Chord Energy (CHRD) 4 May 232023 Q1 Earnings call transcript

Good morning, and welcome to the Chord Energy First Quarter 2023 Earnings Results Conference Call. [Operator Instructions].

Please note, this event is being recorded. I would now like to turn the conference over to Michael Lou, Chief Financial Officer. Please go ahead.

Danielle. you, Thank everyone. Good morning, are operational reporting XXXX we first our and results. financial Today, quarter to our We're you have delighted on call. team. I'm joined and the Robuck, Rimer, Chip today by other Danny members Brown, Richard of

the materially uncertainties Form be forward-looking subject answers be that others, Please these earnings results that earnings statements on from reports calls. believe releases forward-looking in forward-looking Securities the are meaning annual update and Those We be XX-K conference that to currently actual XX-Q. well disclosed within Form on to our to Reform Private Commission, as have that risks our any statements. our and remarks, Securities we include, to questions, in our Litigation Exchange obligation among could with include those advised cause to your the our different our statements the and matters of quarterly and statements described risks including filings disclaim Act. as These we in including releases report

conference reference which we on on measures and GAAP website. reference to make in reconciliations investor call, current may will to find applicable measures, be We also earnings website. non-GAAP releases the our found our you and can our presentation, can this our During

that, With Brown. I'll CEO, to our call over turn Danny the

our Good Michael. XXXX quarter first results reported call. morning, outlook. and Chord Thanks, everyone, full evening, and our thanks joining Last updated year for

organization. operate established pivotal last groundwork would Oasis year the merger as a Petroleum, the as we and and a year equals how the announced know, Whiting of was integration for As between you the for we transaction new organization laid

read year. due well synergies night, activity. execution the operational acceleration the In expectations start a merger. as first performance XXXX, a oil release last of the to focused press And our significantly continued In were driving above and we from to modest in strong are the quarter, volumes we had and on you strong

impacted negatively late by was performance January call, last December. in severe discussed we As weather

the activity of ramping end restoring fantastic did quarter, X-mile with XX production wells and drilling to of completions We those team upper quickly. in at laterals. the XX% a half our line and range, However, XX% the was in about job being turned which up our wells

the was end free but cash towards With capital activity, our additional range, high exceeded of the generation overall expectations.

capital. return to Turning of

with For the the the quarter dividend, share which quarter, $XX we between per share of million of unchanged first approximately difference is million about of The per dividend a of adjusted flow $XXX $XX at remains base XX% minus a million, the dividend aggregate variable $X.XX generated declared variable share. repurchases. the of payment free $X.XX minus $XX in cash of base million

make repurchases. As the share through payout the to distributed a any cash difference variable intended amount reminder, up free in targeted flow dividend our and dividends base between is

share repurchases. Our amount to and returns. and capital we commitment a dividends shareholders returned last program operational significant Since has is mix through return demonstrates performance, and shareholder closed of peer-leading a our to year Chord strong of capital merger underpinned and through capital discipline the

to all business, our as seeking with However, are aspects constantly of we improve.

view on reflect compared desire, past when to recognize the equity share of lighter than is of our shareholder our value. we As considering the we that return X amount quarters, particularly we repurchases our market value the over might intrinsic on

we but buybacks intend forward, share and with be will to future. continue balanced in more repurchases, Accordingly, as between be to we opportunistic dividends look the

operations. turning Now to

and of to go-forward X-mile to spacing, EUR on performance well improves is move program XXXX, the can wider reduces underlying partially to to to asset to of be updated D&C We and expected per program. continue and believe practice investor deliver performance, which our key part Slide deliver and of seen well its of about are This began our above laterals. are be be as pleased our variability for costs. XX% these more to presentation, well and continues with recoveries end of to XX% development XX% attributed XX XX% a laterals our the laterals XXXX our across program expected we the bring about -- comprise of to Chord X-mile more the first toward XX% X-mile on will expectations. more

sized a facilities these pad. stay flat result wells declines. note have shallower wells. typically standard the X-mile longer savings reflects quick of the production Part profile The is versus X-miles, IPs on with Just X-mile of capital but a similar to similarly

a wells, capital production well versus cost longer-dated Said X-mile appropriate more become laterals another metric. way, a of wedge time becomes lateral and foot less production is cumulative per performance larger share as very early relevant

After total of of with in the various the non-core per barrels sale of approximately the X,XXX volumes properties per Williston Basin packages parts XXX the day. of oil of announced The equivalent barrels Trust first $XX for U.S. proceeds approximately legacy quarter, volumes of the assets and consisted roughly outside specific oil divested from assets multiple Chord Whiting of certain day million.

We second divestitures quarter, reflect been expect to all sales. the to guidance has updated and close our the during

but acceleration strong The divestitures all modest XXX per the and first oil oil in well full activity quarter. of by of of given volumes performance Chord day a barrels per expects oil to day XXX for barrels decreased about year the replace

benchmark another oil year realizations volumes and were volumes. NGL Said levels keeping selling Chord way, non-core and adjusted at despite oil its also these guidance ethane per XX,XXX higher to day and rejection Gas of is recent barrels pricing. full reflect unchanged of February

resume on will to improving through to towards which disclosure robust update XXXX. Chord continues a performance XXXX, and initiatives. its ESG. work include in on for report on track full still sustainability performance an disclosure ESG publishing Chord Finally, is

free lower market very created flow financial projects things sustainable integration current with We've better of cash supporting start, sum prices complete. to of high we're levels To much outlook strong company most a and benchmarks. up, a are off a at material strong capable than

to additional some turn I'll updates. for that, Michael it With over

highlight guidance. Danny. handful key I'll quarter our items financial of for operating first and the a updated and discuss Thanks, XXXX

over strong also exceeded were quarter, first midpoint natural the about volumes volumes X.X% As oil gas above in below. Total Danny volumes NGLs expectations with guidance. and guidance mentioned,

During volumes volumes, weather first increased experienced Chord of realizations. January rejection, and Natural gas NGL in and colder gas higher natural levels also but by lowered ethane quarter, which the realizations February. benefited

and favorable. exceeded first the Importantly, was using which revenue impact quarter guidance midpoint net $XXX.X actual 'XX differential to million, benchmark NGL revenue implied and natural totaled Combined volume revenue by pricing. gas

guidance remainder been updated has year. the rejection through the continues XXXX of Our assume to ethane

assumption closely tracked and Bakken pricing WTI expect the we $X.XX Hub to our Additionally, the to quarter Henry over MMBtu. from the lowered $X.XX slight through we premiums to of realize year. remainder per crude WTI

from February. each expected activity May remains XXXX the the quarter to and in third Our remains sequentially highest concentrated adjusting and fourth essentially remains for -- activity increase 'XX throughout divestitures and after Completion production year. unchanged of quarter quarter, is of June schedule oil of 'XX the with volumes,

quarter Fourth quarter TILs off fourth will benefit stand third drop TILs as quarter considerably. to from volumes

the for As Danny the has of mentioned performance guidance team. earlier, sales base adjusted our asset our full the strong year performance asset of strong and oil increased to due production when

lower expectations. unit costs. to driven midstream total began outlook with Williston certain reflect rejection of to line dollar GPT in basis stream. was of residue the volume the ethane basis, to the midpoint On dollar made impact and Otherwise, We some unchanged an the guidance processors NGL is business. and in left the cash the on the volumes above per Turning by rejecting were adjustments a divestitures. essentially at ethane LOE aggregate it spent and guidance slightly for

and oil this revenue, of approximately course natural were in to slightly now taxes of guidance. gas X.X% XXXX, line We over with gas lower reflects Production which prices. increase the expect

a oil taxed higher at gas. mix the of larger a percentage way, another revenue and is becoming rate than Said is

guidance merger-related which line and was in cash Chord $X.X of first in quarter, the G&A expense million was excludes costs. million $XX.X with

G&A remains in cash either. cash at make payment second unchanged not to expect guidance $XX paid taxes XXXX to first and a no the million. the Chord does quarter during quarter Our

to In EBITDA of Chord half per and approximate the at of year, $XX prices half second oil X% XX% $XX barrel. taxes expects between cash the second to

unchanged million. Our at full $XXX capital million budget guidance remains year to $XXX

pricing we budget 'XX set flat a holding through our XXXX XXXX. As assuming year-end reminder, levels

remain million. quarter This, $XXX led around year-end great generally 'XX has has our a high, flow pricing with remains of cash levels. to All utilizations of this to of plateaued in free paired return equipment capital another and quarter results While shareholders. return and significant framework, significant

March $X.XX well. remained XX. at million to which reduced Cash billion as $X to Elected of assumptions. its borrowing Turning XX drawn was as was commodity commitments billion lower due from pricing with $X.X of billion bank nothing to March as $XXX recently Chord liquidity. approximately redetermined base,

peer-leading well strong drive and flow In Chord our return closing, program. execute free as supports well team our sustainable of profile cash to continues capital which the returns, as

provider fuels continues show responsible incredibly We our proud the team, do communities are low-cost the We're care is world. of which and to to and energy, right. courage a be each a always Chord for which what proud and to for entire also of other better safe

With to Danielle that, I'll questions. for hand the call over

[Operator Instructions].

The first Capital of Johnston question comes One. from Phillips

these what Maybe the in in M&A the for company the term? you're what question kind generic seeing near just days just has a appetite to arena of intermediate on first, acquisitions and

is This Danny. Phil. Thanks,

that of commodity my between been supportive some broadly, a is M&A going of. ourselves makes typically dynamics general and sellers. We've clearly, generally speaking, a producers very, can more commodity M&A. bit we're And positioned the about a difficult it's is the better there's We mentioned think thematically market, and be the M&A think low-cost we are more how interesting. I because organizations buyers larger that many got bid-ask in something commodity. some -- and create times produce be in it to to But thought little very volatility We've commodity. for consolidation volatility

can we that we're we consolidation looking and entail in part us. said many believe equity consolidated. and is could something part involve us are story us. we've so involve for also And story, something of will some that larger being is a be being to And and important that that a larger of to times equity consolidate they M&A to so us that's be going and But committed

also And be makes constantly as you We -- we disciplined fit We'll lookout for if us so sense it we makes through go that think only you bigger well. the better. are assets that. on

in is lot And us. to be larger -- a how something being of of being look a larger a that it. at part we disciplined we'll very But so makes sense organization

the Okay. maybe stronger expected. Great. a Gas are mostly like percentage than of obviously for Michael. ethane a And rejection. function of just And a as that's running question increased NYMEX seems it realizations

the is but cold the are you QX, rejection I year, originally guidance far you -- better sole as than rest you wondering you Or anticipated? the weather seeing think your on factor? of as mentioned are just basis effects an improved for if just the of realizations for ethane apples-to-apples

that line generally But with anticipated. realizations Yes. rejection, We're because overall. seeing ethane the obviously, in the in stays stream we improves things those what

change may not So left the it's that's going to be, has going we're but is in It where guiding we forward. be stream. how been the think that's

in line saw it's first in we what with So quarter. the

The of Derrick Whitfield comes Stifel. question from next

Congrats on a start strong to the year.

Thanks, Derrick.

dividends accounted or capital of Mike, to prepared remarks. your in heavier for have program Perhaps noted return you of date, allocation your for as Danny

you As share you dividends? preferences investor and think repurchases comment with could on focus, a buyback and for sense framework on program buybacks your between your about heavier

in. start and ask to weigh Sure. Thanks, I'll Derrick. then off maybe Michael

to come capital program important out, organization. we've a organization capital think that's discipline shareholder one, and returns. instill We strong the we're to committed also within provide As to an say return I'd as having of

key it's our tenet pretty And a strategy. of so

program, all continued overall subject Along input and we've with internally, talked capital return, that, we've has and a about with gotten been investors robust, along we've that's this the about capital lot engage form a very, certainly of and through investors the from and we've way return very as out as gone sought of that to well.

speaking, a than demonstrated last more what X over a balanced I bit think, program of we've the certainly preference have to quarters. is generally the

framework the and value trading intrinsic that moving is looks so We've at the mentioned as previously something that And forward about think we framework performance. relative

up I as more As us we move widening relative our relative and to will performance buybacks on look put view execute pretty think a at on trading position view that in our forward. we has performance, some been narrow

remained So the of kind with has discount the intrinsic to equity. value

from think just we intrinsic the so return opportunity versus our in of equity for a capital how the it's market. discount And great trades with value

see add, compelling and Michael? think we it's So a little for Anything to opportunity more a us, move I forward. us you'll as do

and kind as we on add all XX% framework to our doing I what return would side think Derrick, of and I current one, shareholders, leading levels. at I thing that that leverage almost appreciative engage of that, capital to only they're we're The is Yes. kind the that, very return of on think

talk balance variables, of And think preferred different and then of two, pretty good every as investor has that about a view, I a we mix we those slightly buybacks. kind that prefer have

And bit going the to being match so with program. just little we're that in more balanced a

designs recovery to perspective? do Terrific. from for to on a focus Any you communicate NPV your achieve have a I before, on increase wells. the separately, X. output the proppant one XXXX And certainly your D&C And similar a to and positively less former study in with another? $XX from intensity my the with XX% so surprised by ability the follow-up, begin wells approach, Page wanted similar on sense when were and your million I case per DSU was

Rimer. a Yes, they Chip Yes, probably when good communicating question. Thanks this the question. for started is

we've think more we actually the returns DSU of going us what the I getting and thought we at could get out we what to as it. understanding thought we weren't out done return, identified we what costing through we're the understand of -- rate of of process best was getting

wells so we And as that impact we identified literally fracs. started went at with looking we these we in could and similar up-spacing,

foot X,XXX XX foot. now. We fracs fine-tuned barrels to down that the pounds We're XX X,XXX into to per per and

able to all stimulate between -- above think fracs. be that I get wells, now the fine-tuned across better we We're rock foot to the X,XXX way and communicate able production. staying

I the at way completions after overspent and business efficient. think we So a running over time, realize you is in this some we're period tuning it's of those this fine of very maybe our money DSUs, point, of

the in capital bringing at recoveries that's million there, same close and going you look the value cost efficiency out the the value, that same DSU, but the you or we're recoveries. $XX very you minimize If getting in saw just to are

Forks And Chip, up you the to clarify, was that are seemingly, were and would between unit. biggest where are that the with and really within it recovering the that that. just be Forks But you Bakken fracking guys change the perspective intensity that's seeing the and more you Middle when Three And was fracking Three communication up. the maybe that seems the you guys approaching with

the point. -- of Yes, yes. majority We're in the are here process all of good in in our Bakken, wells future

question comes RBC next of from Scott Capital Markets. The Hanold

Would you all something side you of You strategy M&A balance have it that type be how just nice it a on on and special? if be the if long of cash to your then some a the would obviously -- that doesn't can cash the big you. returns? you hold of to to side Do you us strategy are what going with what optionality have a shareholder M&A sense of thoughts on in would are forward, wait of the front kind return optimally best and that? it a going the come balance does Like, But of comes be shareholders? to provide up a kind something like that give

This start Danny. I'll off, Sure. Scott. is

of So I potential we activity us. think that is and be think see we're balance. do your meaningful I have want opportunistic we front nice we potential additive reasons cash frame specific do M&A have the front-footed see we'll have that. And because don't to time and in with looking one; a acquisitions. And if point, we accretive and we one or a at To which M&A of

probably debt line. isn't a organization. capital the we net over the for negative long really so a structure structure don't sensible a have clearly, capital time But And term specific

I wouldn't be an specific some is that M&A will that long opportunistic a And opportunities make sensible to finding anticipation are so a the target we we that have in specific front on term, to over to look will but on footed know that front My -- because be some be we don't there's looking and successful acquisitions. we date.

that capital. utilization And so the that of first I will think be probably

materialize time, not really it if But to over it's point, structure term. a us sensible capital your long for doesn't

Okay. plan outside about you -- or to other talk of kind Williston too, that. M&A, to clarify, in have are when the And basin? just the all opportunities I still planning to stay appreciate you think started focused you

I think for the relative lower Williston clearly, bar there's the to a us other Williston basins. within

a Williston bear And to say but within of lot lot areas, of synergies, so a bring never never the in Basin. knowledge other we

we think synergies sort basin logic in-basin clearly, look a I outside bring that so sense. And moving industrial for for something opportunity would But and acquisitions can right of makes of the the at. we ton is

from of Truist. Next Donnes comes Bertrand question

results On what Indian you've looking expecting the you a Hills well over bit were that been It seems are results, better Was getting time. your pretty little encouraging. internally?

secondly, of it that And savings? X-mile Could to cost XX% you if inventory, maybe any that to next year note year? on you're kind XX% amenable then what maybe lateral and seeing And you of your this has out break program. can impact be

Yes. I teams question. the to improve. us. and the try we exciting it The what seeing thought. We're to -- expecting, additional would probably where avenue we was in Bertrand. thought these on what fine-tune our appreciate this were And what seeing and uplifts range of was say to improvement the be, wedge. back we question, are we the I really the to prior the Yes, going going continues it's spacing to base understand

where really I'm about excited we're going. And so

although historically going in FBIR. here. we're expanded Sanish, done little the basin On to been a X-miles, the We've scatter we've across

value we're one be page doing the expanding we're are other Hills, across $XXX there, X-miles the But and excited look on well $XXX, aware, going going from I Really it's you as to Indian foot the in to $XXX, this the your you're looking some a $XXX foot. take to at about a down on the to board, this create. that's where When think, where the on showing and places. cost We going and West.

a on going forward. Danny the some You're we're impact, indicated had making of as values that huge

where about of going to that's excited So results. to some go improve well our

And then of hey, made could of the to are comments market. so One marry the try you was I far. kind two if you in that,

down buyback of at You're very at still day. look consolidation day like part a look could if formula maybe you then cash payout are And how forefront more a happy balanced certain maybe of think it? right the that accept you also receptive do into X.X market shareholder -- packages it investors dip That the to you to Or do buy assets. Does the to lower returns about that from require that looking you seems free flow on the some your are with at above that that's dip your program. look would would deal, you leverage? stop

-- were Well, we think capital I return potential with looking at of obviously, our we to program the of any would is in return impact acquisition. take as the consideration a

be of transparent a capital is something the us. be reasons return of we calculus that And we I laid there and we was the It's evaluated out would the very then to strong and leverage because say important we an balance a above better sheet that as maintaining to so ratchet worked X.X, that would compelling if it's made something of the back might asset thought deal. into did a one that we sort us organization. if went our framework we investors found to

would relative to we asset. have so and the obviously absolute deal with back levels compelling, the get to we down time that generation and do the over was debt free very cash of pathway accretive, debt that a we lower And thought would if

transparent why out above we I -- take the in to it. move put one But was would very would X.X thinking Could there the something we deal, framework X.X? we're about but it's we most value account. deal was that So would into we the about say the the ultimately we to it right think reasons move would delivering first of above would we it's be place how shareholders. if

how then And that there for the you all non-core? other is It's maybe not got a left much And big that deal housekeeping. are in good. That's just sold, but there. Just just non-Williston assets any I have that's you ? or

Yes.

amount, sense probably and They're assets, small see own. a in someone got our make non-core nice are and else's more sense. make but hands we've So don't we'll that probably than than probably more

successful small so on And we'll nature, we forward small move anything and as communicate at but there, volume. that we're look in it in if

The comes from of Huang Oliver Holt. next Pickering, Tudor, question

results out on seen able your get to observations percentage side initial program bit any the Certainly for But of areas an you perspective. you to heavily across in confidence there color days. to a Really kind similar or and to is hoping Just developed Foreman see Bank, have that provide shown given Woods. Red the Williston if support for you area. are aerial and of the just still like all early all for longer-dated trying less in all the Butte uplift a Painted outside wells date understand Hills a Indian that sense of presentation conservatively just was spaced the to things. anything couple can certainly appreciate a more op the we're was from spread 'XX for

question. early stages. for is the This thanks Oliver, Yes, Yes. Chip it's Rimer.

think about for you it If Chord.

right we're since X-miles XX, XX wells our at conception July. in I think now

this see results, And to road but time the a that be year. see so we some you to the very going down those us I'm of go of and to see results to we're expand into hopeful go into areas able more, give some we're as as that these we other and for that positive planning have to little

is program any a out Sanish, region their to program. And the spacing XXXX way And do result. the expectation area and if any in how given there of is developed enough. more infills, way understand as of for productivity into kind make a uplift if specific speak the for and Fair bit Sanish compares is just Okay. to that Wondering sometimes to there well to year-over-year XXXX?

on And seen on that and of when in keeps is the that the and those we're X-milers focused field Sanish kind on X-milers things. it's all looking said and right for impact where we're some some giving done. depends area. spacing We've

year, heavy area. very So were that last we in

not over that we're year, think Sanish, for want but best to XX% our where in with that this I productivity keeps percentage are nearly but and going value to We're still giving. of look think areas field to had area. of pick that be wells the and that choose -- we we there's go it is one

[Operator Instructions]. The of America. next Abbott John of Bank question comes from

related Really, First more question, guidance these are of sort items.

seen modestly guidance on morning, second update as the you So range as their costs CapEx how about you're year. you sight lower this this improvements? CapEx reduced we've year one of operator potential steel the give in half have on just an line thinking Could full cost us potential they look of year of your at budget sort

Danny. Yes. This is

the our range CapEx we've our right now think we put earlier year. CapEx to relative in we're guidance reaffirming range got out our I

program I of of maintain think the the put cost the of anticipated at course sort XXXX. we would kind XXXX we we've of through end As together, that seen --

that And but evidence some steel modestly. half are back early of come that generally year, like down some that down seen too happen. areas speaking, we've up see roll early could some a what We've in to areas through, we the got looks fully We've that could the little see that's are modestly, seen.

say the the it's of with two. normally has lot between -- commodity I generally volatility like speaking, they follow the costs service remained a clearly plateaued. would speaking, generally other, there costing and is that in and services lag commodity a not although each But the

could over so because commodity some pressure people And the forward move their activity. costs time about service to monitor have as lower on commodity where to we downward goes we'll of overall as think lead

capital now, right just about year. the we reaffirming think we put out where are for our feel good what in earlier is. and I But

yes? Danny. that, And Appreciate another then --

If couple of I would add other a things.

is thing synergies. focused The we're other is our on

you we're the per we're X-milers one showing focused the cost per the if at drilling. we the days where foot X-milers And you see down, -- look come so page versus have doing can

were else, It ago, with we range save that XX% wasn't XX%. too everybody long we in and

they're with that to synergies the because we're putting companies coming seeing or combined So -- maybe We're together was X side. huge take the XX to modular. drilling us on down fruition. We're the value to facilities seeing XX it are weeks used weeks

some these we're synergies. to different cost manage ideas of that So because of able combined, the

going said of make John, other picked second The our well, is thing spend is I'll -- up here, most as comment. I've crew a one completion cadence This note, so Danny one of that first about the through the know, to about you third quarter, midway we capital end associated. and is run quarter. we're spend the to our again. of completions where up the as to And the of capital is much

we've organization that the the we second just X in how last capital because the of quarters done QX spend quarter program. as dropped in the -- pretty below really, the and toward quarters other end will the big of will really be crew, quarter, nature fourth X the third quarters of for spend the capital So be the that significantly

and sort have to -- of X one a working is months done for crews that us have of Dakota. try reasons nice we've within the to North And best during it's the weather

our So before we crew second we'll quarter, so will spend into fourth capital be go our the the we in lowest probably as the -- fourth year. drop quarter that of right

because bad how not lead spend, is if down So a program up. a on anyway, linear probably the little set path actually capital extrapolation of we're you that's just

Appreciate that color.

maybe again, bit I For question, weeds. enjoyed this spacing. the is laterals second water a really more the and in longer discussion And on the

up your your whether guidance modestly asset oil raised So you post the sale.

production you that provided about -- longer gave move you move that with your risked laterals, have spacing your how when you with oil wider guidance? thought and also and when So guidance

could other a higher words, longer you impact In this see the possibility is laterals? output guiding currently we to than of could you're modeling there conservatively year were

things, facility up don't you if think side. about John, the we our of One

limiting we're so And that.

for longer flatter going to is see. to longer what -- So see what you're you're going is maybe

may seeing. that So of be of -- part what you're kind it, that

could I X-miles it upside. We're right we've period how whole there are pretty and a time. fair of be of we're additional where got bunch a facility not costs, But So keeping changing flatter But and not side. we're think the modeled. we're for we some those now adding

And for XXX% Danny. X-mile John, for don't generally as is type put our credit this one last thing, One we take together that we thing curves mile. laterals, is the

seen we generate degradation. a put mile, together, only what there how you to curves will the seen. we is that so if we've the oil so there some bit be the getting contribution assuming EURs we've maybe And than of a wells, it's that more the last we're And a of little and little out look at type probably take fraction attributing outperformance some we

probably if a I this better. so as probably more conservative, probably and see our we'll thing think through, the underwrite we we And being programs, we'll continue And perspective, from that little much slightly so not bad stance. on come a

over question-and-answer to conference remarks. back Brown, to Chief Executive the session. turn concludes This Officer, Danny would closing our like for I

great our operations remaining operations. put Chord to just who our all and right. efficient succeed Thank the shareholders call. to the to want thank for allocation, capital to joining at Danielle. disciplined deliver a of while company and strong sheet you responsible value and through maintaining to for balance committed a through position close employees their commitment Well, in dedication Thanks, have All out, I

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

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