. able guidance the do. So with we I the see a year. optimization commodity to ] because, natural we've continue But to walk for optimization lot value able even POP are to extract out of

Maybe on of obviously, of pulled versus broader just bit NuStar billion if side. about a the your about And assets growth you've billion in past? side, CapEx $X new well, should that the Midland about then, bigger, of kind trend to how looking at next you're CapEx talking the we're your as thinking a point now? of your platform $X kind up the of to look you [ WTG that frame talked could as some The over ] is you've footprint couple years in now the how

No, that's good very actually very, a question.

you and we've we're just know, these of working now. closed As right some through now transactions, these -- on

earnings quarter we're and time, kind our whenever the But scrub come rate. out normal usual, we'll our and as the our guidance able fourth to release. with you get growth it scale, to with doing. we have we'll absolutely that at everything run with XXXX our size nailed So And of

bit more. scrub little us Let that a

us you But it of number, as $X more we've that be we'll we now, that you had So at do ongoing billion, of give some run anything, $X always just rate. $X rate. If kind XXXX official also that give let before on billion that work right run billion. give we the to won't -- probably will long-term any do but

Wolfe Keith Research. comes from question of The next Stanley

with Most have buying the about And existing the could main then optimizing a WTG, and First, just assets? out? been still of it that the in partnership wanted M&A? including with on play could G&P Or recent Or leveraging businesses broaden the NGLs. future to M&A? for that -- focus Is that you ask role M&A. is potentially JV exclusively your deals, Sun, did JV the

with it. kind Yes, say to of question. That's to of gathering there's that that structured, the now, some area agreement together, now, the really of that's Yes. Basin within -- that fall out [ with I'll much right assets end if way we that we downstream that Right is out in start and is Midland that our in acquire JV in together ] in focus and not them. go or other other that the assets not our that the certainly developing upside partnership the [indiscernible], of and that can, that those revenues. achieving approach systems But the downstream main business with the as wouldn't is further

the I'll in And kind your general, here. first part Yes. just focus. in Tom chime This of we is of listen, question, -- where

board. you specific area. But facilities, the to we Midstream, We good. want off, we and how to see to we export actually dial our our wouldn't was occur much is across similar all what really wellhead to water feel question the And into all in in pretty still we're going from to are way the the you the like -- the across asked to the you looking go is commodities, way the the any diversified First very Midstream. when happening consolidation

And processes. any it's are It's said what to one tied like a downstream the get not commodity. of let's commodities. we, benefits on able the across WTG, to when the extract gathering we lot Mackie into Just say, all

continue those have there, opportunities. still to to we evaluate of that we're and a lot think we going opportunities So

thinking to on the recontracting H moving with [ and of Second in Access at impacted you're terms Access how discussions And for? that ] terms service out Dakota Double NGL Bakken, question, looking you all? recontracting has on of are Dakota timing the about

that. we're No, any Yes, around this I'd at. really spurred guess summarize new where hasn't is thoughts Keith, Mackie. that I

We are kind out of of the of pipeline choice there.

we As that Bridge. think agreements reasons out up moved later, majority or growth really looking going don't We rolling more of out that of we there's offer to don't of flexibility that there's of to feelings if more course, the certainly I basin ability we'll be region. But to continue and end them you extending Bakken. our move the as through we'll out do concern to XX,XXX we as just the barrels have. the area do barrels the of of to be than Bayou we of if more hurt the any XX% Coast now all and some have significantly the the Houston the down the we'll well that lot said. But have way a We to Gulf the refineries move by barrels leaving XX,XXX we was another think for and know, or the Mid-Continent Beaumont, for to way because angst going

So optionality we for just producers. with -- giving we're the it's flexibility and the unparalleled that

fall in many we're very So spreads for very we keep Dakota Access confident a that and at sit we will years. position, healthy good

from with Barclays. And Theresa question the next Chen comes

NuStar frame long-haul can Going the pipeline with commitments already barrels the time gathering for related what that the you Permian are about back over legacy the the downstream from to the long-haul your the comments Sun, system following JV roll formation system? synergies on not to talk of

had and this most gathering. business of Theresa, No, the just Sunoco our is is Mackie that JV again. NuStar now, Yes.

or that Transfer it's the gathering it's competing other pipelines and pipelines in to So delivering like area. Energy base

area large of Nederland to but a gathering for [ Transfer's to is up pipeline, Cushing. that Energy oil business Permian any include encompasses that JV that does the downstream in AMI not the ] to example, Basin, So or go

with as confined JV, the sorry, So I but very that that's just mean, part gathering -- of business. Sunoco in we're closely of that that's going to with part work NuStar --

to the ask for roll you on barrels are over to Express, can that meant them Permian the committed on next Permian years? when Express few to not I

this, is than like we're out gathering probably million and X.X barrels, it less answer can that move I'd of it. that we

that have any area space other our taken don't on than barrels we So any necessarily pipeline particular shippers have dedicated system. from

right this WTI say So qualities it I it's whether downstream of couldn't will whole. Also, into come [ what involve. We from JV, take exact oil, come may molecules our or a WTL different now, as kind to there's really business. ] feed of

into more the this. JV to to business, will So feed gathering our there's at a downstream end Marlin Blue But as to day, of Houston this project. the one and continue as of kind both lot to of terminal our the process going hopefully, yes, our business certainly, day, Nederland, thought well

Products And this of can in and the on you repeatable? much just What is And how drove marketing provide some the that segment incremental that? detail quarter? strength Refined NGL

Theresa, this Dylan. is

go various item, that in optimization that and So a of into lot line the NGL that marketing there's activities Northeast. Gulf Coast the

when have strong did write-down for hedged the to And both it's Over in saw had from [ and quarter margins the and some blending to really strong Northeast. great the Gulf the a really back LCM Group. inventory. the last that, where businesses an It quarter gasoline quarter, had the butane we comparing Coast performances year second additionally on also last NGL we ] really we

from question Dounis next the comes And Spiro with Citi.

mentioned to name another transitions I NGL First gas pipeline. South in about know growth alongside I Panama the and guys talked want your American an was you ask question, global sort you've [ about of recently, oil ]. past actually your project. And

MLP on talk not specifics. you to so do grow expect have to And ambition structure? project global something level? I do an is But under And you might that that the curious, just about a that you be able

the lot all is of the do with here. we've across right built partnership the thing our all think to sense answer. It a We Tom. for This it's out commodities. Yes. quick That's that makes

of tell evaluate look sure you make with as I to us, each risk bring various a that they're at along we of continue these. be well these. of value. we any very the come et when risk, we good cetera, can We'll aware careful globe. lot we're with -- we country always So it's for you But will risk the opportunities look that -- will across fits that And but team it able we will value right think the when out that look to like to be -- again once we've said, credit will risk, extract I But country we be you got globally. risk, et cetera. get are you with with And other various do these a it. of you in them that involved companies lot globally look when these you countries, stuff can at when of some

will but continue to evaluation. at thorough we in So least evaluate, be our very

And sounds here or gears side. This lot of a power have gen And in thesis snuck the like power market it back few kind you center maybe here. on the the even fire all on switch data really demand domestically. irons up demand of a

frame about Just of size, we you scope thinking about when us some and if could the understand maybe of think expansions curious for in we you? the you're projects brownfield? start as in timing are And just to or opportunity help talking of how greenfield So these up front us about show here earnings? the

of we great first, talk the and what about vast the going answer how a storage to in talk how And I question is across great pipeline ] as they their NGL this the meet it, system, what their our majority. did mean a natural the natural a team vast blessing job business, competitors This earnings is -- demand and board other business, majority of interesting kind Baerg gas this which such for and Mackie. got we're about, are of our growth oil and throughout Yes. so of a U.S. they partnership fortunate of And terms business and I do which thought call our some breadth make [ about positioned well gas actually about were They're of competitors we our think do. the ] his and running this [ your the we've and oil they as summarizing Bill I'm statement. to not and all is with I commodities. at preparing, I to want because employees do when about --

that. very feel going So of we fortunate advantage take and to we're

So and we into guess, years in of gas for natural X the gas, your question, is transition that I everybody liquid case, answering untold about to the Well, is [ transition kind years we're also demand transition. for hearing ] last for transition seeing truth. keep internationally. The -- natural about

just is as positioned Eastern other nobody mentioned, I for So better seaboard. -- than the

If you have of at of interstate all demands. it, you just very said, demand. the look Bcf pipeline meet to at We're really network, systems to end all our storage our intrastate, the XXX look what along over up we I situated well meet

centers X centers. You different data discussions Yes, data multiple of in or mentioned sizes. we're in states, X different with

one. much or XXX,XXX Bcf Some put each as of of them only as -- or many them want for to generation on in site XXX,XXX

opportunity enormous for us. an it's So

just ] Bahamas similar-type least Texas, states, and needs. got in our that I that. we'll in again, X at all that we we're growing Once of plant astronomically. Texas, electricity well here go capture to and megawatts next a of that growth business. X and XX,XXX the we've other for to about add business areas years, advantaged you [indiscernible] [ XX,XXX see demand up can many these this be these well as for going utilities for positioned. And or as Florida lot in population we're -- here demand natural over gas. power mentioned, on very the We I feeding increase think then gas As very mean to you the We to

Bcf comes -- deliveries and just on. fruition, close majority for and to X of to looking our You've Ammonia of we're Blue on got folks. If terminals and a our [ [indiscernible] we're working -- and the X [indiscernible] to of with ] -- along handful that, at between crypto natural with gas terminals it

broad your bullish. of and very be the system. to mean, long-winded I take natural to how going couldn't be our we're a we're able excited I question, more demand but answer we're -- to that yes, growth So that's advantage gas know with about transfer --

next question Blum Wells Fargo. the with And from comes Michael

to participate H, have could I'm downstream could Crestwood [ I wondering in wanted in and you from Double either acquisition? you any if NGL Double Kinder go us Morgan's if of to the ] announcement. conversion this possibly the or upstream project remind H of terms back vows contract you the way, on

them question, and already assets pretty of because we've good the for couple available deals, couple a benefits. and competition. Michael, intend really sitting of are big waiting a that's and to Crestwood capacity where That's we there's with But got fill and we a of chasing capacity that's see we now that, processing Yes. one do is us,

Now get monopoly, when that's good price to a a you netback or it's your your and producer for business, hard for have changing.

and It's that is of we're this. intrigued So something more excited like kind do. doing we Kinder

So I for home to that. like a or feelings on And our hurt that be it's said, there looking not our may going we Dakota X,XXX Access. X,XXX barrels love more

assets in what for on Now like what's certainly the that on what doing. we probably it we're downstream, is as and up those up some certainly feel upside for But I we see at will basin But love and going a barrels and just Kinder in another our and will own do potential we there. mainly, early minimum discussions of frac. discussions are like our we see

And then latest happening been just Obviously, there's challenges. legal wanted North the to in thoughts your what's get Louisiana? on Haynesville,

now transpired. Some of that's of sort

get to thoughts just latest there? wanted So your

a quarter, down, even areas gas, Utica the lot and last slowing lot Marcellus, of shut-ins. some of tough lean a drilling Yes. over Haynesville,

are X.X XX-inch the X true enormous North a to to multiple prices of Haynesville basins I especially start pipes running X. We've seen So last seeing what, extension Louisiana, X, in North think, we've actually we come the the as recover just but Bcf, since reserves south. year, we The to have those end it start got Gulf in Run Louisiana, off, recover.

We have so a increase the talking you're there on I'll of on lot touch relatively ability issues quick. that capacity real And in grow about the to easy. we've does Louisiana, the industry. When potential the to those and got

of every it's our was we we on need right-of-ways ]? are they How where or impact And in XXX or going going ]? the companies may safety, they technical other our -- of this I lawsuit X what questions work were our a going our of were day, us. normal X with answers but ask high a us it right-of-way impact whether important to our affect our are electric to with they crossing, [ they was companies pipeline XXX, how have deal to needed for, it. adversely pipeline always data. companies whatever, these there it's abrupt business. But from with utility a We And it's [ of pipelines. to right-of-way company, part be we crossings happened or with pipelines We them to work that like are one level, get think are looking and companies employees? So X with are How to to possibly companies, our

see kind a one and partnership, out. do have data. doing our or that refused and continue how protecting provide to as rejected we're all We plays pipeline we'll of that And technical has is to that that rights we'll

And would the session. to to this closing for floor question-and-answer I comments. Long concludes Tom any like our return

you us. to more here. do do of I'm one going definitely add a back little the question to bit I get We go all All joining want end. right. to inbound. comment the here lot global a We appreciate at

significant lot to just team never -- All complement across BD the is operations second country, We the occasionally, the we -- emphasized that human hard have inbounds have, the we of to is to a team, second get resource mentioned that side but huge mentioned we none the a globally team. huge, asset team. we enough of team -- none this assets, but another

I a to And lot. like you But it anyway, joining wanted as, is a talking you take name the massive questions. used I make I complement with come us, and for forward I any all got we of look inbounds to our a to that all in. But us. thank do with of think follow-up there Thanks. And all reason we said, that's that recognized of it's lot globally. out sure

now attending conference The presentation. you has for concluded. today's Thank

You now disconnect may your lines.