Continental Resources Inc (CLR) 8 Nov 172017 Q3 Earnings call transcript

Good day, ladies and gentlemen, and welcome to Continental Resources Third Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time.

As a reminder, today's conference may be recorded. I'd now like to introduce your host for today's conference, Mr. Investor President, Vice Henry, Relations. Warren ahead. Sir, please go

Senior Tony John VP-Production everyone Thank Vice of call Bent, We'll today. Resource of Chairman on Chief Stark, the concerning information statements Initiatives; SEC Senior materially Gary Gould, contained to then available forward-looking Strategic Officer; Ramiro and from guidance. Today's statements will VP you, and good and Owen, be these from President; President-Exploration; Jack Pat Steve SVP-Marketing. Officer; that Q&A Liz, and call joining in company's Executive and Chief filings differ start statements. will and also for SVP-Land; results assumptions, Chairman Vice Barrett, Drilling; risks. Development; Hamm, forward-looking Financial and us may Harold morning Hart, for Please additional Actual today later those and the address remarks refer Rangel, with projections, Hume, contain to Jeff Growth

undertake production In initial made maximum test morning, to addition, refer cases, Continental does in wells, we will most Also rates. any obligation this which, initial call. on are update for this new statements levels XX-hour forward-looking to not

financial Finally, will to on measures. refer the certain call, non-GAAP we

that, Generally Hamm. will For has Mr. updated With please investor website turn reconciliation been company's to Accepted presentation the over Harold? posted these a I measures refer of www.clr.com. to at that Principles, call Accounting to the on the

Warren. you, Thank

your impressive the see a These late in Dakota But Boe of seeing pad first with updated that occur in results the this due October, is and results tremendous morning, day to of with plays. have milestone year-to-date. just we saw focus attention you the very the investors on for quarter oil. to Again, Bakken very you press reflects all across SCOOP. discuss stellar North spotlight Continental allow results As development. production per third in reported in in to company's play operating earnings STACK our board our we're yesterday, in Yes, release to the results me number our important than production can the XX% history, we want Continental and this has we XXX,XXX guidance due surpassed that a being production in our on time a shine in higher increases achieved. to In

provides However, stepping stone Continental growth for each a of for and you. milestone

amazing per did five-year less Boe CapEx plan, than the most in Five of day XXXX, in and Let me production planned plan to three since growth very and done challenges how XXXX. Compared put the Continental end we production good Boe past and clear $XX announced strategic it XXX,XXX November is milestone. XXXX its years, despite we've historic by half we context. the the of And operated completed day with per over wells XXXX. What's it, inherent years this a as this in many in prices XXX,XXX achieved downturn triple we with achieved ago, to fashion. with oil billion

since year target the shows five, than originally XX fact. team. efficiency by clearly rigs operated XX announced hit rigs peaked When operated amazing with and we to operated the we XXXX anticipated. XX this XXXX to rigs needing in envisioned growth drilling amazing only accomplished we Again, at per Another substantially what Boe this our we less Instead, level. XXX,XXX day get plan, gains

the quarter drilling, increase of economics been completions, of value due operated Boe Continental's differential the the third reductions of top this production plays keeps play year-over-year build-out, one efficient into puts to sequential increase that, one Bakken. high XX% the Bakken demonstrate. XX% record getting driven So infrastructure The America oil is and and of the at crude better. clearly of uncontested and On to let's the optimized in North number to It daily just new generating in ladder. highest and Bakken. dig pipeline the continued continues driver XXX,XXX producer quarter-over-quarter it has all day production primary per our top be of Continental has of and Unit

the I think last surprised industry in say it's fair in in the the many the the Bakken total XX XX U.S. just has improvement last surprised the and has in improvement to months entire in world. the months many

unit. we're is in-fill early wells all, stage pure only oil Bakken outperform the America well maturation in uplift the child in Most the play the addition, just for of in In exciting play. parent in and the the

in explain increased bottom in these depth unit our line. long-term will Bakken Jack improved significantly inventory the economics As detail, has

We have to potential. has releasing do it just pent-up Continental work develop fully. our decades to begun of

the will become As company when the not back prevailing chose develop excellent supply-demand Also prices shape this first XXXX. market of and you're balance aware, wells when to we in completing held to the prolific sustainable Bakken, in be during oversupplied. begin was property while stabilized oil-rich The Springer portion the oil at development in prices HBP the corrects.

XX% Bakken today the Now, Bakken. rising in year This XX% with began September rainy persistent to DUC the work our our down is Bakken DUCs driving production. before percent third as our higher the some quarter company curtailed production production We inventory. total a primary is of in XXX a to weather to oil focus in

this net results, We estimated both to for an proficient due up with rate exit drilling on techniques have XX% completions, year-end. over a completion and us harvested quarter DUCs XXXX. inventory operations We're year-end only leaving XX% all growth using to optimized DUCs setting in fourth at XXX great gross basis XX of well on

long-term to on Continental few transform enabling of Company-wide, the takeaway SCOOP In one improved Oklahoma, Jack third in the on the the target. United the solidly for continuing completions $X best-in-class quarter. within in remain will degree per to barrels color non-strategic debt which itself Bakken to dollar the quarter key to provide energy flow. to track is and SCOOP We field cash produced The work rate-returning number sell budget is growth a invested cash-neutral back to key as for for the of addition, billion of performance and and in reduce diligently to year the the into raise highest and current STACK STACK continue the promised assets is in companies States.

capital assets of We expect efficiency due of recent quality inventory. and improve to further the to unparalleled our plans depth

level high executing all at very efficiency. plays are We a great with in

of were The barrels over access sweet has of markets. foreign in the oil Continental Asian crude to October. million other oil the for is picture continue as markets Export last the quality Bakken day from X continues to per U.S. the to the very critical high The U.S. rebalance. gain variable, to macro to as course, introduced world week markets.

We have keen interest found this valued. highly grade in oil of and is

the to recently barrel We many sale to be announced first more and X million come. expect the

inventories some producers happen. per Now, only U.S. by oil are key is level current concern, by report. annual not forecasting are, reason may system we've we the And been this EIA and barrels production X.X last correct problematic X.X expressed take their too per will week a year-end, Their August. barrels With million for oil approaching of doing day million in to expect actual X.X so. EIA disadvantage day barrels coming oil not could a have U.S. to must tends therefore, see of haven't million out Inventories overblown We million party are projected seen the puts pointing action monthly The in for down. the last X.X movement spoil the X.XX EIA to day market production most or that first. moderating The last, a near U.S. per day million from of demand, was and forecasts barrels vendor the shale future. but by average. recent solid America we This just overproducing, five-year U.S. they the high. the keep forecasts reported continued

expect WTI Pipeline will analysts from investment per It see to rewarding within storage retiring further lone spread voice strong in Looking relative proponent of in at been oil the now, environment, disciplined the value also been far who we've long Continental, macro last capacity and barrels focus and the day price XXX,XXX couple begun Remember, cash Oklahoma. in filling which takeaway demand a At new of of Cushing, we continues Cushing commodity macro enhance specifically has their to take spending attention focused been I've Diamond improve. of for long market picture balance their has will restoration and pipeline to should too refreshing largest Continental supply are the oil flow deplete Brent attention prices the and that in and management difference. to debt. turn companies investor community The at And while on shareholder a world. enhancement. demand. is the living Continental's in supply on years, the forest. is

invested me is three improvements peers. This quarter now couple effect unhedged two have of than did is our we technical let after this Continental the as and barrels once last look Today, the again recycle new ratios in quarter the net and years. cash a production the of margins growth. to We to assets, delivered Continental innovation highest generated per one quarter operators lowest-cost superior and the we geologically Thanks So company times a quarter. delivering ranks forward fourth positioned dollar oil-weighted the results high strong by And positive great flow our very summarize. one to with over double-digit of our continuous quality of XXXX. deliver among reported teams year. to we're the

tuned. stay So

markets Our top-shelf shareholder goal is as the deliver return to improve.

turn So Jack. over the call I'll with to that

Thanks, good call. for everyone. joining our Harold, Thanks morning, and

tremendous Bakken. biggest some that share. start quarter. comes we from of I Harold of with news results have the As to some I'll the a said, had the And impressive quarter

the our technology field. Each our raised Bakken upgraded the are that is This many the economics breakthrough seen performance in and has optimized Bakken years. economics the throughout the convinced We have entire of has breakthroughs last of now and the XX inventory. one we expanded of over technical level completion

optimized more in ever than Our contacting production proof is clearly the before, rates rock increasing reserves. reservoir recoverable The are and result. completions

optimized cross-section curve. impressive are initial is slightly wells quarter, wells gives located and and During completed third production function over the wells above Boe new our per million of seeing rates results in to of What's broad This confidence have through are step isolated, on line not are with in the X,XXX across but completed we XXX a X.X type the total, quarter, day XX performing wells field Bakken average we change average, acreage. was the technology. a In of our these are us through oil. Boe we XX% another the these optimized

tremendous our from what's assets. So value Bakken to impact shareholders? the Continental and net More

XX positive quarter Bakken. growth driver our more Our last cuts to new importantly, in the the in an time, is stages increase and at impressive months. $XX rate doubled good This to and oil-weighted million well the at we of breakthrough flow payouts type curve incremental a early EUR, announced year flow XX% of but plans a comes to included development of are $X gross per a translates half cash achieve cash considering This WTI. in the to XX% key during first for This growth. in return

expect the next We rigs. operated this this to To operated gross multi-decade company This give inventory. X,XXX XX XX perspective, at drill remaining the have average over an reasonably over rig the you some of Bakken gross operated in high-quality assuming inventory Bakken with locations count Bakken could inventory. producing X X,XXX about a half approximately years, is in to wells time

first rig per XXX% blended a for have time, the should news, almost be and fast to fourth this of than means XX% rates the oil program. that did per on rate on in quarter. improved XX this by basis blend drilling good into per we cost-forward year. to higher, WTI. On are expect to this in in XXX an DUCs to more we blended to we over continue we to getting differentials of decline, our $XX top deliver XXXX the times of we believe XXXX drilling $XX third $X.XX return approximately even the approaching Likewise, over XX%, of could per of in impressive return look new This quarter The inventory During XXXX deliver as rate to XXXX. lower year assuming rig average barrel be and quarter our wells trending are and even a standard of XX% wells costs the Bakken compared per return

true one the get discovery. after XX play years U.S., oil and is Bakken, continue the better line from technical bottom the its So recoveries economics here the through in to innovation, the

XX% STACK we will per day a cubic where day per feet XX gas results Oklahoma, production Boe test County. in oil XX,XXX start full-unit XX,XXX of Blaine to of achieve is of XX-well I Meramec children lateral from well wells XX,XXX and test these record Early barrels by length million wells cost Compton the over wells oil results. and in The over-pressured impressive X.X respectively, Efficiency maximum the wells. the is gains move in one the our and per well. in of wells lower development was compared including continue drilling from being to on oil. density children in parent let's Now the delivered per feet average the rate This completed combined nine XX.X five to with or day, times approximately On line five a with XX%, the Compton upper reduced XX% density with Meramec, performance average, pad window. for wells and our well. and parent for with curve type of Boe million

guide tests at density two Meramec completing the unit to future and window in one three full-unit in the oil partial we including tests time, density test window. additional condensate Now have development, this

On a The miles of rate is of cubic produced barrels Boe, oil. Tres pads. County, flowing in the gas and XXX,XXX day casing XX Last our of Dewey XX.X expect Lee, We wells also around well Lorene in release, completed C portion is per resource remarkable announced day X,XXX our horizontal lateral. a days, of to XX% results record initial of flowing really C company is per tests pressure. these for day. psi C. The X-X-XXH. flowed Boe in note, an XX% the The Edward XX-hour Moore Boe, This at approximately X-XX-XXXH, production with psi the being announced STACK. Boe psi the acreage in production test flowing for being million produced located the day, located X,XXX key over-pressured miles the Boe of the Edward day has X Of in in being per Oklahoma. day In gas of wells key XX% Tres the our oil tubing X,XXX X,XXX per that our cubic STACK a C of foot X,XXX exists are estimates wells Lorene million include per here and east the at record pressure. new day from XX,XXX-foot tremendous results point X,XXX by Tres XX-hour Lee casing the set Lorene repeatable, The XX Meramec X,XXX good a C flowing as IP currently initial a with a rate pressure per X-XXH, Tres coming the was Tres The have a completion that west potential to-date, the the Verona/Gillilan standalone the Continental is basis, we our per for in seven first a recently the Lorene from This Three average impressive highlights day density which with oil. day least, X,XXX flowed rate STACK This about And rates averaging X,XXX completion XX quarter. barrels X,XXX feet also our included first of per from it Boe feet de-risks during lateral It R oil with liquids. Meramec Dewey of record note production three-stream X,XXX of and farthest and not be well. initial in at Moore to XX the of rate August per is R exceeds of XX% Lorene the at the County. oil. west but Boe

of moving Woodford, also XXX we casing This an unit of developed day from rate unit X,XXX X,XXX located County. record dual-zone in million density and feet in test X,XXX This Woodford unit XX,XXX Lower day, test pressure in of in combined wells fifth feet Now is oil highlights five Upper laterals once exists from the highest laterals per combined cubic the with initial five children length. potential feet X-mile Oklahoma found from have three production wells SCOOP, X-mile to-date parent have and on are psi. barrels a to that that in is at and pattern, per with dual-zone again of flowing rate horizontally report two flowed Sympson long a in average Woodford of in both Stephens ranging tremendous our in we gas The includes density the SCOOP resource and X-mile unit. X,XXX-acre Sympson XX-well and under to a the the STACK. this equivalent

may confusing were Boe XX XX with a fill X-mile of Now, I XX-well, X,XXX diagram was is XX XX recognize that we've pattern. on XX% oil. details. to average XX-well that density slide various children a flowing the for Then per lengths rate but wells needed it wells, wells this for children provided day long out being the be The includes

time, basis volume approximately nearby with optimized Sympson As proppant and first Sympson unit. the foot. an the of stage completion lateral the per wells approximately an density versus has unit in Poteet Mcf-per-foot the using and were optimized XXX-foot as average XX-well Bakken, completed outperformed unit in our the in Sympson the latest test The unit. the of XXX Early used twice we Poteet spacing unit technology on XX% our

X-well Woodford Over this thick. greater two outstanding been than when some producers greater producing have the completed SCOOP well. realize (XX:XX) Woodford. gets this reservoir three and and as Springer development where oil is XXX than feet our by get better density double potential that is Woodford overlying now XX% tremendous. SCOOP thick, feet XXX you in a units resource the of will so It is acreage of from have dual-zone we in with acreage the even Sympson, the dual-zone All of development With XX-well dip clearly acreage

to Springer, curve legacy XXX Strassle, Springer average Cash, XXX an Trammell, by XX% at of the outperform continue days. Robinson and of type MBoe wells Speaking our our

in improved the we to expect As a Springer reflect result, revise legacy curve our quarter. type performance coming to this

test in and density Springer six-well underway. been Our Celesta now work drilled is has completion the unit

year early quarter first late is First production or expected XXXX. this

now of pleased the this year I are very We is be to prices, the and will my with reiterating close of the we've results true unleashing superior the Springer efficiencies the in by the assets. our last technologies testing over years our and of our drilling the geologic portion improving Springer are plans. with XXXX call likely operating of couple crude in developed potential

reality, into quarter a to third growth. to our The potential flow leader translate peers delivering while continue our vision among reinforcing results cash remain that double-digit low-cost positive

So call over operational that now the concludes John. turn to update I'll my and

Jack. while Thank to morning you today. with briefly also We're on our us results pleased XXXX. third update quarter you, Good to everyone touching on

for flow. quarter being Despite approximately with third Our north, improving third capital cost was $XXX maintaining still $XXX we extremely the income losses net budget derivatives, have asset on quarter Net growth was the diluted or in gains million of million and or impressive. results third our and $X.XX spending the oil million and growth X% of Revenue operating chunk in third EBITDAX quarter. would sales, on million. a for big losses quarter diluted exclude $XX.X provided been income and production quarter-over-quarter quarter. net was weather per $XXX and issues was the to with share. cash gains were for cash for Adjusted million line the by growth and $X.XX non-cash while that activities per impairments, $XX.X unforeseen share operating had

Without day for estimate would came weather being have with production we in XXX,XXX Third interruptions, we the Boe of production our per per produced quarter Boe day the XX% over oil. at quarter. XXX,XXX

Oklahoma During we density after sizable XX% pilots in averaged announced oil, on today. October, even we bringing the

Let me additional color. provide

XX% to expect oil We QX QX, versus further representing oil strong will higher volumes in be XX% growth.

to projecting production are per Boe oil. XXX,XXX fourth approximately We quarter to to XX% be with XXX,XXX day XX%

Boe XXX,XXX is Our rate updated exit XXX,XXX to day. per guidance

capital can As hydrocarbon likely you for third flow. than expenditures quarter about more absolute the the it's ratio $XXX for which QX, the see but volumetrics were drive by just guidance million. also cash Non-acquisition

budget commodity once we improvement for our of the be to and months, billion previously the announced positive year our be cash to the flow expect the you our proceeds With from with in capital few line capital include prices in divestitures. past budget also $X.XX original

we to expense quarter. Production positive for Excluding decreased from $X.XX per those year. Boe per $X.XX expect cash be to down Boe, divestitures, neutral cash to the last

cash quarter, per and total compensation, in lease cash our expense compensation operating Boe. quarter second lower came G&A, interest expense, quarter equity cash Boe. impressive of per low-cost slightly cost a equity for Non-cash for the tax, per Third exemplifying than G&A, excluding the $X.XX production including Boe an at quarter, was another third in per as was structure our was G&A Oil showcasing Boe barrel, $XX.XX improving $X.XX solid with Selected differentials expect improvement a were to pipeline reflecting a as in to also negative at next margins. a the well differentials lower the quarter. coming of I the operating continue production in quarter new DAPL strong $X.XX. as quarter-over-quarter quarter, in per and Corporately, improve this Bakken this up $X.XX ticks full Oklahoma. would $X.XX

quarter were several due positive September the is for company-wide gas over and differentials be NGL also of between $X.XX existing the next improved on and fourth a get as the month term, to quarter the per and Natural developed to roll $X.XX oil as improved improvement $X.XX barrel Near a differentials basis. for off years in We pricing. Oklahoma. expect additional renegotiated contracts the Continental's transportation infrastructure or we expect additional

previously strength. quarter sale in of from announced million the sale will year continuing At NGL price be reflected the asset October we million. end and announced are fourth closed in closed remaining $XX.X sales $XX.X see proceeds financials. of We to last the on The the of quarter,

As of billion. long was September term XX, $X.X debt

to to to Our billion that strong our few packages or target years. lower new able the parties. currently $X have to debt And reduce few billion reduce goal wide to a marketed debt of debt near have We $X being attain further billion term billion is next and within then that among then garnered current interest subsequently. $X in we be feel of group will comfortable term and $X we the a

color, commodity forward, leverage growth like additional As results dropping Based debt be on driven significant strong are and metrics. times. would would to ratios we below reference and and looking improvement commodity leverage X.XX will quarter below prices. expectations to production strong our fourth quarter for improving debt production. production fourth I better to the is the commodity by times current third EBITDAX a our be quarter higher expectations expect assuming for X.X prices, Annualizing times, This our EBITDAX annualized oil-weighted dramatically. And X prices

to our between X.X and goal be is to re-obtain times and to rating. times X investment-grade Our debt EBITDAX

Our trajectory outlook. and our attempted operating like have capital now update take you. XXXX is transparency and we guidance year, strong. color to provide to We next to early our to I multi-year year. would anticipate a announcing related budget moment Throughout the

evolving. plans with XXXX currently for through scenarios a and are working We are pleased our of are variety

Let's our discuss some in concepts planning. the of underlying

we variety environment, flow focused debt our cash discipline cash annual growth and between will XX%. and be Our XXXX Excess on of in XX% flow goal price are value. strong maximizing positive price We commodity targeting capital production plans a applied current execute can reduction. environments. In with further to is shareholder the

of prior $XX in For noted and between our utilized modeling, we $XX range have quarters. prices as a

structure, results below $XX. well generate solid we our lean to also productivity due and cost However, our can

We will employed. continue on our return to capital also focus on

XX XX%. Over leaders. years, on previous is amongst return industry the was This the our capital approximately yearly average employed

results years we recent well anticipate and improvement been with oil our productivity, price as margins, lower declines, on And continued XXXX structure strong continue adjusted. exceptional have low to cost we are prioritize we improved seeing and have in While returns. based

What a industry certain is of hold during again, Additionally, accelerated required outspend acreage, is in as XX-year to the historically, is leaders. production this our or focus to up returns worked value CLR. stock amongst is, of evolved case shareholder today. excess that new while, Obviously, period, level periods a we and on no not longer XXX% has

Our growth. strategy go-forward flow positive is cash

that and only meant plans for strong points results XXXX Our subsequent next but are are XXXX continually well that to are not years we positioned to for evolving demonstrate reference these deliver only year in strong follow. back that our that, With flow to line will with enabling cash the to to bottom turn be like focus cash I'd is over production The Harold. capital-efficient flow. call generate positive

this John. reiterate is fact Continental juncture at production ideally Thanks, you and that particular I positive just flow for in want growth today to for the positioned cash time.

are with harvest. essentially best inventory plays America, transitioned heavily assets play to Today, the of two oil-rich we assets Continental Springer ready in to fully In the secured decades of invested best have We and the in the of in and the Oklahoma, U.S. from exploration mode develop. these as laid oil claim is some particular, Bakken to in

years for within living lot question. market the the couple road, so of as of the company past the shareholder been reduction as on incentive of down focusing we safely let save the There's value flow have interest debt you steered rebalanced. We as been cash me in late, a and compensation

on returns metrics. a our had focus have within We compensation always

we you building being largest the have of Resources. community, section of an Committee Operator? once Q&A a is in you, our are and year. Continental investment on report that, and ongoing multiple at more shareholder call. begin We very strong again, proponent focused Continental, the next returns-based investor ready But in to there's CEO metrics. your Compensation let with and aligned discussion, our me we're regarding will for the interest assure value. discussion and metrics more that's board on With I'm are Thank our This XXXX for other with no

first Our question Venker Stanley. line with of is Morgan Drew from the

Your now line is open.

Hello? Drew? Hello,

line your muted. be may Drew,

mute. I'm was on I sorry, guys,

the with free very talked cash being You on think agree I and definitely numbers guys potential strong about flow that front. we

color So, of and you free growth curious you a to can to how very could generating prioritize because relative give invest flow you more if between XX% be cash growth? lot some you attractive have to the on assets you settled XX% that how just on in guys

strong to working beginning We'll I for a the to drilling more to think normal, beyond also be back getting up a is in of move to good for just normal those XX% XXXX year. completes. Bakken growth next set to DUCs XX%

one that's off that I debt flow slightly, apply going think debt gives way to off us We comfortable apply And may that Prices reduction. a reduction. range. slightly more flow or that, cash other. cash could up move think we're to very to It that excess to shareholder-friendly. good that's coming but the in move So, we're rate. the Excess

absolutely XXXX Yeah. to a think XXXX I with that? I good follow-up the to a guess point XX% growth with you and that that. John, target, that, is just would agree beyond for XX% good starting for years

setting Yeah. would well capital The for that are amounts XXXX. the that, include, up some it but generate that only us XXXX budget will amounts include not

production capital next capital bulk it of our efficient in some XXXX. are You But pads results large again. you'll have year to on assets will – remember see again, the the so pads, for very

So we look. multi-year a take

to for then, point Whether flow to? shareholders, maybe once some hit target transition well. using at And you to makes where that speak cash think buybacks return to as be point, you would – cash or sense you there whether Harold, dividends leverage speaking a you to it is free John, or to you this were there'd

Well, sense. may buybacks make

– that happen. You that first deal that situation get we'll point to we've been in debt is – be Basically, situation reduction. with where could the we'll a

our that's first And focus. so

Thanks.

Drew. you, Thank

from the comes Corales line of question Howard next Weil. with Our Brian

now is line Your open.

morning, Good guys.

Hi, Brian.

past just seeing are next you on talked estimating flow. cash cash I driving we're Is driver? in price the that the about the And results flow main being the cash all all. for we're and well with just that? to think you maybe last – Or or increasing free question, neutral, mean, it's seeing, past continue all is free I year that's now the commodity that that that you

But range weeks in And the that few in recent seeing come the below we up to were has strong price $XX $XX. supply $XX generate able results going here, script, as the to range. in with we're think what I and the commodity done $XX closer demand. and the it's to toward we really we've the Obviously, modeling over noted to continue

I the that company think production environments. the variety that pricing in efficiency uplift, within the a So we're of seeing enables

go level prices is significant of it nature the But increase. up, at $XX. continues to that positive As

price, say it the outperformance well and is from standpoint, are I its exceptional seeing I to the profit in well we're work of because driving all we're performance performance. doing a mean, lot just just improvement obviously, in Brian. we're efficiencies and also the down, Jack. some we're is Hi, This seeing, have – seeing our plays but that of is a stimulation still. cost of

driver, And this just so of a is a big combination wells. it's of big, outperformance all our it, year, but especially the of

that something It's don't drilled the component, companies third well course, (XX:XX). the uncompleted then, of that Continental most has have. And is

So that's big factor. other the

it's strong enable and to and results. a low us think of have do I exceptionally productivity environments compete cost variety in

normalized a XXXX, is with number? Thanks, thumb of Can to the a there those a per guess, DUCs like your exit be rule I and wells guys. this good in four-rig you – with level. it program? normalized just what maybe will should sounds many how rig, be down with And a level a is XXX year DUC Bakken, Or

large we're right This Gould, pads. pretty and rigs, is on four Gary we're running if now,

so, a range for on – be working four normalized XX pads. a number we're DUCs the large So or probably in of very of is because neighborhood rigs

that... assume about can wells XXXX? worked gross roughly down Is we XXX being in So

Yes.

Okay.

year get currently we If next will. we down all we to were like That's think them correct.

to XXXX modeled. a efficiencies to wells. continue a key It'll captured our part similar miss We XXXX, in the drilling lot that was more completed of it than that But of add XXXX. plan, the be to completed we inventory. what Don't that to teams continued we in

impressive we've pretty got a So little I there. it's asset mean,

that's just And Yeah. with rigs. four

Right. you. guys. Well, job, great Thank

Brian. Thanks,

Thanks, Brian.

(XX:XX) Chandra Our line question with Gubash comes (sic) next from of the [Subash] Guggenheim.

now open. is line Your

Yeah. Hi.

pad, after quarter, had Blurton as of XX%-type talked last guys interference. the about sort constructive interference So with you some comfort

you there. any, any Compton seen result. was put have might think suffered average from I doesn't to The that have the least or the at appear out number

expectations less was its Blurton if interference on the changing if seeing the of a ultimately call? might sort in you're XQ weeks and cleaned that Or pads standout? early have the if maybe the curious So Blurton to than didn't up XX% show it on

This Yes. to clean up is for Blurton Gary Gould, and continue the us. did

XX% XX% to parent. range XX to. see at the up. Those see. last about talking XX% that days, to about range about We we over And not wells within wells were XX%, That's they're continued think were a the last parent. of clean the XX% that XX to averaging I really the quarter, So about the of of producing we you children referring

the is Compton, see similar the there that over or not? expectation time you'd something And

Yes.

that we're right We're over tests. think X-well completion XX-well X,XXX We're all up per testing foot to we or similar towards help and us all But design. We're together per doing time completion I of pounds is find that's optimized is doing well doing designs pounds tests. this what X,XXX tests. putting X,XXX from optimum foot. density why now. expect combination these going really And

experience in made to that up. Or Compton, fluid said the tweaks I took Compton? went so was the clean the completions – Blurton it much it think because that in in were different time and Was the avoided different you the certain So that issue? in

think right as record matter away. experienced look was industry A fact, rate, a we've as strong STACK got on pad. came at different. production for there actually our Compton IP an Yes. we The It far potential of

Yeah.

issue? Blurton? it, instance, did but, is less versus Compton yeah, Right. a to I the for that pressure You're fluid, you belabor Or right. in guess Not use

Well, because the us, it time the brought on one all mostly at Compton. for wells we in was

in difference between And so change the a was that the and Blurton. Compton

Okay. Great.

And, how will And the what that reservoir this back stimulation. the perm Jack. in the after played in a part is how relative quickly these in come Subash, and – is obviously, geology,

factors. all combination a of it's the so And

of or, that my in you're No, discussion. cetera. something still about some with to stuff, done had et guess, And guys helpful Thanks. Got you're et some it. along SK, I hoping plays, cetera, have other what question gassy Is of the you achieve? JV-ing there of lines you more working the is your on talked any progress

seeing year, having we're should think. toward be something It the I is. good That's and end of the and feeling interest ongoing –

terrific. last That's this same. And talked I my well, to clarify make just final the one, I the as message quarter to think is wanted guys, sure and is, you've

performed experience Bakken, Forks roughly same? Three the in Williston So stimulations, the between or no in they change

it from were other. varies benefited or one But, about way both now. Well, stage spacing, feet certainly, the formations the tighter of have XXX most

I thing. think that's been feeling the biggest

want And so, to... Gary, you

quarter's more XX, just can in little is is on we in our top this additional page reference just added them And Three we our a and Sure. Middle to on Forks that I were of the and them Bakken. XX one three wells to add the wells that of show two list.

were the So XXX-foot Middle we of results wells from range Three to all see was Bakken three to strong continue And as saying, Harold those stage XXX- the in spacing. the both Forks. of and

what that performance the can Bakken. So do to we our are about raise to continue in optimistic

Great. Fantastic Thank quarter. you.

Thank you, Subash.

Thank you, Subash.

of line from Dingmann SunTrust. question Neal the with next comes Our

now is line open. Your

enthusiasm out. the could for wondering, I'm don't full did a I Morning, enthusiasm Bakken, your know certainly I XXXX I both notice about initially. – and have Jack's gentlemen. Harold, just continued that you or notice talked planned

given see wondering out about allocation seen XXXX there. But just the – the given from the far I'm You later. talked that as allocation, improvements, as capital versus improvements Thoughts just bringing Bakken the continued towards Mid-Con? I about don't we've an

wells to get continued performed Well, it well. out to – But our the follow and that for and interest, yeah, have continued as this fact and perform, better. to beyond was start can let no, add Jack color me it up sure, quarter these how

completion certainly, the do crews, so south back portion, far thing comparison ahead the I'll color let as we and first go as add Jack adding to and that. And on

to with we're we've completing a just we're really have to we – that saying year and going to potentially in got year. dollars this move as the not have the disproportionate going DUCs Bakken, with in but guidance continue I'm So our next going rigs DUCs the

of weighted in we part Springer a we'll can doing But Oklahoma well to more heavily next even there, So down to in be the blended little with the inventory you Bakken. what continue some expand may and as require and maybe overall work result, additional as as the plays expand a continue as down see year. we're in

to today if We you Bakken disproportionate XXXX. The the I great previous then DUCs. obviously, a to oil obviously that we you've the here. in select to tremendous portfolio And with I pretty meaningful with is quarters. we percentage allocating look similar think going seen had as where can to the thing we're results mean, And a we're grow in it'll way have you be from. showing capital,

those down a a So have more dollars. certainly it's – the shifting lot good drill-and-complete and working after a there's the good inventory that optionality we mode of it's a Bakken, normal earning Bakken those and of DUCs in – into to and but going

hedges run – Great. thoughts we in kind Great any of your in soon details, given or are prices, Harold, on wondering macro seen guys. And up. of environment? we've just bit the one a oil here follow just where With time where

and to for that's at are company, strengthen we there here on as run We the our there's continue of happening on more within what's team bit market to First hedging we oil anybody here think little this rebalances. is up the macro Continental. think don't a more all, sure I than

So eye of it. to it. when be a close we're keep advantage to And there we'll on it going about, opportunity, comes take

Thanks, guys. good. Very

Yeah.

with from Leggate line America. Bank Our comes of Doug of question next the

line is now Your open.

I'm rate But, exit to math the as up than I don't or for the production. question, know Thanks. I Good afternoon, your flat seems today. where if am John, guys, Hart be in everybody, XX%, York. you that year-over-year John little higher good I maybe guess New morning. hold a first

range? So if target help number exiting year-over-year end at as me is rate make XX% sense a the of of your to run high the that XX% already

the is XX%. Well, where I exit probably on get mean, go depends end the think it guidance. – XX%, to you probably rate you low that high is I end

basis, setting later of complete of in But got a I that but total significant flex boost to time and putting to off change will growth Doug, We particularly drill XXXX volume pretty down. come can year-over-year won't can thing, some pads looking Bakken. beyond may and start we pads talked those optionality. It which positive and exit drill good will up the XXXX a lot with on take we go those and growth flow. we've a of when I about, lot to as it's year, more we necessarily that the the a up at a of rate, larger in flex that cash – great the on will rate, and We year-over-year metrics. some mean, the you're amount is up, that think to

in reducing and the of meant So, of we're now balancing the got a of position. looking with sensitivity of flow we're We've in the a shareholders ranges give returning the that That's a to positive optionality. some cash debt. some lot at good of that and you to form also

I So, good range, think.

Would to first answer. or flat appreciate first down half care expect would half? elaborate for a I any the profile year, color you Maybe Cadence you just little a on the production there? offer next to bit. a

continue We'll come and to next we'll year that with that early working budget. with that. we come always out capital in when optimize the That's out something we're do to

years, guidance we've neutral-type of tremendous out guys you history capital. we to pleased delivering, position. with referred them. certainly three the results over when against returns it And be done and Harold a XX-year, a cash think we've on very in as said, a will of or in done performing as terms job our two And well I a come have over we certainly, the with and I last

XXXX, So, well but only several for up not out. we're for years setting

that, agree I for sure. I with appreciate and

a guess curve my type conference call, is a so... for same I I you if question, Jack, didn't the So, be follow-up ask Jack. wouldn't

one? Which ready. I'm ready. I'm

type – if Dunn XX. the maybe the specifically know don't County – County acreage. if a northwest in wells, of color area referring could recent of what on and performance. in could is guess your we more What X.X Page your are I'll a lot Bakken, well evolving I into Clearly, those the Dunn in offer you? and XX, performing as around I'm to some is But maybe I curve two because well, it recent leave Springer already curves you're ask I the obviously there. commentary above you. you And I little area the the bit if Thank your guess around included remarks

mean, hitting and our we've we're coming great across million definitely here You're fewer the look we curve the of I out a chart you that, that is X.X the you I they're the the on, point XXX on results seeing seeing have some when more you whole the supporting on right outperforming. you got are on mean, uplift barrel get we're equivalent side this there. I And producing, what play. And, combined as mean, wells even at is But there's pointing seeing curve. to look you're just can they're of type also that that wells see XX you're out,

in the building And then taking it's I to work. the will here going field And we again, And into there. here broad more and whole take Springer, talk another just footprint. in last we're of well knowledge level. whole we're about consideration out We've more technology our the and wells, we other operators type we But and from here the seeing Bakken. the do, field it's all same the couldn't to our pleased so as it as you across if here really with are year, what another that of from done be thing we're seeing you base adjust. to acreage. this through And mean, more it's Bakken seeing the go level. And uplifted been has clear uplift,

pages what are... – think I

XX.

type ability laterals they've ask Gary, is Gary how is enhanced just I did that lengths, going which and Page the remarkable XX out the areas. – you're to year, thinner using to our I drilled longer in in of a our what various outperformance our they're here slide deck testing been talk this stimulated Doug seeing here we've drill into combination at just were said, us. before call, And shows curve. both four I stims all to think and And of wells

it And and the reason put that's so, I you are script, that's be why put impressive in this and seeing return, maybe group the rates what, and updating XX% And performance it double in on for you're Bakken us that an Gary said rate we in Springer. wells. – are the I I type the because curve, at Again, the I know, of the type the will be XX% curve are – uplift his XX% but gave looking it said we'll my or of these early gave of so double return. uplift EUR, time it how

see cash just generate in to look rates these see perfectly return of strong the flow through wells. nice here the going So Springer ability a with again I as plays I performance just and well. this operations think our really of And just increase is there, fund this we're which into outstanding our to free

next maybe appreciate week. And appreciate our Gary. that. I Thanks about start it. be did I'll time there and That'd this. talking it we could a great conference Gary, very got much to I leave just remind

you. Thank

Doug. Thanks,

the from line of comes RBC question Brad Capital next with Heffern Our Markets.

line now Your is open.

morning, Good Hey. everyone.

a of how sort we've know move you're older, talk just cost seen position right I service are could wondering big Just been rolling in now, looking in of the of of on rigs that one the things context the if seeing you was for in me, long unique with the off. especially contract some I But through what front. you've crude?

With contracts, several generally We're market currently rigs. reduction. rate, to that Bent. with XX Pat to contracts respect per our XX plus/minus and $XX,XXX the started we rig is rigs. is had We've with day This Yes. a the year roll-off

We more nine We'll have have long market rate. one roll-off on term. rate nine and on market to year-end

rate. range Mid-Con few that in dollars thousand slight so, difference and Bakken $XX,XXX of And market a but between to $XX,XXX

a supply the steam lot fleets year and there's very of really are side the good there. still And job done And completion much out that driven available to then it's this by managing on we've prices. demand, very a and just changing

and fleets the the back down I earlier on should be combined steam in that year the market OneStim. think called shut through coming venture about Woodford the business

fleets forward to to use, put cost that'll stay looking really our additional and help so down. And being

Thanks, Okay. all.

you. Thank

from Securities. with the Leo comes National Our of line question Alliance Mariani next

now is open. line Your

here very Hey growth guys, just number from Obviously, question on a strong real a fourth quick just fronts. of quarter. here

Is that a to get or been some that expected Maybe pieces of what's Certainly, of it's here. falling of quarter? kind your thoughts to if driving primarily last different turn of trying what are give driving in moving sense this the of by handful quarter Bakken? kind Just that? us kind key on noticed producing production your I one Is areas all kind of kind of of thing SCOOP for just that's area had the the quarters. fourth around fourth was

us. for address quarter that. I is has across board, this this – some I can and the just Gary of Gould been can record a Really,

curve. that And curve in added was about about believe type we Boe we IP in all since condensate think then of type it. the came with there, talked last we've X,XXX record play. you haven't production results has the That's Lorene C STACK our if as we've our area the even plays, And you generated mentioned, XX an that XX% a that and new curve and Tres record for quarter wells quarter on. we our rate brought into well average I well just – So about day about we the a type came we on since well and Bakken, per return out talked this

generates Jack that addition strong. as the oil So and that's Then our Compton STACK rate about and such we've its that got that very how return playing an density the tests just we've that, us. talked higher. play and got are where the And area for in then to is production XX% high well a Ludwig our of Springer doing

numbers, pad another SCOOP increasing far the So as quarter or large is one what timing plays far LOE what of more in our our with when at as quarter pads come us doing really, of line another is quarterly being for looking our just or far our as from it's and just of that some to company. been depends efficient bottom doing year if our The as kind STACK on is on. from as CapEx one return as a rates our you're across and phenomenal

And so question. may I your that think address

now And there's drilling and and tremendous I was of probably And unit. think course back, coming the you that. of length biggest time. Sympson the the production if thing, variable I there pads mean, the look from The completing

Yeah.

change will the trajectory production I SCOOP. Sympsons the in of think there the

helpful, That's for sure. Okay.

think XX% into overall can guys your the work that talked I about XX% on we still goal being production of our call, here previous cuts XXXX? something a as you here. guys as to percentage you oil you to plan Is think get you way the

Yeah.

XX%, first Bakken. we think roughly September, I the that's was as October call, the half hit at noted hit up in the for and XX%. we we And of before weather in – the averaged

updated core seeing lot what targets. really outperforming achieve think the how certainly the optionality the we you And we and on Springer curve. are but only type to Bakken, we those results not have I continuing can a in with yeah, improve, assets you're So, of that they're

ability, those we and certainly have execute can got that the teams on assets. So we've that

clearly to allocate there's rigs. rigs, a we drive and the assets to mean, Yeah. Leo, moving and the where that. of just put influence lot I we we It's that choose pieces have where

you so the gives or that we on have. and And perspective color some but some – capacity capabilities

And, add more one this is Leo, I'd thing. Gary Gould.

done at with look you see Bakken we've can our you XX, slide what production. If

have we've mentioned earlier, next bring the XX% going production oil in we've that Harold to some production play, a we we that Springer of also more Just from as DUCs year. grow that And Jack next oil in lot invest January and year. to grown Bakken then as production we've additional got August, into as will got go that's and on the play

So lots of potential, optionality. lots oil of

know we Compton we're ratio. said (X:XX:XX). could. example would And can there on what we of we that it That believe liquids continuing volumes could pad oil didn't a oil quarter some frankly with and we've do I to way and the we the our just great and last – is focus platform done was grow

question last here just guess you. I guys. helpful, That's Yeah. for

some at bit variability, drilling in strong, off here, you still still there's pretty STACK, of the kind of of your that area. your guys just results IPs. slide particularly just these noticing in a of broad obviously XX-hour very a quite On the looking are wells And are deck while

just methods? you over are are X,XXX range. what that that think variability sweet some Maybe is X,XXX results? of maybe on the play variability the driving guys this? do in the Is some around you here? just talk wells range or that any it closer got of some completion and maybe mean spots You've of Could production I the to about to wide X,XXX just color

say even delivering end still of Well, is I driver if a geology big would very the nice they're you return. in obviously IPs, here. take low rates But in range wells these

Tres pretty all we respectable question C are we Lorene. And we have was, the by thought And that? you did Well, Lorenes? repeat they the that gosh, going question a to the was be the if is, So well. could with

to think variations there's high you I low than geology. because to got to We've in talking you're on are repeatability be expect the of about more the the so There are Leo, the seen remarkable to end – in have that variability on And you going variations here, geology but here. me, end.

thought in one do saw wells some such that combined. a said we've like out because actually, with involved on and Marcellus Permian is I that mean, it that – the that write-up here. pretty the was for that I careers. it Lorene rates. are a And just high biggest Brian came been I think mean, that that we interesting so I And well perspective, was exceptional our I said see well wells

so resource stand darn given And of game. repeatability. that I I still play the the see And good. I've best that – this this really results because anyway, probably we good play the any behind are think is it has in And – I've pretty been said early a that, involved with so repeatability

geology. performance year, wells as that and more that some quite Now subsequent see just But within matches the that. aren't ties Like, you'll a year. to the areas match strong, will

able that go. stims tweak some making we that obviously what testing different are headway, and We as we'll have you. be clearly, improve And and to

Thanks, right. guys. All

you. Thank

from Our the next Derrick question Stifel of Financial. comes Whitfield line with

Your line is now open.

update. Good afternoon, all, and great

Thanks, Derrick.

Thanks, Derrick.

the on factors And they picture years? the outer further Bigger improving the in are Bakken, could could you to that what macro differentials? improve on degree comment your

that of to helped are the things of we're has that be pipeline able Some having and really us capacity a happening, do lot that. to

really Additionally, of so Syncrude, us, helped Mildred in Canadian plant the the has issues culmination that the it's been with outage with a [Lake] factors. those

then that perspective think any improve? you And forward, could how further on if

Yes.

some continue appetite seeing we're we'll think crude. see to And for think transportation. some Bakken I I attractive growing

you're quarter. We've legacy and guidance And got we gave on agreements why year be very the and market we positive that's it. more will that a in of about over to the expect We've been seeing you benefits some fourth norms for trajectory. It's also transitioning expiring what now, a now. talking some trajectory that

and outer the is Got the on by to up strengthening driven appears shallower follow just increased of in type fair on it. volume page with rock and stimulated it my curve that months? part I the of some XX. the last that well Is question, decline If therefore count assume in curve is it performance that certainly not could Bakken outer

a it. part that's part to months, it's of too, outer as what Jack And the far just it's well In of different earlier, referred count. as

XX So count very even stages. went that's was a curve the across you to for – a performance. But that as testing different it's go developed before we – overall, good it's not type days. This the there's in well

move see type be benefit that stages curve there XX some add the we may so this as that additional forward. from And even to we

of today. volume around the you guess, better, getting it's now rocks rock tells connecting wells, really the obviously, under-stimulating is Derrick, reserves see go And the these the say, using outperformed the – down, And fact benefits we've that rock. offsetting seen of parent And we've you I you new in the technology – best wells, can that years. that wells additional ever the which over proof-positive but will out see there. children what more actually we're parent I'd new parent wells with we're children you've with stimulated wells uplifted done we've seen you'll GOR with just – it's stimulation wellbores. parent the the been wells uplifted the or by you we've of barrels new which the and connected interesting, that brought and just And their see is

in to level. this is taking the technological whole in So, Bakken a breakthrough, opinion, my this field another that's

one comments. U.S. Bakken the in of I definitely XXXX. of your best agree the with rate assets mean I been in Yeah. the change has

So definitely, for time and guys details. thanks thanks for additional your the

you, Derrick. Thank

next Kashy of comes from Piper Harrison Our with Jaffray. question the line

Your line is now open.

morning, everyone, taking questions. for thanks Good my and

Sure. Welcome.

Thanks.

XXXX, earlier, just you alluded expectation? to generate to look the you flow us could would your we cash As idea current deck based you of just give an on assuming how $XX much

number very go. it's significant. say pieces. working board discussions and out bits to and everything like would But don't a We I of in We things other the still have put We'd terms models. through want right we're context. to put of now, out to

we debt next we I very to reductions. making. hold that until to we're are come have But early year. you And significant think cash out can positive see So progress some with we're off pleased going and flow with the

ROC, was That's industry highlighted prior over in it. the the your certainly historical you Got which of course helpful. And one strongest the of cycle. the

assuming would just to long a – could you to double-digit objective give assuming get us sense XX% take the how ROCs, you to And current would prices. wondering, your commodity call how it of XX% it just first back get it and back so to take I was then long

high I'll start as with as necessarily can. this, it's XX% of or the end is It's as we our be can. have to not a ratio question. I we objective high guess as to

in different year thing. don't it's individual significantly, it's those in that capital But significantly of had of of commodity of couple the objective certainly this seen and couple years obviously three that. price everything. returns I price at improving in cycle, lower. you range During a times. long-term positive And on of a is part we've what and in years you've growing flattish on lower of years with before to upwards XXXX, years positive Last depends that the kind of two see have XX-year commodity or the XX% terms in think been of double-digits

see commodity can some from as It done improvement with as get You an price. we've in coming is possible. our that next capital potentially perspective, year. certainly what as efficiency objective with That's as early strong coupled to

Impressive. type curve And for just just last then, another question. me, one

a the about months. raise next coming Springer talked you – potential in with several so And

where And get similar lighter to total be across be recoveries it the you we a recoveries a uplift well? dramatic more evenly so, but uplift Bakken would do the in spread to the the uplift or early would of think life

due then what up part is incremental And incremental to of completions. we're our really incremental return this drive the of similar to due it's longer rate high. laterals, seeing said so optimized part you it's think of that's the to there's to going because upfront, I definitely rates so completions,

EUR And so, add an there's definitely standpoint also. from an

be it combination. a will So

me. it again. right. All That's for Thanks

you. Thank

you. Thank

line Holt Co]. question of [Tudor, Pickering, & the & from Jamaal Our comes Company TPH Dardar with next

open. Your line now is

Hey, guys. How's going? it

you. Very Thank well.

quick question. A

last $X.X to quarter CapEx billion all I billion a maintenance exit talked remember you about rate to $X.X Just flat. your keep

there. I still understand your Just is get to to new higher, but see kind that year. of applicable exit bit rate a wanted just next thoughts if wanted updated was that

Last we question. billion $X.X of would XXX,XXX Good in us help Boe. billion flat said to $X.X excess quarter,

XXX,XXX Now, to we're guiding XXX,XXX Boe Boe. to

slightly above if it, top not are. above or that think you it end I you So be much range might but of at the

a you think think it's our We're about. in prices exit in that capital productivity go see probably that's for top year's that we've you continuing very continuing about of good breakeven We're probably to terms uplift the – to this maintenance capital-efficient. So see as of end rate, the talked I lower. indicative

little incremental rate to only higher capital position. So up the year gives put next we're us well and exit in but us in there a XXXX, as well. good that, ability That some to a to set into up very carrying not for do setting

nuance sense. All then a just question. right. kind And of Makes

of on curve next advantage of to of just the sense in beginning kind Given want ability year the in the your backwardation the accelerate take order that those Bakken maybe price strength. in DUC a year, completions to get to

go where if I'm can price on that change two and Well, of depend the or because be you over it, a can pricing very other good where and all, the quickly. curve, first kind half is weeks. pretty the seeing of occurring direction sure not two pretty we're it about a last it will just in well And

work think just project would our we I that. So don't on

level during and balance we see supply that's fundamental place to will prices the happening a move taking think year. I with demand that the more higher of

guys. righty. All Thanks,

Yeah.

you. Thank

next question with Eli of DIR the Our Kantor Advisors. comes from line

is line Your now open.

guys. afternoon, Good

Hello, Eli.

wanted on forward? the and still co-development for quickly on four plan part going you of think those wells original that Compton can horizons in how pilot, Woodford to about of Do success down-spacing I you initiative. the revisit the had design and you you Meramec the or down-spacing completing drilling comment the

Yeah. accelerate being will development including now, Ultimately, included units. not much Right It it. more in take our we what Meramec, that so specific it. you we clear doing to Woodford these to of to wanted know we the Plus, see wanted time. this really assess could clear a learnings – the just that have the we're was basically indication production and we by

it it longer So can see ultimately term, you would it. that and be part expect of

Great. much. very Thanks

Thank you.

Thank you.

queue I'm I'd this remarks. in the to at time. any turn showing to Mr. no for closing further question Henry like back call

today. I'd call again on joining like thank the for to us everyone

But that, talking please a questions, forward about to me ahead additional have summary, quarter look achievements quarter. we day you sign exceptional give With great If off. our and in the as in or you to continued another Alyson fourth and call always. have a we'll

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

You a day. great may disconnect. have now Everyone