Matador Resources (MTDR) 24 Apr 242024 Q1 Earnings call transcript

Good morning, ladies and gentlemen. Welcome to the First Quarter 2024 Matador Resources Company Earnings office call. My is annual, and I'll be serving as the operator for today.

We will state a question-and-answer session at the end of the company's remarks.

As a reminder, this conference is being recorded for replay purposes, and the replay will be available on the company's website for 1 year as discussed in the company's earnings press release is I will now turn the call over to Mr. President, for Vice Senior Schmitz, Investor Mexico. Relations Mac Mr. you may proceed. Schmitz,

Call. everyone, Daniel, First you Conference and you, and Quarter good Earnings Matador's Thank for morning, thank us for XXXX joining

certain press contained Some measures accordance non-GAAP earnings media of the calculated in company's non-GAAP in of the at with of performance. measuring today company's the financial the will measures Resources financial regularly with the used presenters end measures release. by Reconciliations such are financial GAAP reference comparable financial

reminder, expectations a in based morning's of in As events is statements certain this future differ reflect events and that could presentation included anticipated and such forward-looking materially now statements. the may results those available. on future or be the information company's Actual current forecasts from

cause and to recent that report subsequent materially release Additional differ contained company's XX-K factors most on and XX-Q. in its information Form any concerning actual on results the earnings quarterly Form report could annual is

earnings like would In in Founder this release, can Joe? first call Chairman I website. with a tab And slide our under Investor our on to like that Foran, the now everyone with Relations quarter addition Joe you the the morning's would to connection earnings presentation remind to corporate release turn find to press XXXX over that, I Mr. CEO. and

and to start. next But obviously, connectors even point. the place functioning. off good be We brief the the confident a pleased We're really have Thank better. and you, and be the will We'll Mac. is to believe in quarter probably now that quarter or

being that miles in it So, one works is of XXX enhanced pipeline you by system. have

amended from that with on new amounts is assets anything in of turn indicates triple that both the gross than strength operated Crown by or wells else, not but the in the and amount on about balance our record are wells. and we flow borrowing could billion, increased XX Triple but we've and assurance $X.X X to look And report out our plan that supported that were billion for years assurance up billion the groups said increase not the moment from support crown and And because transactions. we the recently happy that improved among there last not There sheet increased spend of go our to XX.X base that's different go credit be wells we so, And we agreement we're and is strength We future the the place financial going time $X.X the extend only we X $X.XXX to have was the this now quarter. flow time, to base we do this that was to guess, that. and doing immensely quarters. is pleased I'm XXXX, of by available, net it higher can old to same number will only by our XX Second, committees at base. room reviewed reservoir to different a think and and then important they our credit for financial call then a XX basis it to said that committed

to of base XX look we've days done to and improve I asset today, the Matador. also indicating but what forward back forward questions So, coming to look your answering in

the all back turn and that, to are -- So, questions on with line. that whatever I you, Mac it that's

questions. Daniel Joe. we're Great. ready Thanks, for

questions limit ask one additional question question question Capital a you follow-up with first all will until that up. for Hanold from… Markets. and question, one Ladies you we our one Thank get after RBC gentlemen, moment a yourself you. [Operator we yourself chance ask a Instructions]. follow Again, to to due to please which on of limit you question time that welcome and constraints ask and our one we to Scott

give point? talk go as Look, both I growth? kind you the and since like brick-by-brick you sort to if And And couple inorganic of a got a organic opportunities is the you how color you then mix, current out of what I've financial economics market and capacity like on you terms forward, do part of of do M&A right think M&A at in think, can could see about of of this finally, stable inception. your question. been how us strategy, quality has But the the some And price now? your see you more there

let take that Well, me in order.

on is times The the think, like XX other, or has like passing currently industry this and producing it's XX more either way Yes, been game if done acreage. when to to better game. acquisition are primarily organically that to this the growing have a right. organically. we in back, by also, straight-line do happy we're whatever question mainly much depending we've we're economy now, on football has the prepared either is Matador All But go wells have take a one giving on I something go us there and grown look team is as first the And running a quarter... and you then drilled

hit when that a you so it you actually wells, we it a took think we did years just the to as paid And people see have can But dissidents the it. second kind of you prove half you and of it and because Then in that's with or bought we on state for that, much So, line. people big acquisition, is opportunities. out XX out. worked drilling our the that upfront believe months can stock an takes matter of these couldn't But the wells. money, overpaid paid XX

at you balance that takes those. time. And that you time, a a want do so, of again, But and one

of a believe, wide variety grow. midstream it time, And enhances are back, there capacity to difficulties growth work some need best to ways over advantages opportunity, a is assurance. and and deal the is to your there's Delaware folks pipeline, the your a you you're getting the incremental opportunity, and -- the flow midstream you an it's organic in limitation assurance you the in growth other because have production both, to product building but some with of have what today, unless could is market. value to have add So, I out going way flow

are was share point gas as it's their shareholders, we So, their And as probably elsewhere, done ours, that is have purchase participation. at professionals, economy know the And to didn't or they that be they're which their too. need in ways trucks. what you but to in do it helped to gas the I'd they another had had circumstances. trucks own have gas but we were that to our were because occurred that plan, point, because an because over not that system, keep all as midstream And sleeping they guys, the keeping their deserve the I it sleeping I that low grow say in because we think on well XX% have employee there just anyway, would you storm never really and I might flow prepared different their all these example out in just out those respect going because have

Now to this. Scott? that your question financial second do strength our Is about right, was

Yes.

idea an at to Just point? capacity of more do this your

banks on $XX those Well, we reserve-based XX refinanced we $X.X we Thank to do lending shares, you billion. $XXX recently, And called was where did were increased question. with our paid we offering to for that X signed a But our have billion only Friday. on Triple agreement stock good billion, approximately we mentioned. the and we've But RBL, it did because down we our the million. that able and we that, for approximately $X.X that's RBL asking. we million on what And as did million $XX the Crown Monday, to from borrowed was I RBL

us enabled pay that to the down so all And RBL.

out have don't million. Then monies on on until do we was went we a picked offering as do Tuesday, And those $X.X and So, oversubscribed. today, we acquisitions. $XXX available offering, half was did RBL bond XXXX. heavily the the billion that basically And a and up to stock

sitting or a -- our patient, hands. be on we're to can way time midstream. way either with but we're afford with and We grow third there actively So, looking to

So, first to primarily by Mandor comes. But been for with grew looking organic. primarily Matador acquisition has we're even the production whatever along go second acreage acquisitions,

balance all production. production. organic in that's something some want actual to the and in We that you interested production drill particularly have that as so have the bit between first not we're So,

and problems be some and others. on And try the balance So, to creative that. work with we solve

Great. we're in all directions. active those So,

under gas it this will kind follow-up, my mentioned right as is the pressure and And I negative in of assurance probably Waha in appreciate the half obviously And and now, arena, color. you flow back gas. your Joe, residue Matador? the important. is kind persist of of our you from Is Can any give your you getting on not the sold about year. dynamics view Can getting there gas talk of weak concern some position? pricing of us or those

gas of let our into. I'll I about, on the this Gregg terrific sales put a who's done product. Well, thought Midstream. talked of is Scott, Head of diversity a something a we've question, And Gregg? another good Marketing our Krug, lot Greg our and think of that's has and lot job creating And

transport, Joe. Channel, to to We've Scott, on market got We're our pretty gas financial to or different to the like instance. the good as a from we're indices. as transport scatter Yes, all very other think diverse anywhere try for as options say, there hedging one got positions a takeaway those of a of Houston at Thanks, to exposed options. different get exposure lot as far we've I take wide this we've should look And pipelines out not regions tried different here other. particular I our far Ship to at index firm looking on for all portfolio to where

add that little have you choices. And the to have same at Waha, that is that NGLs or And you other you go either hedge thing gives that pricing. range bit, a us is that the with even with on Greg, just a to a

Joe. Yes, that's correct,

need X-stream a As mind, the in as we keep are you to reporter. NGLs, far

a of kind nice wells our we for but the really comes when on a an So, lot also talk some really And uplift wells, that we have the are along on it there's particular and get production. gas all that of of NGL natural rich. NGL depends pricing, component, about these we with

as we So, nice uplift on a well. that get

do in could, tight it's Permian, think any with But to you mean, hone just don't one you you at particular, may gas do a sell I right But in or much. other your point, your constrain could capacity a too are see risk just be players able if to concerns? you that point? I the production have you're growing difficulty production lot there'd things of not in outlook be Yes. that on growing gas sooner now. this in

I And at And there, we've a of instance, if don't. firm on not being mean, pricing part exposed gas where one we Waha basis we for do number -- portion for we basis of hedging far in protected and is with gas hedged. transport where that pipes. our negative to on that locked No, that there the portion see we're if as that, you that as hold these mean, the of we're reason on it, I then

We're to of basin. get And concerned so, out with not of that. we've I transport the think plenty got

on Now as to looking at I different where of get going a that additional pipes. production reason be on you're filing position And capacity we're think that's basin, in growing looking one all the we're our as out we're have, that at far well the and we to way we're right, with

I Thank appreciate you. it.

for moment question. our next One

Our Rezvan Capital from Tim KeyBanc next with question Markets. comes

open. Your line is

of what just the much about you I was everybody. quarters than was the and on equity in bolt-on talking last at morning, the bolt-ons. toss what tender it cash the kind of M&A the on Good on more Scott issuance, and we wanted spent couple on look side. If greater for to rate

of provide put any of you the see sight lot looks on what you can think would bolt-on year? be Any this can about the helpful. line know you it's maybe what kind hard that. a rings like kind rest gain, on you I year to of So, around for the very but of of financial questions budget there's

and to What put see them going I price. what is, any but Tim, all. your there or you're our out those out question, of to fishing reasonable on appreciate interest are to too, that like It's working many available would of that of have we kind we're on difficult trade XX trades, at for don't going in really interest that at cases, a is a works already what opportunistic. be on to growth meet it depend what's And direct And emphasize to get have. it's is whether some way I acquisitions that more is you going don't we we in catch and when the adding around go big done works number something merely you're us. fish X to targets, kind that fishing and we

by at adding that we on wells, leases from pin opportunities, our we operate where acquisition first So, by optimistically and interest then we growth it's put year. really we did the the by drilling moving control to it's this our a bond working target year last acquisition. whether do company we or that and growth look Triple drilling activity, offering trade our can advantage and ourselves RBL growth and as partners our where stock offering with both acquiring meet by Crown we've or And drilling we a of the

maintain but we'll opportunity we to want to way. So, is company a go our when either do ability the right,

in the sell for we're we're So, if acquisitions, you've even rigs And to plenty do Matador are an currently to that drilling ago, by we necessary They inception in running. on have been would main our organic us have is to growth spec slammed. confident we we financially because had years been that do X the that a the leases we the thing X XX with to acquisitions don't positioned cut if or back And organically like Patterson $X.X -- they to got that some acquisition rigs contractor available of bought same only drilling acquire the and because high needed go have an current would us that the since got rig additional over drive cash case, that you its of by grow our predecessors. indicated, if flow a we've acquisition. get could work RBL we're to billion for Mustang And feel on confident drill. as and I plus bored with up on has we

So, to Tim. we tried to as to say we we can give us as try it as arrange many options

that I'd found but I I some get numbers. think I Okay. it, didn't appreciate context.

could Huh? if I get Let here. me say some numbers

Okay. if Well, more that everybody to how would meet you the are else remind that Tim, analysts say you'll to here with can I as you, on but want here, people. and as as can, We an you look, we'll call and and a well want is, us. have spend time come you know we questions the session to I open answer we'll they as shop you to best run to always other the welcome with private come stress, some you

side. of are being It track on for Marlin I midstream middle the for Okay. XXXX. on that. like I sounds on take is If follow-up could a appreciate things

Mateo. entity, think long-term beyond do you if projects leave about -- potential weigh in kind of you of the there's lot today large-scale how the a how because large on for owning segment the the of of and San value of may do versus do you lifting And value that stock the argue transaction there. the need As heavy it a you sort to projects, think you kind not value highlighting can bigger some you're I'll

more popularity but shareholder feels begins here deal. the it's on first, that contest, out that's be I because getting of Well, all long buying why near the the drilling in by term the XX% the think our value a value you the they full we That's or have term, participation see laying the I would may time, that for a we're in any a say the market Tim, employees because getting know from we're can returns operations. and opportunity in not midstream there

on could because see the a sold share So, never value of I'm patient Matador is I've stock I that. increasing. that

and that top waiting to wouldn't our we that production I'm it when operations but not market well was it be usefulness because was be is gas take that that to But that recognized. done on assured had as or on, of pipe the Some an done beginning will, it time, to utility that and way there us yet just not and in our completion drilling attraction confident come line, been market. to had midstream ready it it there would

cut that we've Now it's the XX%, over partly X environmental our emissions And by had the not enabled by so changes flaring. of additional years, having which our benefit because is in regulations carry all having to past water and the not to flare virtually oil pipeline a come, and not oil environmental away pipe. trucking but we're is and our create we're of on the own where gas and we're

proposal way it's to it but game. now, work as I our company, we offer people I with straight And we'll and public serious some even gas getting it our see serious us day-to-day find useful But oil, value, in we think or it is And adds time, pipeline as If a as needed serious operations. So, a play will acquire in in plenty said, something, to or I with think, taken that. very also right to comes in that for and use our of water is a it, give consideration. somebody on helpful. a away

Thank you.

question. Thank you, our one next for moment

Tru comes next Security. Neal with from question Dingman Our

Your line is open.

I wanted like just your first is it For maybe you I'm team steeper. going is debundling late, and bundling as for versus on services. about have relationships when contacts of to hear about there's the guess do question then.I gotten know thoughts been I next because at ask a different. all to pass-through what guys bit costs services as where little I just quarter. my these is more of sort and and comes on different that Joe, the great you

wondering have account So, comes you preference think when of it other do you debundling around the bundling sand, about to I'm chems oilfield a when just things that. how services, or and

Yes.

their service and the job everything going needed great gotten when that we've a And appreciate there They've just efforts a to terrific key thank been I'm and effort. being and else, extra relationships done really First, it's of our providers. them. through efficiency

on that work and there field. us I'm just to with. in time your to been you he great and they've They've talks question, he had sell gotten going on bundling. things not it's the answer So, But has to Chris tell participated and turn specific to on to how

would a the Hi It's it's we do partnership to Chris want with you pumping is is, topic. pressure next to and bundling is company of We really, use cost universal pressure what one I drilling are provided Yes. that have have if that and period. Neall, thing you And centers COO. highlight one perspective, pumping bundling. EVP, merged Patterson X I call into that think They we from call that great Calvert, that like a by it, that the guess, umbrella with largest Patterson-UTI. parent

really merger carryover. Patterson is of that as were place UPP transaction used of X as the we quality when took So our next between of And largest that that, to centers. far with is a huge we bundling that services for benefit feel of The and the tier. thrust kind cost this

bundled within something takeaway, wanting look to contractor to our you've value prioritize. drilling package That's where sand our similar here. pressure really gas always we provider of we're and drilling kind optionality we our on, pumping to that so, and always pumping at that And a similar mentioned contracts things pressure is

whether party. pressure to when it of company provided self-source so, is or think you the pumping third by a bundling, And sand

the bit way at optimize look or volumes from provider a We difference at any better or or be little continue the any optionality pressure it me, could to a best in from time. and sand sort contract spot of pumping delta to a rate, given contracted between excuse

those at between services bundle So, always the we as that optionality but well times. do X the something at, value look we is of that

And we is are something so, at. that always it looking

bundling. think, cover we that's you're specific I X makes advantages see tied not then kind the are of cost also, where And have sometimes that largest centers a those, it And provider. so There talk really to optionality to. to to And of how really to these we sense things.

a price That anticipate turn in like third-party makes going would your that? it through Do of you any a seems just of follow-up quick way on the on all connections expect Midstream, lot should sense. now that really that. soon? Or time sort going we And more

parties out our Gregg that We're meeting we you I said, a run and one our very of flowing, got and you've elaborate when your a And one flowing. gas to of developing Krug, if occurred constant be relations. note it. won't On I third But thing that I'm and Yes, be if basis, third-party away those I'm game. too. Midstream you're pipeline you're going Head there everybody And guys who's in... moving know, that Neal. interesting because straight can the take on Marketing gas, moving having comfortable my gas, to be sad

we get try appreciate our the and feel perspective, people and people the exact third-party we to of service far, them and so that's that true, proud same we our give selling gas are and that see helpful for that cost being on to been service most in us we pleased to been giving deal work. really Gregg? people other make But, if they've and a with they've our a reference can So,

I what Yes. Joe This is again. Greg just said. echo

whenever definitely stay We And it your we system. third-party do that. favorites have third play want that's I gas got as do not your way far party we them think to Matador credible. that that's on to that critical As you've comes to not there. treat And the when over out we

try And treat comfort. as the a the definitely we them same gas. Matador is to So, it

storm make that. one, sure far just going them of storms. flows far we That's Uri. Winter we're of as bad that talked think effort to good example think heard have I as during as as gas Joe about we a last a to extra go some the

there as and during to other day there have the that I connected Our night, the that And far because the out weather. working so and we we about had and of mean wells of did midstream time as other no necessarily forth some subfreezing other to actually I can't folks say some are companies out places. folks

like for assurance there some third there's So, parties. feel I

comforted on customers who the all is deal And head business, or turn is let with of we're before. by amount that the making happen. Glenn, But been of repeat third-party the Yes. of virtually current it that have repeat to is customers us our me our production that

Yes. out connectors And in here driven Those were the shout to kind we over construct bit XX with Neal, Witten on of time were to we pipe, of and wanted that I work and give of the pile pipelines, field big completion quarter. part some in budget. in and the of sets closely the our second just those very time quarter, and quarter, talked getting or of Ramirez oilfield nicely companies miles a ahead able we the guys and about Sam us those installed on it to quite and up of on connectors but to a a field, in the service the very first for work side, do guys Paul the

Dagli including South of to those that a utilize XX are produce wells We have number those connectors, wells. to going

quarter it a So, for us kind again, of here up sets very really was and QX. nicely busy

Thanks detail. Joe. Great

question. our next for moment Thank you. One

from JPM. with Parham next comes question Our Zach

production XQ turned noticed highlighted by last wells year. in You haven't Stateline. volumes of were you driven line better-than-expected I higher at there oil since that any

a have on just any the So you performance? to bit maybe just decline? can it outperformance you And little color more trying better color would there on there? lower driving provide what's get thought a the Is seller

again. Elsener, Tom your question. Thank it's for you a great It's Zach, question.

the midstream able I high-pressure, into and talked able I medium-pressure again. to appropriately designed going wells pressure the either pipeline kind they seen a certainly that a of about quite custom really into team clever low-pressure we're to And systems gathering wells, age has down I activity, lot the credit think have you from on unique more. of there. to offset here wells these There's repairs. to to or they things as accomplish to amidst to state put in also the lot basically, ability very same go can them but But know have think and that performance produce. and lower then and our the a wells a of have that been that system team. There the look for the stay we've has better recover they Glen as the been of go a these can to line down talk pressure lot are well bit, proud of comments that great very about a the recently are been But the them allows rapidly well. made and

the be second of drilled Although third as layer wells, online here and in additional the will the today, quarter X and we those well. have

one just on guidance. the then And

at I'm production was the the day going full exit sense based range, end get year a XXXX to the and what for on update Maybe the It high you where in just the exit maybe a could my over to trying an the end update initial guide an volumes? of to of XQ. mean which the rate on raised XX%. seemed us high thoughts XXX,XXX can year but XQ just expect just a you trajectory math, give that the of end. barrels XX,XXX get high didn't range any you're previously, You think, provide barrels on to at if on I to the forward day guidance, like

the that. answer is question. Happy Yes, Thanks Brian. Zach, this for to

a second the haven't And of half the fourth quarter to guidance proud we whether that balance quarter. to We the really be end the by year, You're third end the to I right. the specifics the high of be on guidance. the pointed given fantastic able point the that. for had the execute lot able work year. high and We're to to of mean, and of and teams we quarter of between

I alteplase. think there's a lot of

to the few quarter then months to in third quarter. the quarter, out improve expect early think continue I over obviously, late we and And fourth a year. the second

So, as that the year how really we and haven't into a XXXX to guidance of excited But about quarter the then remainder the updated and great yet. it relates we're XXXX. us sets up for it

really really, this news great around. So, all

Okay thanks.

line final our of from with the Leo Roth comes question Mariani Company. And

guidance just half wanted bit the got the trying I bit come a get to operations. cadence you've second see trajectory playing here. a guys little quarter the half? in I sense Just out. get on to I versus how that it a of CapEx expect CapEx to ask here. kind to year the sense kind relates you of second first of of wanted capital Would to of a know to the as down you get

to Leo, are question. every hard talk of to if that's every how week, it to about things When little day looking. somewhat it's tied predict the goes not CapEx a commodity because then we probably great And what a prices little goes be our If are price high. commodity up, would the do. little going current If be our estimates much a low. down, is it a

the the year. simplistic, can adjust that's but Now throughout best we we it try put number to and

works we the So financial he to turn stay not within every if let Brian other that every it decisions But by. and flow this hour. because me cash parameters Wiley make and our on day,

It not it's minute. hour, certainly like every every feels

was to capital and that we as you production, the our And guidance we first do incurred that not relates that did the lot in had $XX to you quarter. So, gave as we and proud end high our million for And that. saw going to said, in you're but that during of we expenditures. right, release, savings about it think were able we're Joe about this guidance talk a

really really that ranked Chris team, didn't remainder that production year we well be So that as just to play over CapEx and on to midpoint that great expect the raise the just group of excited in then fourth remainder just his by the and throughout guidance. production guidance quarter But third out change while guidance you'll able CapEx see The quarter. the shifted second of to and the was the and of kind execution. quarter, we the

think for a story that's great us. I

and increased what accomplished It's going that money variable able is going we'll Brian's efficiency, but up for way cost way that and good a you comparing And to our we're in CapEx, which we'll some meant spend, fixed of not production increase it while increased plant well little point, we've like vary ways it a just to we production, or improve Leo what I that's find the achieve throughout that's this we As get to as continue you think, deal. is to year. look real And spend. services or you savings the getting as the that Marlin. be bit, didn't what that or increased are I to to it may matching to why one the were but at

I all look So, goes that in one variable. as a and too deal upon a as opposed variable it to

creation side? stock in in was the be has And the to guess, bring the that. midstream may up some to Joe, midstream and of action thought kind Matador follow some not appreciate poised somewhat and I at stock, when out labor that in there's some value the I I certainly could take on into hidden mentioned stock. a Okay. next there patient on and just for you still at like last that up you lot to year feel of and value here. this the try we over extent or on bit mean, maybe year a frustration continue of value be point some or to shown maybe year some the that of value know you maybe of midstream little that point. and expressed the so that majors But companies the all a I wait deal you

"Hey, feels and guys, runs always get over serious stocks as think looking a my company price, the I And their CEOs trim is look at our for we're proposals, bit. to little I public said, we, a a company would you we're that And underpriced. want opportunities. look and proposals, we people say, like everybody -- at out seriously. might are there them. very And if Well, don't stock there I have will little we'll read

original outperformed we've highest or the of But the nice So we're XX for This and that the like me for in a dividend. sold had like anybody, down are at in their to S&P Matador shareholder we've to approaching But basis can has one $X.XX And opportunities. been and original shareholder looking started COVID, $X.XX, billion that do been $XXX,XXX And a is we you the return. $X $XXX this XXX were good a peers, of And and anybody first now think XX of Russell even look over better. performing. XXs. pretty X the run. it, overall Matador I $X to after the something as $X in and with years, we're now their And digits in bought XX got in Matador you outperformed gain. there an always saves million little how $X.XX. we at first a million That's yes, our Matador started up the XXXX type a sold billion, went think single pretty a paying But we've during how you're quarter.

to years, And so XX the run. we've might I but continue a from if be XX:X. and very return XX going back still a matter and they to it's good is basically much what is behaves mean, really doesn't $X.XX good to it in so, going XXXX down done for it a to in was, be And it like what someone last it expect. what

dividend we're it. true you now we've XXX% getting done even have the still gain, of steadily, not type if you paying value, So the of a whatever that has run the you're benefit and call XX:X over

the earning by So, returns properties, of to having if look that's some we good the good basin hedge the think we're and And midstream. quality value in a you our at best expanded offering. the

So, business, but you fee-based business. not a only have have a commodity-based you

can see later, that come reduces we of our if I a the because have really it offices the of market other opportunity most you I think have also neither the we those have by the at share and is employees. growing and repeat we ownership and look that again, never or stock sold And in off. the sooner So will have heavy value and see risk we

other buy. the them. that magazines in And I the General us, being that of was but known far that to would you of said you that Motors flattered than the mentioned country, we group. be the But all companies they if mentioned ought were know the and title, they article, article in major to look X if one better business were an people one of that stocks One it I had

So, very I outlook the been think is We've good. consistent.

both that it another look exceeded committees this financial You and have quarters XX And they credit how we reservoir when look XX and different banks, good guidance had groups. then stock then have, you the that many oversubscription at say, the is bond on or we've have met and the we strength sign. fine. look the And different looks that figure at

the on be working I we've ahead. in So, we've guys some Mexico. some #X are think I from they're And and that been elbows, years a to been midstream said, giving together. drilling bet largest thoroughly the there's basically continuing field are as they're that nothing, well grown, some that company of to said, we've and has has think total I think think and the not throwing a bunch add in they'll value and side they're our really time And we team value, guys very nothing vetted our in effort, New team but we that staff best value. our the is, and prices in our be business. as really And sharp And I the it's side both optimistic as because of

but like you. why and record, no it's like guarantee best, past our I is performance So, I Thank a performance, the I think pretty chances... and good that's of future

this Thank you. to the call and I'd morning's like portion management this of closing over the for ends conference to turn any Ladies gentlemen, Q&A call. remarks.

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Ladies your for and thank concludes program. gentlemen, participation you today. This today's