SilverBow Resources (SBOW) 2 Nov 232023 Q3 Earnings call transcript

Thank you for standing by. At this time, I would like to welcome everyone to the SilverBow Resources Third Quarter 2023 Earnings Conference Call. [Operator Instructions]And at this time, I would like to turn the call over to Jeff Magids, Vice President of Finance and Investor Relations. Jeff, please go ahead.

Thank you, Greg, and good morning, everyone. for for much XXXX third very call. conference you joining our us quarter Thank the are our call CEO; on me With today our and Steve Sean COO; Chris Abundis, CFO. Adam, our Woolverton, a new refer occasionally during Yesterday afternoon, it we corporate to and to our call. presentation this we'll website posted We press note GAAP are we reconciled their download closest may release. financial make materials.Please to encourage non-GAAP which latest references in measures earnings the measure listeners the that to certain to

forward-looking statements uncertainties, file include fully over call are will subject are Our our also and may discussion documents Sean. risks with to more which to risk which I are now are available many beyond turn on today SEC, in our described which on the of the that, and our control. These uncertainties website.With

Jeff, you, Thank joining for thank everyone, this and our morning. call you,

SilverBow's highlight XX% of exceeded results guidance. success compared the a quarter the year to approximately Third strategy. and ago of Production increased end high growth

has time, program in our debt year-over-year increase of during Driven million by At EBITDA increase the development in and highest increase by reduced the free in production, and $XX same NGL SilverBow's oil-focused adjusted XX% flow was oil in quarter. resulted the $XXX liquids EBITDA a Our we quarterly XX% generated production. the of a million of history. in cash million $XX

our and in Guidance oil in in now cash us Webb above to again the year time CapEx is free alleviated, an guidance contribution implies million, us XQ results our allowing free County same from Chesapeake at any capital $XX through are a being $X, year production, performance year our XX% to excluding prices fourth outlook. increase million with anticipate acquisition, with the full date gas investing maintaining and operational constraints to With increase our assets. provide generation year attractive cash range flow assets, takeaway we significant end. while from quarter of to we guide.Our for Finally, full our a $XX further once base

flowing We pad drilling X back duct X-well this area. of Webb are and completed recently currently County, a moved our gas X rigs we recently to in

for investment early production gas will 'XX. operating set Overall, strong fourth our to multiple up SilverBow platform to well quarter avenues. uplift our to Our in grow through continue positions

in Eagle certain We and checks Xth have the South acquire Texas recent The M&A the championed gas last have around an to boxes over an Chesapeake This within for we this years. need in from the Chesapeake announced accretive announcements Ford the and our for thesis.In $XXX acquisition. largest marks oil August, X assets consolidation for acquisition transaction supported we industry and million. agreement all the look

close, largest in Ford, growth from assets upon First, XX% Western a it area our SilverBow target to in the pure-play the exceed core enhances Eagle Ford focus these Eagle by positions coming annual will operator and become public the growth within scale years. production. The SilverBow

This adding valuation assets maintains immediately XXX that essentially adds locations confidence capital our high Second, at acquiring at cost. a are plus the XXXX. and locations while no for PDP we life in decade inventory discounted compete roughly will

oil, a expands production assets NGLs. with are further Third, commodity gas, mix evenly spread exposure of base that the across our and

well SilverBow transaction up to its growth clear will and as revolver Finally, cash by delevering execute see path strategy prepared while XXXX.To lien end differentiated on which funding upsize add flow. to remarks, to Xx continues generating significant my our towards we year We a second below cash the our offering, an September are our through equity financing sources. accretively as notes, wrap

and with this to year, leading positions benefit further Coast next SilverBow pending as operating from gas year, growth platform consolidate the with expansion ramp Gulf projects. Our a ability into plans liquids production combined production LNG to the

Our about hand objectives team I and very the through key cycles, commodity to over long-term of near- on and the excited an call I'm said, established company.With has both will that Steve. track delivering prospects our record for the

In completed brought and X program, our on wells, on costs. are continues quarter, in driving 'XX Thank our downtime, gains third wells, efficiency we execute The wells areas. in overall drilled focused the net well and D&C XX Sean. improvements footage X Eastern was per Oil day, operational you, Central net and to activity our Extension online. net development team

dropped date, drilling have the prices deflation. side, cost continued are rig roughly year we Casing approximately see and to XX%. On XX% ongoing to down by rates to XX%

nonproductive per efficiencies, XX% down pumping averaging higher gains third foot drilling year-to-date the compared and the events. 'XX.On to for in costs foot, are These downtime other efficiency completion 'XX. have per quarterly and been we 'XX, efficiencies achieved to so pumping highest are $XX equipment As compared year-to-date XX%, in by far the or reductions quarter, for side, driven

per oil oil, savings to we below roughly focus D&C of XX% on a program 'XX that to completing have highs. stages as estimate XX% per AFE. to which development XX% As in this well has lateral performance In 'XX. We market costs are delivered approximately and continuing our XX% day completing D&C strong aggregate, indicate basis further drive through to to a been new leading-edge reductions total are realized more production year-end.Specific to our more been continues day result, feet with date, rates year, to same-store the compared X%

over expect properties quarter our exceeding Eagle and X oil year County new to Third capacity compared we development and and during delineation opportunities co-development to well alleviated pipeline last Chalk acreage gas interruptible possible come Much XX% into are oil the gas year area, ongoing The the currently We remain years, set quarter demand Austin ago. November. earlier Furthermore, We compared increased in sell oily Ford this adds with in to agreements production is these for third focused across development continued believe LNG Webb area. were secured last to capacity our online prices our able being of the assets gas a natural on to core acquired longer-term XX% we multiyear some upside constraints capacity inventory up and expectations. takeaway on formation.In performance bullish growth. this has we quarter. on and

our view gas Webb we continue a Chalk such, area delineation leasing. organic as inventory As Austin County our through cornerstone expand and and to

in one assembled and to the locations now XXX have of outlook. nation.Turning gas We results the drilling with nearly net profitable identified XX,XXX acres most plays natural in

quarter XX% year production increase XXX Our was represents above of a guidance per over day and third high in production of MMcfe end the year.

MMcfe at of XXX quarter increase our per tightened which range production from of exclude growth are to a Chesapeake day estimates overall year million guiding assets.Specific quarter. X% previously MMcfe XXX forward-looking of to any 'XX unchanged. MMcfe guidance oil budget, the implies $XXX production day, midpoint, For lowered and the fourth of we quarter, over We per production XX% a remains growth production full to to All XXX to guidance $XXX contribution year. our XX% of over capital year million our

accelerate for in of we able D&C completion date, absorb Given therefore, timing 'XX, 'XX. we the scheduled spend early efficiencies realized will be that to the and had several pads able to to

rigs through Chalk capital As discussed where Currently, gas moved of Austin back D&C our our we have the development are on oil allocated area, the County prior third to to X we testing the further quarter. we X Webb XXX% formation. calls, of

our expect end. gas program between X-rig split We to year and drilling oil remain through

to capital As turn Chris. remain accordingly.With activity our we it schedule over I'll always, our we drill on optimize flexible that, allocation as completion and

realizations, this comments my a transaction brief In our our and pro price highlight capital third morning, as capital Steve. Thanks, results quarter cost, announced and our forma I update our structure. will structure. also program, I hedging operating financial well on then as will Chesapeake provide

date, the oil price and price price closer our NYMEX have NGL were observed to our are been price More just our ago.During recently, Hub. range widening quarter our is was Henry excluding representing sales XX% lower realized impacted Year differentials oil than with has to XX% differentials XX% year of averages of note, of of NYMEX XX% sales Henry our hedging oil quarter that supplement X more derivatives, sales. $XXX our is we and management was balanced.Risk of realized key by we Third third and aspect and XX% WTI, was oil realized regional gas to and a represented XX% historical basis Hub, the as gas basis compared business, of become further NYMEX historical adding strategy. gas market of quarter, our Of has production million, WTI. are to proactive realized in

gas mitigate and XXX further XXX respectively, secured XXXX hedges per risks. XXXX, basis have MMcf to day, and For MMcf on we

the for XXX million. hedged. the midpoint X,XXX production XX,XXX XX% on barrels day oil hedge October for of of remainder realized the have Our Using for day and hedged gas we year. book NGLs our oil the barrels are hedged as XXXX, natural our gain Based guidance, on remainder gas MMcf quarter XX% $XX hedged, of XX, per hedging contracts approximately of day per we of this on approximately was of on hedged, per of

within G&A, oil were MMcf favorable presentation to which stock-based of NGLs X% X,XXX oil costs Production all day of to third Transportation barrels hedged, per expenses file summary of per sales. categories. processing quarter which taxes we XX-Q barrels derivatives both expect XXXX, compensation, $X and our For today.Our excludes gas million and swaps per we inclusive $X.XX costs was collars. contained guidance day our of Mcfe. the contracts per our across have quarter. and or Cash filing, our hedged. operating ranges approximately $X.XX detailed were per are for hedged of in day later amounts Mcfe. is third gas quarter were of The XXX A and natural XX,XXX Lease hedged, and were

year million on our a Mcfe midpoint, below G&A basis our differentiator G&A cash trend the full million guiding 'XX consider when are peers. continue levels.We reported net an of of cost we structure the for be For which to $XX.X loss for at third to SilverBow to lean Cash implies $X to a compared XXXX, quarter. the

adjusted on third the or Excluding SilverBow derivatives, commodity $XX $X.XX approximately of impact, reported diluted for unrealized of losses quarter. per the income million, net net share tax

our in earnings reconciled cash As the free million quarter. recorded for flow of materials, we $XX

was increasing $XX sheet. the million. of guidance the a flow flow full a we cash deposit debt million free is $XX $XXX our quarter, million This year, a million to an and to million.Turning equity Chesapeake by balance the decrease of $XX Total raise we cash for the are $XX offset completed generated quarter prior free from our to For transaction. range as in

$XXX As of September million XX, we of liquidity. had

of cash sufficient down for end cash flow excess At covenants ratio price notes and strategy, not revolver with will upsize $XXX to drill from than XXXX. million Our quarter, announced extend is borrowings, covenant leverage $XXX date EBITDA by contingent we our a borrowing $X.X increase leverage based of with we end upon target million $XXX our through assets SilverBow expected maturity our from a the million, ratio base was closing were in a million, purpose and in $XXX continues be $XXX facility mentioned, Chesapeake pay the compliance less South bit SilverBow and gas that Chesapeake by our receive transaction, also to of for used LTM-adjusted the long-term In in which million million. the the Xx. to commitment conjunction and prices. our size future Sean was borrowing will December headroom.As of X.Xx. total $XXX may base the be to is increase billion. financial oil had of will to acquisition lien fourth will Consistent certain third the secured upsize which SilverBow years quarter in full and close, which purchase second of previously on with up Texas quarter, WTI our $XX million has X the reinvested to consideration to Also,

PDP volumes and of In customary condition, have cash required closing oil million XX% SilverBow addition first of closing deposit at XX to volumes purchase XX to payment through hedged hedged the is following months following and for close.As months price XX the closing. a further XX% reduces $XX adjustments, for gas the

the over underwriting. have at We requirements above or several our adding been these months proactively hedges meet to last

underwriting wrap shares turn shares. net X spread was Lastly, SilverBow. or up Sean credit in our These by secondary the Approximately shares consisting it completed fees, approximately with million. offering the a September, ahead the $XX cash follow-on closing to to over million primary SilverBow to I XX%, the proceeds equity will were were Net facility proceeds received shares, million that, reduce Chesapeake prepared borrowings transaction.And million we of of by used of remarks. offering X.X issued $XXX and issued,

positioned value accretive its acquisitions. last creation. and execute has is we and X Thanks, efficient by that Chris. growth The for is SilverBow years to low the transformational cost achieved strategy operating through underpinned on platform a continues expand able over highly have significant to been

We the near across expect a sector M&A to in theme remain term. central the

turn support. We the next providing forward back Chesapeake updates on the call look thank on As oil operator I gas further with always, closing our stakeholders capital and and fourth our real-time our the to transaction pivot to competitive a be for returns their flexibility our to ability quarter the been to for want continued to highest that, investment. emphasizes operational questions. call.And will continue between will strategy in for and development us. allocation and to has The I advantage

like call Tim questioner our is Markets. from [Operator Instructions] Rezvan first Capital Looks KeyBanc

to first, wanted timing a acquisition, bit Chesapeake I pick at is the the guess sliding just here.

the ask terms you underway are close? there guess that question, takeaway given deal I'll -- unique structure is Williams that discussions the if that, with I not the having any Chesapeake to there to that's gas then this big concerns are related there Just case, had? and doesn't on start

disclosed transaction of terms we closely your when in we transaction first to quarter. the we Tim, with to the in and would first and continue question, the announced close that market fourth the work Chesapeake,

on gets in and that we remain near that the track here So future. do are deal confident closed the to

to tell working with we're closely you activity of of control teams, ready our well as the the that will on within Chesapeake's our team asset, to I be terms asset. take company, In

we've asset the around to that you then question deals.And the in So the with asset that agreements like forward, we'll we're confident be the integrate going of optimize just previous able done lastly, very trying acquisition terms successfully, pipeline raised has. to

we opportunities grow volumes, there and really contracts dig as put be asset. on focus start of really in think efficiency I may our to the revisit that the improve asset and the to

see to that's definitely the if we'll there's address something it's So on and future. in radar, our something there opportunities

comments. I We'll it then on tuned interesting, stay your And Sean, was thought that. closing

You M&A a as theme the central talked for about sector.

how and a target if trying you of redirect given to if high radar think that your the end Is as the at we that leverage could balance XXXX, deleveraging I line And active, target if right then So that deal? been year get -- on you Chesapeake? you screen how at you. the to M&A you growth. still put that fungible Xx finish M&A is to about find is future you've as Just understand versus that with

to we've identify criteria are them on successful them the to efficient right? makes integrating to it's share your close an our accretive I industrial capital. very think use And as we'll doesn't that but First, on from in the along, in continue of balance for and it any we the doing have we been lot most metrics brings into transactions. at a Obviously, sheet. as Yes. them, that all point, has well all stress put asset very our transaction we it around base, inventory business once And sense competes and existing importantly,

to So those. we'll look for continue all

future other For focus integrated, always now, thoughtful our on transactions transaction closed at do. any on our the other be we is getting is we'll but and very BD Chesapeake team opportunities, looking and that

Johnson our question Charles from And with next Rice. comes Meade

Chesapeake you I I with recognize you. that has us share I that XX assets Slide yet, well Sean, Chesapeake results on don't with the shared but appreciate you really the have guess

also And in me, the like what wonder oil about overall you? in it just so these underwrote came it way look looks Sandy Faith of Boe I And the XX% that you to talk pad or you attractive maybe that on expected but Does could the cut. particular, what acquisition. most how looks if with you to wells because not the rate,

was discussed were production as the ramping many new going XQ brought Yes, that XQ deal, big we the into we picture. asset see a online. to announced from When wells of

a did recently in XX,XXX like -- quarter. we felt for asset I it was what in that And that doing the line to was Boe the announced think, or going with do. day Chesapeake right call their was third

is line been a wells asset for brought deal the wells, performing online to third for, would we monitor the the in quarter.Now, the Few underwrote performing to overall, the few but new expected continuing right is specific to So at up overall. what performing it tell you the of had that we've type overall below, the curve, what program above we to. wells wells performance

that's and being strong the out Eagle thought, continue your call that the we Eagle wells, to a above so wells in Faith all property, wells area where slightly of to part property. really In terms Ford Ford of of good encouraging performed those see

second the table And that me you're help to Got particularly that, 'XX. guys question to up and on you pad also and actually And some to step-up is wondering get my XQ, in growth come, oily me given looks sense if put standalone trying big a then really but guidance pieces gas accelerating with 'XX. setting me you in going because it. about XQ looks you haven't SilverBow I'm the XQ of pad of like just that'll the 'XX can I organic into recognize X-well it for X-well it into

XQ X Steve, for you Can So in number what 'XX? to I mentioned also guess big tell going have you it you're you wells you in to maybe look for online us like sales X to does that turned be QX. you step-up that QX? And -- think the brought context, wells organically you will a

another then looking, we're that pads to right oil additive one and Charles, we're to currently well -- the pad, maybe Webb come accelerate at over to have our another County. the come optionality now we that pads we're some yes, Eastern gas, completing X-well Yes. for additional in Extension for with, along to X-well if in discretion, for of pad online online, oil looking some QX,

quarter. So through that, then with now, per at oil production were day, in of looking than better better the than at we we're or are our day before, sets per of that's like And and probably about forward XX,XXX it for -- the than today range XX,XXX looking we we're up at end right year. in the how QX say, better looking terms roughly fourth that so about, to guiding

up, is in. growth, pad expect mentioned strong we of that starts the we the see Charles, exit XQ way lining call, that to then strong oil have we'll and it's X-well the right, kick Yes, XQ XX% oil, we'll in to the so on acceleration anticipate, with oil like gas growth, rates, about

gas so growth basis on being coming quarter, by the with And we'll rate of high have first the fourth equivalence in from first wells quarter to an that the quarter much continued growth on. are driven

So, strong on base then quarter. yes, the see really starting to continued year end first organic the driving gas assets, I oil ramp and think the into on growth growth through of the of

Schafer next Donovan is Northland to Capital going And caller from our be Markets.

Congratulations prior on the to quarter. the I dovetailing with start want questions.

what -- you of you 'XX and like increase looks official shared in numbers, path put August, ratio course, in announced frame not getting way something things everything and internal Chesapeake that. the some that's or some to transaction slide projections XXXX you'd in have based don't the try formal on way to gone set things But you your cash I per things want the is like to when 'XX, the Xx or here it Of about must really percent to deck about way talk have get any think I guidance, leverage time, to middle that flow share, the out a today. you down free relative you pretty other around showed and through you at given of in we're thorough

'XX, get So through with last stand putting developments. pull like that deck able been that today, that's -- have that going and to for we seems It exercise some You've of months, and X.X done quarter fair more capacity is positive capital where my together say the budget? It the seems been into question the some forward and improving. quickly. internal wells is, that directionally more between improved to takeaway in like this your sense it own there's or there

to before that for So exercise would out after the in expect if more of comparing reran whole come the you things today company and favorably acquisition? you

third and tell in guide for the quarter, would I you year. are well, slightly came performing Yes, base that line for SilverBow for assets full in ahead XQ

So Steve with line can with less earlier, the performing assets a base from then a with the I assets performing had are production mentioned standpoint. are information outlined. reductions we And on we're readthrough CapEx cost well, the that what see in little probably Chesapeake receiving a the

Those $XXX what at we out the $XXX mid be laying MBoe and I next the XX,XXX think into production once control kind and a see we'll asset months, of in and million transaction get think to the we the that day. in that we think MBoe we next XX EBITDA the to XX,XXX take time deliver over those million year. So we're -- XX,XXX to are where disclosed numbers, of able still that at of range

things PDP optically with since expect that you Chesapeake a in to in analysts almost acquisition so Does that's are results that production guidance correctly. the and quarter, I'm be guess check this like do like just make be just is is by just the view, sense the that but come here, partly it I'm thinking come maybe to probably trying it'd the on and because in And feels QX or additional And it's later? your below as about follows would want maybe automatically more close also my slightly sure above not sooner including the factoring all say I I then would QX fourth only those here. guidance Okay. I'm it's thorough guidance, consensus, and it here it follow but closes it because of look above, to whether that you're depending double should above up, to still your extent QX mean logic, but or safe guessing, the assets. above this to I'm the guidance, in which just asking in difference actual

spot question. on with the great observation. No, And you're

the done best I information December quarter, have with them the a we've And think, analysts maybe in might close. we've mid-quarter sometime the provided with model as fourth given close, of a when to projecting that several probably a others projecting guide occur.

that So the for a put we the SilverBow and see market the yesterday projections deal the standalone estimate out guide, was on of the guide think only. I out give up XQ Once there. close are and that we do lot to update with you'll true a an

the right quarter the adjustment said, plan guide analysts to just contribution. we'll into But have of standalone for Chesapeake covering to of partial SilverBow coming the out market numbers So, many we're numbers. yes, the assets combination be of an standalone the yes, just with once SilverBow plus for in give a like clear, Chesapeake where company now do I updated SilverBow close, we a

our Tuohy Parks next from Noel with question And Brothers. comes

that about Chalk, about area. a Oil about recall And co-development, remarks past saw in I bit in thing the release, the Austin think, little the talked I talking County. and you Austin in discussion prepared Chalk Webb you're also particularly the One in more I Central

what's about Ford chalk the the in now? thinking So areas current oily in the Eagle the

Yes.

year, lot our areas coming a area. Extension area, of on lot in in identified shared Central that dug information had also this our and our really we've But we Started County, a Austin has in materials. Eastern had of that Chalk. years, Oil in several last in into a the chalk work but primarily potential, their Webb the over couple team, Our in

Ford, in some slotted in tests Eagle same at chalk we, So time. the with combination have drilling

on in I number Oil Central pads it's so where presentation, that we our And chalk area think Slide we on. of a XX wells drilled of outline

Eastern pay X wells assessing in But area, In those chalk it chalk to our area that. brought thus results. we've Extension I or so there's about slightly think in excited pretty just early meeting on, our wells we've to And So think, expectations, their brought that stack are wells on on the within all far still date. in basin. the so X hey, points we're performance, those that, I above opportunity

large also block. of footprint Eagle about other with close nearly great million zones And across have but continue just the Chesapeake scour the acreage it is X.XX We not what's a that post to Ford we'll acres.

Ford, always with process, over learning across any so you're Chalk Well, different of the basins course, lives gathering has so different like data, the many with Eagle and development years. and had many Austin

guess anything at So that about overall that could might to great. brought Eastern in how look mean might experience than others, places in that terms has parts ever shot Webb there in make the your talk can what the of that'd better County portion in did Central particular might Oil of give table is incrementally and I a some you clarified the many and what work? some you chalk that locations if you acreage of where have be have incrementally it you decent potential or characteristics Extension, just

and the the saw County timeframe. What trend through but chasing fractured chalk both Giddings Austin Chalk of that 'XX, in historical not bit Karnes, Really change from more fundamental chalk. chalk with activity a was quite 'XX, up emerged chalk, development 'XX the porosity-driven Yes. development Webb through necessarily

Webb, that's enough starting were better elsewhere, transaction, it patient mindset itself. chalk to really we've and portions good the in Webb, And we have about but in because why really identified that same does. potential took there. elsewhere. that it we're of replicate porosity and And The doesn't where to and pursued we chalks basin, excited But northern across so that the Chesapeake Obviously, model pockets when play good doesn't understand the it's found then that took conjunction the have thickness SM had. with we the thought we in started and

and the bit we're in development that's a to fracturing historical from pursuing, and more fractured play.So porosity drilling a of little using what conventional So say, the thickness-driven a to reservoir difference would models horizontal the resource. of I less play unlock of is

In a Webb lot terms inventory, of it. we the where obviously, of have is County quantifying

XXX XXX Across gas my that a quantifying yet. of bit that, probably off to materials haven't higher. have little chalk similar in the numbers other top so a We locations process if in not Chesapeake, and the -- added head our of we're still the ones,

it's is for be our smaller to our to to than County, but be sure. footprint so Our to those going inventory additive Webb not it's there extent, going

next Water Jeff from Robertson with our Research. And comes caller Tower

assets. the Chesapeake Question on

are natural that about on that the new natural you how into overall fold wells impacts it decline asset With talk rate? being on, base when SilverBow the highlighted that the corporate brought and you decline that can you

The Ford, back developed Chesapeake 'XX, asset Yes. base going far had as 'XX as, what, Eagle timeframe. that

asset than So lower standalone. has rate overall, basis that SilverBow decline a

So that combined here the on flatten decline our it'll -- our base forward. we're asset moving expecting decline

on standalone assets So the bit low-XXs probably were a mid-XXs down in that. brought probably it X%, down, higher little high-XXs, a than basis the Chesapeake

X%. X% dropping combined or So probably it

infrastructure And you to think some be chalk areas, to in then respect does in needs have of issues if any with about addressed? that the your that Eagle codeveloping the Ford,

existing assets, the benefit, especially put infrastructure chalk and in SilverBow and Webb it. the existing No, on into Eagle Chesapeake area, to assets actually County our we're able it's leverage as the a the both then Ford on

to So those put most the have Ford since Ford Eagle Eagle development little declined capture in place bit assets has. a of and were peak off

taking infrastructure. chalk, the actually existing of advantage So bringing we're on

Okay.

Parks question Tuohy another Brothers. have Noel We with from

other topic. one on thoughts your get to want Just

the E&Ps, earliest number were gassy them report. a So to ones the of

wondering we County the whether in for maybe Appalachia of large. wondering in just or players course, you even out looking in consolidation should coming particular seeing maybe I'm Haynesville talk Webb demand bit in area. either guess purchasing coming extremely they're, what large, development area to in coming capital or listen LNG? for tires about the are about starting the in because, everyone you can looms to And new -- just kicking course, maybe hopefully commodity talk we thoughts picture role I what does of the outlook, just wondered companies focused next on Ford's on their those Eagle and capacity that your LNG a general year online gassy in prices. I'm the about to new new looms be and overall As I

Yes.

years, out to of come LNG to slated at but is just as still acknowledgement of over demand from supply being Obviously, there's Coast. able next going of fill amount in LNG think, it the get that pipelines you versus is strong got that look the that Haynesville, buildout of getting buildout. to to gap the the the the the challenged the at and look to growth somewhat Appalachia buildout LNG from, where more and I Gulf start you a several the imbalance you've

that seeing strong help just us others the County years, over of the and we're that first to probably Webb forthcoming Ford at So, last the look of plus the that places Eagle to LNG fill performance yes, one few as demand. see

gas players are entrants of into. So, yes, existing new LNG that the they're looking plus expansion it's to think to I some find fill contracting that

relationships up long-term area, well. in reservoir understand great players sets lot and there. us have the infrastructure a So existing We're of the well,

us exposes the prices this opportunity the coming about excited in to we're much stronger So years. gas

for Woolverton, remarks. Okay. you closing over Sean for call that, all back questions. And Thank will turn with to I the CEO, your

Well, our wrap we'll Chesapeake you. Thank Hey, the Greg. preliminary conclude near everyone on an hopefully, our close call. into up. view early an And we'll here giving for and with giving I'll say, appreciate of plans look look that, future to XXXX. the in update, forward that,

and ladies And, that call. conclude today's does gentlemen, Sean. Thanks,

As he great you joining for everyone. now you and a mentioned, disconnect. thank all may day, Have