Warrior Met Coal (HCC) 2 Aug 232023 Q2 Earnings call transcript

Good afternoon. My name is Keith, and I will be your conference operator today. At this time, I would like to welcome everyone to the Warrior Second Quarter 2023 Financial Results Conference Call. All lines been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. is website. and call on be This company's the Instructions] being will recorded available [Operator

begin, have actual we may materially Before I those contain today's note from forward-looking discussion that statements, and discussed. results differ been may asked to

refer regarding and press please filings. the company's For more statements, to information forward-looking release SEC

the tables note release also financial this during measures to company section accompanying company's posted press that Investors the earnings the have on company's I www.warriormetcoal.com. asked reconciliations the has located discussed call the been website of non-GAAP of in the at

posted the brief Investors In release, at addition to earnings its at slide the www.warriormetcoal.com. the company to has a presentation website supplemental section

Here Chief Scheller, Officer. today Mr. Mr. are and the may Chief Walt results begin your Financial Executive you to remarks. Scheller, Mr. discuss company's Officer; Dale Boyles,

and and you'll everyone, quarter our discuss you will review and thank today questions. the our my Dale for opportunity second us join time remarks, then Hello, results operator. have detail, Thanks, the to to to ask XXXX After results. taking additional

which set deliver pleased several XX% operational our you including we which able were sales were quarter, second in remember, for coal another leverage We to year's quarter, last production may volumes to grow over record and by highs excellence strong pricing. as metrics, to

to our for quarter lower, resulted price in which in change ago at average coking XX% is realized XX%. this coal a selling of big note The year the hard a from pricing time is coal that premium net second decreased

logistic discussed terminal. number to the partners, including which quarter, loader in the service, one overhaul the upgrades In been most out in of contrast logistics quarter, performance saw of the ship second belt this of quarter, a we progress McDuffie significant our structure was Most the now has at improvement last completed. during softening importantly, to continued positive

our to are and loaded vessels The to normal other result that to and allowing metrics deliver customers logistics improvements ranges, returning of within our our schedule time. the outbound means this to terminal of on most be

disruptions in timing our work and to remains beneficial achieve Port quarter. overhaul we loadings a impacted Alabama slightly Nonetheless, severe outcome. vessel and the However, to with progress State second committed the remain in weather a Authority working the export long-term terminal the

certain demand, experienced Looking the largely softer highs have line pulled stable their indicating year's steel at producers producing the in for from April, steel from steel Global with regions comparable below in although output quarter. from global was output, segments. expectations Most second results. our previous emerging back demand prices

recovery and as ways to The its consumption. China of has a stimulate property struggled material yet domestic economic in deliver has results find broader premise the sector country to to

year Chinese strong stated expect the As China's be the during a lower of metrics goal result, production to steel half the despite with of we production to in second year-over-year line in lower be quarter, output.

supply of During of supply the in coming in to evidenced the second steelmaking steelmaking US performing by logistics coal. Australia increased coal, and better seaborne improved Australia as the of noticeable weather Favorable from a flow the quarter, improvement mainly contributed the coal. saw

same year, exports year-to-date, a last first trail primarily However, weak continued to this from the very Australia year. quarter to period due

significantly volumes than previous continue results. with higher outperform Mongolian the to year's exports expectations

where per range in quarter. to short point Index from quarter. two the $XXX approximately of last quarter the of in index short in which ton, Australia established from PLV stable per the quarter. it a Our per tide for in from declined the correction over at Most correction April, $XXX China Similarly, about remained CFR the the a the about course short remainder part pricing the the ton the index bound closed remains index, of of the a FOB the point while the of XX% April ton, heavily represents ton for highest primary corrected and PLD by first XX% $XX occurred $XXX quarter short The February. per correction its months

monthly approximately months World of iron X% production, last According driven by production global Steel first report, from period. same compared results six by during year. production the increased increase Association in pig XXXX, the grew strong to X.X% The by which was to the mainly the period as Chinese

higher its period. continued X.X% India Additionally, growing the by during trend

comparable The sales improved performance X.X was volume more to million product. driven us of increase by the higher our quarter second McNulty tons the terminal of rail quarter year. XX% short was enabled provider which Our export in than the last transportation

in In an addition, quarter. drove better-than-expected the increase production sales for volume

sales million geography into XX% into into sales last primarily of breaks increase quarter short same second in the into America, Europe in China the by compared the in as in tons second in quarter Asia million spot South increase. second Asian and XX% the during were X.X quarter down the better a year, XX% sold The Our Production by was X% short tons quarter. driven volume US. volume than X.X totaled and to representing follows: expected

comparable highest production operated headcount capacity at to XXXX. XX% the in higher a the quarter. since quarterly mines levels is compared output this quarter higher Both This of first prior the with quarter year's

return expect began employees production of from the year. we see return we eligible on this impact show of half over labor work the strike, the although that addition, to the of to second their full up In to impact the

of production the second quarter. production our the improve over tons ton. $XXX,XXX volume coal short the to sales per also inventory The in cost first short drove higher our up XXX,XXX quarter at should end This from

that in to performing second this of expect inventory down than half the the draw Now better year. are over we and past, the terminal logistics recent our partners

the toward we guidance. reflected the welcome our second half negotiate to short in and This of sales occurring the drive to returned XXX,XXX We revised that volumes approximately were primarily should representative while as workforce addition during workers contract. this work back also good production XXX new recently eligible pleased approximately our year, second labor faith incremental of a tons, in quarter, union to in

At million was development. more million, which During $XXX million included on quarter, moment. the year, CapEx spent Blue in second discuss year. spending we've and our halfway the a of million project spent of during development of the XX% $XX targeted on I'll Mine we second Creek CapEx $XX spending spending the about midpoint which $XXX CapEx for the mine point the quarter.

quarter. expect We the completed mines will development of in be third

development of asset. Blue to Turning the world-class our Creek

continued progress to the During that And pleased quarter, project. work we to our substantial on the schedule. I'm make remains on share second

derived estimated time, late we over the from Blue project on of This re-launched capital development time. five-year you mine XXXX. the and in for the in range total best at million expenditures to projected feasibility the remember, engineering company As based $XXX estimate Creek available the May $XXX to the period. XXXX studies At may that information development was million

capital compelling should potential that Blue transportation we needs the the be require the understand circumstances a to continued. manage operating risks and better the of project the of a able based Creek, including costs, methods. changes has company information the multi-channel making that refine the then, to investment, With incremental increased and Since and confident company the project de-risk would initial value-creating availability which changed Creek. as Blue are to expenditures, project to result ability value-generating understanding completed lower at the of development changes will assumptions, flexibility in continued These from the scope will on further enhance enhance the

these We changes the believe do not will of project. the timeline impact

the work. me Let scope share new some details of on

facility, mine of by lower Blue originally Creek to compare planned from and which transport out expect now we owned result build third-party system the costs port. a to an majority load to load we volumes coal coal, out to and will faster a a we barge move railroad the the plan transport While to belt in operating overland to belt operated

a barge build change expenditures over by load We the provider. This ourselves out expected to is third-party utilizing to Creek will $XXX million of Blue project also $XXX the rather total remainder approximately the mine increase period. than development a the scope capital in and from million operate

that associated economic with scope inherently manage with multi-channel change the provide potential model to transportation that should and provide flexibility believe robust We logistics will methods. this an cost-competitive outbound benefits Warrior additional

the existing from XX% and since increases to capital company operations its ranging experienced XX% operating both mining expenses expenditures cost for In in addition, inflationary late has XXXX.

relation The remainder the construction company in is and especially equipment pressures certain to during also period. is that Blue at labor, Creek, project experiencing inflationary development continue materials to of expected the

regarding company uncertainty inflation key contracts and to of providing the is of time. an rates, currently impact of number estimate future due a As at inflation being are this the negotiated material not

available larger However, more as project enters to information provide guidance. revised company the contracts into negotiates components, that expects company become from the allow to will and

by to steelmaking long-term of side the pressures cost has in project inflationary an inflation these the increase expected coal. and cost impacted offset inflationary for assumption are economics, While the equation the be price

revised considerations in increase the subject previously. the in driven in discussed by primarily capital of and XXXX for change. $XXX expenditures to $XXX is development The Blue XXXX estimate change to million approximately discussed mine Creek Subject to is of expenditures’ our is the above, transportation capital million estimate scope

and to company highest subject The in to that to amount at XXXX be being Blue development change. the XXXX, Creek XXXX spending similar XXXX a expects currently is but

Dale quarter greater detail. I'll results second in address, now ask our to

Walt. Thanks,

a net of million basis the or per income income second GAAP For share, same recorded representing diluted the the $XXX in the $X.XX $XX per significant decrease or share $X.XX last over year. quarter company million diluted of net record-setting of XXXX, on of a quarter

non-recurring share. quarter, to diluted record compares business net income diluted net Non-GAAP $X.XX an same of high quarter the for This expenses, XXXX. in the per adjusted $X.XX income of second adjusted was of share excluding per the interruption all-time

steelmaking primarily quarter quarter coal reported in we XXXX. an XXXX, the of since driven quarter-over-quarter second million second of the $XXX last million all-time the record by record decreases in that adjusted second These in to saw quarter EBITDA highs of softening setting $XXX the We the compared year. were of market

selling costs inflation coal partially market, average and and on volume. the our The primarily count offset was by prices were by supplies These steelmaking and electricity. due XX% higher employee-related to coal in quarterly realized impact a softening XX% the sales head of driven lower increase of cumulative decrease net the additional

million the XX% year. margin average year. compared the were due net quarter XXXX, steelmaking $XXX our decrease compared prices in million EBITDA last XX% second same XX% XX% selling the to by partially increase offset the of XX% sales in quarter of in of This was volume. adjusted was second $XXX XXXX last revenues coals, realized to Our to quarter of primarily the of Total second quarter in lower the in

the included of a gas primarily on year that prior XXXX, Other higher quarter second due of our mark-to-market revenues the in million were fact the loss to $XX hedges.

this of due XX% decrease quarter addition, gas to second year revenues lower In gas were prices. in the in natural a

FOB index quarter to $XXX Premium last average second ton Index Platts ton on second the Low the The Australian lower XXXX, price of Vol the year. quarter The same price in was compared per $XXX for averaged per short quarter. of short

of Demurrage price to the ton and to other an average XXXX, price $XXX quarter per gross quarter last selling our in per net of same compared short reduced the $XXX short realization charges ton of second year. in

$X lower, charges which year's temporary quarter Demurrage was vessel higher second the demurrage to in delays charges severe second weather $X to the of were million result Demurrage due and of port were last quarter, year decrease of and of the last congestion. other and million loadings, compared in largest other

mining were and revenues was quarter, volumes $XX XXXX. revenues $XX sales the or $XXX attributed of second the of impact of due mining the sales, primarily higher million sales increase $XX or XX% million of to plus costs, Of million of on volumes inflation. million XX% in higher to increase of production million compared to headcount, quarter higher XX% cost in was cost XX% in production and cash in $XXX the Cash second the

the associated the should returned we Our headcount related an on and wages, that quarter, a workers second in higher incremental include the per strike labor to partly the was later volumes. with year to compared last quarter, that training the costs the from year as second onboarding this returned hiring labor over this XX% focus ton and year. our of the and in Production the this get quarter costs strike workers workers we due cost improvement to the see during

of $X.XX Production accounted or resulting for and cost second the short higher per approximately ton, higher $XXX supplies the cost $X in from for second in quarter Cash ton short approximately the compared port, was of cost of to per quarter million $XXX XXXX. electricity. sales FOB

benefits to compared lower XX% in coal this year, realized last selling ton and production wages per a lower. costs supplies, higher of production were royalty such and This were quarter on in were While higher maintenance. offset and by transportation as on the resulted higher and prices premium employee XX% basis, second lower associated prices our headcount steelmaking which year volumes drove that net average costs XX% repairs

were in the our second X.X% due and about were increase Despite expenses. second and were the cost quarter second an compared primarily in quarter of year's per revenues XX% last $XX cash cash costs production second of quarter. Transportation short to SG&A the of last were employee-related slightly XXXX million in margins per costs quarter, expenses $XX quarter total royalty in higher the to or ton higher than year. same and ton XX% the inflation, in

XXXX, equipment interest the of good due to balances exceeded well and The earned leases our interest outstanding expense high are on in income during returns. investments investment our quarter our notes cash primarily second on cash the

quarter foreign-derived depletion tax income. tax reflects income benefit and second expense Our income an expense intangible for

the quarter, for of incremental the interruption These business expenses The due second is safety incurred were which XX% incremental primarily to the negotiations primarily labor end decrease During expenses other legal we strike. last and labor and $X year. security, expenses. non-recurring were than lower non-recurring and by of million,

to with negotiations. associated legal the labor expenses We expect ongoing incur ongoing

cash flow. to Turning

quarter Blue million, operating negative second by the of in working Free flow million. This CapEx from cash costs development generated a XXXX, impacted the the net quarter $X $XXX XXXX quarter of During less of second mine cash $XXX and of expenditures result the to primarily of flow by the negatively due spending. cash in $XX of free flows was was capital a cash for million activities million, Creek was XXXX. first used increase capital higher

expenses. a capital production, working to the as spending primarily higher an earlier flow cash net result date, of we Despite was $XX combined in of which dividend Creek the to of generated have project with associated due year top in million with higher on regular inventories this in to accrued Increase dividends. form Blue million, free capital increase returned lower was of the quarterly special $XX stockholders of the a

cash representing of the $XXX facility. a $XX cash and liquidity available high and of total equivalents was over the quarter end available of under Our quarter decrease at consisted million second of $XXX the million X% record million, or first ABL $XXX and million our

As the new optionality mode Blue multichannel to transportation the coal of is transporting expected earlier, provide mine for Walt scope the described to Creek change down and flexibility, river. single derisk a our

coal benefit addition, In and expect illustrative of third-party changes to a incremental material The the the $XXX net build move to of reduction did a $XXX a $XXX at capital price. load project total for the have to scope not million coal impact million the the costs on economics and out original we in barge port. total transportation using IRR to operate faster the and not from from NPV

liquidity million in $XXX the hand date expected to on the million to XXXX. project approximately sufficient to spent $XXX and have be cover have on to spent We $XXX million

maintaining options flow for believe evaluate strong us While additional ability will current opportunistic changes finance as equipment low total liquidity through the funding any capital. the to Blue and of capital scope we generation require a be an additional cost as allows with we and our leases portion expenditures, expenditures well the goal as Creek of of to available the cash efficient

outlook the our earnings as our to We Finally, we release. section achieve outlook turning on revised targets believe to for outlined guidance our and in are XXXX. track of

his to now I'll it for final comments. back Walt turn

Thanks, Dale.

to on Q&A, make some move like to final we comments. I'd Before

our in previous production production. We of we consistent and its of the to industrial year-over-year XXXX, lower second quarter. half producer to expectations steel its in will remain the believe remain second temper believe world's with the the to of will the ahead meet risk vulnerable Looking contracting China, production target half output, largest

remain should the making period. relatively Still same supply stable coal for

As supply large with our changes in swings. to balanced in as and without or largely such, the absorb ability being we resulting price view demand markets

markets remain leading to CFR our in We natural to Asia subdued, expect of opportunities. towards based us spot redirect more spot Southeast volume our activity

turning long-term development XXXX result which the create For value. expect expect Warrior, in to we Blue significant of to some point stockholder Creek our we mine, will be in world-class a significant

mine of the the infrastructure begin rest Over barge offices rail overland and and larger expect such the about course preparation the year, belt to as coal of the plant, of the House we groundbreaking outs. for load components, new and

We're project, to of for and proven our Warrior extremely record our creating upon be for to which us we this excited stockholders. track about allow transformational expect build organic value growth

we units up quarter in the of the first in development at expect we to second scheduled XXXX. the start XXXX, third Blue of with monitor have indicated, continuous longwall previously tons As quarter from the Creek

like With questions. to that, Operator? we'd for open call the

Yes. question-and-answer Thank the Instructions] will begin question from Lucas Riley first you the At this time, Securities. with session. we B. [Operator Pipes comes And

Dale, afternoon, scope you Walt is my very of Blue question first Good the much, Thank and change operator. everyone. on Creek. around

the so Just right much. And that Is any you roughly out to cost on per reduction it to think the $X of with Thank very a way economics? or about back the savings. comments ton it? port, the envelope, thanks transportation at came

my a third-party got But not out. as as the well your operate to and sure yes, as said we to own going I'm how prepared build originally you to load were in Well, $X. barge remarks, I use

associated the economics. make incremental the CapEx all pretty on project that it with the much So offset overall to cost really neutral

it. Got

Okay.

Blue roughly -- $X. Creek, did backing I -- return of very $XXX the and yeah, rate midpoint quickly, the that then just this to to $XXX assuming million again, million was was there $X taking similar So of a

switching topics. Maybe Okay.

has update status you the on much. during of a destocking can when today pace terminal the made during very the to inventory Thank you progress, quarter, us improve the and the second give as second terminal sits half built You for the quarter. some inventory to year? where noted you of started the McDuffie, the second side

one or biggest instantaneously than completed work, rates work to was have event the two load capacity more was as the number loader. their performance their improved the that vessels. -- number it Well, they as that doubled on soon And

general just getting it availability also some that -- of online really the have of improvements. incremental in improvements was the on tremendous tasks, other and the a the of on So port lot made the belt back operation

seeing And what that production rates level. our to are seen what load similar is have at we're we peak

to back be. they're driving So more now still think improvement -- there we driving at again. full where Creek think necessary We to production. need to are we toward the improvements they Blue online We're bring to there's get

may be are towards to we're okay the they sell driving though and Creek better or performance allow coal. even So Blue operate now, rates for well to better that

last one Thank for helpful. back And queue. then That's one before me jump you. in I the

you You increasing press leverage, what structure meant seek that to Could what comment on capital you in you optimize is could that you. you optimization Thank release have reducing the structure? your noted to is with you improve returns, capital stockholders. mind, that in wondered capital returns will may on to optimizing if your elaborate just

mentioned, at of mean, high potential the in that's years debt Yeah. really these of prices. Lucas. the really Thanks, composite X.X we last I benefited looking you paydown as things all just

capital debt. Blue not well only Creek, development, but the during fund down returns are as pay to pay well-positioned We as

at spike there. of, well-positioned kind that makes the to spending just, and make time sure Creek, what the looking at sense we're Blue So we're

and future. accomplish to all we're So positioned the being little things for of trying those just bit really a

Walt, luck. the All of in best back appreciate and I'll I jump right. Dale, really color, queue.

you. Thank

Thanks.

the with And question Martin from Nathan next Benchmark. Thank comes you.

Thank afternoon, you Thanks, taking for my operator. questions. guys. Good

Sure.

the guys start which quick one it new Creek, to Blue transportation building going your as initiatives to you load Maybe out be railroad to? a relates to at system conveyor are

A information, a west any any the under We negotiation. of developing be yet. is We'll a really given that lot made out, that still have little information of public rail mine. that from public of haven't load

little It’s haven't So of we agreements. the terms these premature. just finalized

take, have to good additional this have opportunity to that modes rework, project cost know tons to have the than but and on We do really this transportation million X the multiple now. the both a is put ability is we to enough to going derisk rather

they've I to just sense. CSX, now guys you Yes. was if No, that build there I optionality, minds to where going your makes looking served load are out? if curious it was was since that know new be

The our Blue existing Creek and mine facilities.

quarter additional little the was price color provide per different utilization real quarterly timing mix benchmark. average Okay. Just any be to similarly Any a there? merge? guys historical realized Great. would Maybe lower versus looking you than the Was then, indices, than ton, a lower at thing, it your helpful. anticipated, could quickly thoughts

be what the a normal had sales volumes those And sales we probably little bit. versus higher. a it think were the I realization above our would spot CFR between dropped were two, FOB considered and

Okay. Great. we've great appreciate that It market did is -- get your China prepared China. increases in specifically Thanks, think, more note $XX price remarks. be business some spot the month, I Walt. in And your then thoughts up, in would to maybe along CFR or on Chinese prices, last recent comments the maybe you net your seen those lines, I to

But great here. you're seem to has get export balancing more that, your would that be gotten mix it attractive. maybe a little from just your it on would how Thanks. So market thoughts

going export and X, I number which a that. our with Europe, And remain see higher continue little bit, to to a is of mid-XXs Asia think little part will I little fact we what customer number the quality we'll mix a due moved in into a the we've were from we'll that and shifted where so I make a into think a in we've and changes the bit area that, at bit think that shifted new percentage. just a mining bit the up traditional mine down change bit, mix, see that was

into now, be a So to moving more Asia. for right little Southeast we well expect

there, bit little quality elaborate you on Could change the a Walt? mix Okay.

part before. the Vol the -- we've moved of than where to be mine previously. coal or bit high a would of the part it's Vol up a into about A was the talked what Southeastern up Southwestern little it from closer mine it and goes the Northwestern coal And We've the

quality it we've and where customers So, known going, been the working that. we've was with on

shifted more bit. coal demand XXXX, It's believe, up for quality quality when in in we've was, was about just an area little like a we just to. area in the to mining coal this moved similar was I same where it's So, were back

Got the it. Very helpful. one And then maybe possible any the one final on in one. the thoughts be XQ, in It I long back half you would for talked And be expectation QX? cadence moves, of to of to two QX inventory. I also, great got one to year get know about couple other? think, that expect down of your drawing here shipments you've outperform kind then XQ, quarter some versus in You of a Do ratable? and probably

will it ratable. think I be

a easily, or weather. is We're it's into adverse right hurricane kind only where to have that to now. days the consistent quarter. expect bit weather, struggles the week especially of it around if there end a and the season, due or easy pretty happens the caveat so I can But to moving some of be think I so port the it would performance quarter affect

of best the appreciate I luck second the guys. and time in half. helpful Very Great.

you. Thank

Thanks, Nathan.

Thank [Operator question next Instructions] comes from the with Alex you. Citi And Hacking

Yes. time. Afternoon, and thanks the for

we talk XX% of, XXX should about that am you thinking scoped. am million, to Thanks. wrong? I it was the mean, seen that be was CapEx to or XXX, being I Creek, think I about Blue originally XX% project that we've the and I like about pressure original since completely $XXX higher, another thinking potentially on budget inflationary So the

was were, project and the expectations in the across immune board it. And our inflation that's that's Well, original the seen what is we've not to to operations. our new

where up project But at pressures that's looking that. inflationary where been. have to-date, we're as Now our we'll can't we end it, with

it. Got Okay.

tons wanted going guess, I start it's you've coming development to XXXX Thanks. amount was and basic tons, and the Just next make year, sure if interpreting I treatment that be on what's development not to And you've sold. the kind those if a out if sure accounting are I'm then material correctly. of quantified question, that really to a XXXX of for

working plant producing Well, of preparation out remember, way we should have different on better and will have that a be tons we'll to will once be the next to year. But that, that stockpile you start are we build take transportation completed. market. in try coming on to to tons the start are have transportation immediately, to we're those have get it, figure we clean higher market because it will out the to tons to cost a will just it And middle that to which -- a be off the modes significantly

will working little bit a time. So we're still way take through best what is coal that and of the to handle us that

timing the plant? for expectation of of the sort current prep the What's Okay.

prep plant, I The believe -- mid-XX the tone is mid-XXs.

quarter, believe somewhere third somewhere we in quarter, XX. second will the think and be plant I XX, might

Thanks. right. Very All helpful.

Thank you.

Pipes from you. a is Lucas Securities. question Thank next with follow-up And the B. Riley

Blue you Thank operator. to back It's for much, very follow-up you questions. taking Thank Creek. my

XX%, inflationary comment XX% is make expenditures transportation That the understand scope additional and that you outlined. or separate Is the in addition right? So sure just to I right. the to

That's correct.

helpful. Very

that take So top we on a cost kind for the original apply of -- the XX%, ballpark? of XX%, rough estimate. we add very we We of kind our then and can transportation range,

changes yeah. Yes, of the on scope that, top

how Are looking you at mentioned refinancing Thank bit on is on that balance to optimization. the little leverage. capital reduce debt with you get you Dale, want a preferred maybe take up the have reduce better you optimization. I'm the you. And a follow cash that the may sheet? for pay then balances, off structure to you about or Thank to thinking cash you're trying debt some I Just that. understanding just for way

as look, we've talked year. quite additional returns we trying cash about this Blue we future paid of the of option. an a those some But accumulated things that's Well, capital certainly we're the inflation, balance bit and Creek, to

Blue of bad Creek. XX ourselves the don't definitely So a into just in want we We're XX put project. months position remainder the months months, to with

of we're structure. but the debt, capital same looking position we how piece So better. looking time, We're at every at at ourselves the do

or So pay down should some pay we it down later. now

little a it's of things. those So all

So we're like much, not the one company. execute our change. best leaning for toward to one open keep either would could the but too We and options that

helpful. That's

are about penalties, prepayment Now premiums that? things think like call there to

there are. Yes,

all is year about in So where $X.X concern. this and total we pretty have to spending think almost total with and significant billion we stand cash liquidity those capital

think to about have you So as that well.

remind this targets That's all very cash? on are Blue liquidity, the one for you development sheet. Can through us helpful. of another balance minimum minimum what And then Creek your

Well, we those. haven't changed

a set where -- of we've high cash of we have started. so will that, been minimum to last have project be year $XXX of cash Most and we setting prices, especially very think and which say million been a would record that such that's quarter. well liquidity ahead fortunate once much I the with accumulated and of

you the best additional much, and very Thank Dale, luck. for Dale. all detail. Walt of Again,

you. Thank

you. Thank

concludes would floor Thank for Scheller to any like comments. the you. the session. turn Mr. And this to I question-and-answer closing

this your we and in call Thank for again interest afternoon. our you Warrior. appreciate concludes That today joining us

you. Thank

may today's lines. now Thank has you conference now As mentioned, you your the for presentation concluded. attending and disconnect