Continental Resources Inc (CLR) 30 Oct 182018 Q3 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Q3 2018 Continental Resources 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, this conference is being recorded. I would now like to introduce your host for today's call, Rory Sabino, Vice President of Investor Relations.

begin. now may You

and Officer. the Gary Bent, Chief Commodity President, Steve & thank additional you Pat Development; joining Today's statements Owen, Chief Oil results Production, Exploration; Senior risks. We'll to these Vice forward-looking remarks Chairman will call and President, statements. Ramiro will and call available that Stark, Vice Vice like Actual Drilling; later John Baskett, Resources; Josh materially Senior start I call to those Land; with and Gas Hamm, Harold company's Human welcome today's assumptions, from Senior Marketing; Marketing the for Officer; Tony Vice you morning, information for Jack President, Resource Initiatives; Financial to us. projections, Research. address Barrett, President; SEC contained Hart, President, for guidance. from would today's forward-looking of filings Executive and Good and earnings Jeff President, concerning Please in Strategic differ may Hume, Senior and contain Growth and Q&A Gould, Adam President, be: Vice Vice Also Rangel, on Chairman Director statements of Vice refer call. Longson,

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

return, $XX per barrel per We gas. Mcf $X which otherwise on reference based WTI will unless also rates stated of and are natural

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

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

morning, for this Thanks joining morning. Good everyone. us

the crude delivered oil all great in in wave our days of industry of new oil SCOOP range, the oil-weighted setting of averaging to plan company saw nearly by for the our price our for operating the well the warm to net quarter the drill benefits the gas half earlier teams expertise, The million, third development maintaining very on STACK, delivering complete fourth peers of select bring oil-weighted the be for be a our oil our advantage teams, of quarter summer on of leading The unit amongst our recovered. growth remain the income of per and XXXX in quarter straightforward gas production delivered crude quarter three will strong to projects. to to to Bakken the shift unhedged and prices XX% third our and for to of and XXXX in third second results brought XXXX on teams a to our XXXX. as Along of to quarter promise the validation We until while the of one wells, Bakken, took the decisions year. quarter as areas, with curtail from lowest the natural decision Continental LOEs development with on this proved Bakken was natural record show and drilling validating for with fourth as began up production $XXX market growth. second normal BOE $XX oil year activity our this of WTI year well Continental's In consensus. XX% reflect overall crude above quarter Approximately, long to and the new

opportunity a our in growth in having accelerating rationale talked end, the last quarter, focus to we also an recall year and If about oil recognized shifting for the you'll market.

with our company increase a and advantage disciplined returns, of remain efficient we production taking infrastructure regions. time it our appropriate on primary to rate, and highly capital, inventory and was growth focus While corporate within an growth, a Mid-Continent Bakken the

One Bakken XX-year large-scale plus plays with of removed that supply horizontal such resource during of the explorationist it as from my much the the witnessed the drilling drilling I've as that concern from is of side inventory major and benefits has accelerate an the growth equation. decrease in also this the to at of industry. gives enables us future us a It thought that's here least It At never with confidence before is project or warranted. case Continental. as us activity capability possible level to

have team, welcome and plan, minerals for model catalyst we regarding will it's both granular very all now in provide this October, this make closed to to growth I which our hard minerals John and companies of update that's XXXX. plan aboard about plan portions more close, Franco call. the Continental discuss early with give and Our Franco-Nevada. details Franco-Nevada to later minerals to when I in this that we you guidance this for inventory What In the and we shelf. team, unique the their a Hart love of We a teams a the work. as on the But will is view future. our deal say in hard on developing about worked originated five-year all thank want are XXXX transaction

supply own positive return domestically. can the dependence ability wanes remains tightening tensions Thankfully, be events. we of the the as the developments narrative U.S. by oil our supply elevated constrained to some long-term as Middle further oil side, are on Permian in Basin needs recent see and on to supply further infrastructure supply turned by On the East macro foreign oil to they – due our

and continues American first. Although a and robust, much witnessed to signs expand future. supply again, need showing not oil foreign instability gas the of to the we and is gas financially as put natural oil market healthier production of Once the

oil driving cash the prices our improved have along year. approaching price, timing As believe for for and The rewarding the breakout be in a of better infrastructure upside truly not is oil an commodity of planned non-hedged we position, unhampered XXXX stronger flow Continental, oil the free participation demand billion could for SpringBoard prices project and to entire $X proving year area. as have been shareholders, development oil

of delivering drilling technology paying cycle super dividends is underway are years are are and results. now time America. advancements teams excellent crude these All results development the oil Our our great as in for just that in

Stark it detail I'll to results. Jack our on more Now, turn over operating for

appreciate on Thanks, you good We today. morning, Harold, and our us call joining everyone.

oil higher. guidance, day, the production and the averaged was quarter production growth on September third XXXX to wells teams in second, expect capital project. oil of by in targeted we anticipate things: Our and or and from forecasting October XX% fourth around the day, Boe might per wells gas XX% first, in Boe in completions with we in quarter production rapid is in as Bakken been not third-quarter to forecast in this approximately coming ramp. spent a and up to two came XX% If in year-over-year SpringBoard Up come natural be approximately online on the percent at our our of the growth rise. fourth This XXX,XXX Bakken completions the quarter. the we percentage as By do XX% on the since approach per XX% XX%. a We of are approximately bring third-quarter completions production driven our reporter. percentages a second over exited exceeded quarter-over-quarter. include add, two-stream to XXX,XXX to Continental would the XX I our quarter. is X% liquids Oil oil ahead coming oil the of XX% year-end, XX%, to liquids of basis, we XX% is Bakken of we September; producing are report these has our wave volumes late estimate these were on associated a Much three-stream total

the our growth, day, we reached guidance expect production to of our driver second quarter right come our third quarter. production per was Boe in as level XX% Bakken year, up Bakken For to X% a record of and around XXX,XXX key the XXX,XXX per to Boe a XXX,XXX day. year-over-year The of the over production midpoint

During producers Bakken, which Bakken the per of first at drilling average XX-day the up expectations, continued from wells of operated in line growth the with of quarter, Bakken an we wells is based Boe were list on of rates. gross rate made top-XX average second our in a rigs Results total eight quarter We two XX into the have completed day. X,XXX and prepare two for currently that XXXX. flowed we as

state of you the in XX% August, the of based North many crude know, margin, records. Dakota wide As leading by Field the of in approximately on operating a producer Bakken oil produced Continental oil is

an implications provide our the As are we whole Field the for Field, operator lies as perspective that update our the Bakken there three start the in for be are to potential want of to will Bakken, ahead points for make. and it'd from thought main Continental. out and I The Bakken I with significant. the appropriate a shareholders leading

GOR, substantially primary second point year X.X XXXX. rates. XX and XX,XXX barrels we in based of oil been to North recovered back recovering to-date. Field to may is but barrels from This each Bakken place basis. well possible technical Through estimate produced recovered. would production a up Bakken billion are big have recovery could have XX% drilled assume XXXX. and oil, of have clearly a wells, oil barrels barrels produce about barrels And it. XX,XXX is water billion the that to and on return XXXX, to XX% of cut billion is of potentially the from XX using the XXX,XXX potential overall in XX% U.S. on consistency recoveries billion approximately approximately original metrics, current are Continental's the low billion based relatively place as that estimate today. of these average. This With third quality up recent of we remain around technology, point like This than in X.X back reasonable the billion wells result from barrels Field. up Field, seem best for be XXX in The XX oil of billion is XX,XXX in of completion that making based of performing the now Bakken to number, wells in wells is is arguably on drilled per produced quality is, better This billion oil play is approximately pace expectation from barrels Bakken thanks today's a team's I First XX,XXX My a it oil barrels teams at August of Continental's Bakken in including high the if oil. wells and XX today's a would difference several the estimates a be high performance our net oil rates thought the ever, is and to LOE, oil whole, the technology, say is now that higher technology. Commission. of XX reach Dakota only this adding in ultimately you low My field's of substantially on of to This the low technical estimates Industrial at than

speaking two make. been I and there of is have wells key efficiencies to Now, about point specifically first performance Continental, never My are our our operating that better. Bakken want the points

returns days XX-day or completed over based wells on XX performance last And months. routinely XX today, our in year in less. are often drilling wells rate out months. under have of we top-XX nine have wells the been paying Bakken well wells with Rates alone, doubled the in last from Our

out XXXX by Continental's XXXX. paid of quarter Bakken included XXX the which program, proof, operated As third wells,

are capital wells wells that's is has inventory. reminder X,XXX second inventory. Now, in to-date, My very and quality over efficiency. about remaining X,XXX These that high Bakken Continental has a point drilled operated

during project over For you would the program, On proceed XX-rig drilled a we perspective, next average, with Bakken of assume $X to drill this gas. this return, wells if that deliver XX-year inventory approximately and we half we the oil drilling up years. line, years would $XX the of an come. for will growth impressive driver Bottom Continental's be rate assuming a key XX% to period XXX% for oil XX

over-pressured and have at Boe the of the both equivalent include per over-pressured window, XX%. Boe with barrels turned XX% Now, three three production units three maximize window. At the On let's in The Jalou assets day. curve million X,XXX wells STACK. initial are and X,XXX an the per the units rate the flowed unit set X,XXX cubic barrels combined the an the wells units condensate developed flowed Homsey type of operated XXX with being to X, quality emphasizes XX included of over X,XXX production. equivalent The per day. XX%. for average the initial oil development flowed XX rate units window outperforming strong Boe In three XX%. well, development reservoirs. These and the to oil to-date gas day. oil to and units oil. average at including X.X per initial Simba are wells, that oil the X.X or record X,XXX condensate production Simba All day Meramec X-mile we were or day are wells from units performance validate us Jalou model remain of best-performing of The Boe rate the average at and unit average, by we've X,XXX per type forward. where hold wells teams wells that over-pressured Lower rate the These units oil initial barrels wells unit of three per unit million operated Boe Meramec XXX will rates, the of oil. of producers our XX,XXX approximately and window Homsey are developed the of to just feet of The outperforming Boe our our flowed outperforming design of are The underlying reservoirs three model an move of a XX,XXX by were develop barrels STACK. Continental's recently going windows Boe these per unit we cubic condensate and million and optimum also On Jalou window approximately the unit they units an million feet results by day in XX, as Meramec industry gas per Meramec developed outstanding type the window, XX% of over-pressured and condensate of These and over-pressured in wells Upper with for wells begin on our in value also developed condensate day potential well of wells. acreage impressive curve our being these parent these of per average designed The for fully X-mile wells This help unit to Meramec fully each in units STACK window over-pressured a STACK. approximately not the average, be to at the of flowed wells approximately rate Meramec in an Homsey up well, the the of completed the our placed in unit total units

deck. results. time back flowback and our but we reservoirs. currently rates a the to Springer completion. out provide flowing are from Springer are wells the bit eight for of row our after summary accurate the targeting has SCOOP, slide six Woodford In are Now, more in with units lined there's results of the the moving expectations the slides the Early numbers in rigs line XX need various these of Springer drilled drilling in of SpringBoard the and are through drilling completion the been be stimulation stages drilling wells to We lot in along X. Sycamore a of details X, begun can an with found row X on of XX so have XX get of row here, and targeting Project wells SpringBoard and in been X XX X in and schedule. XX on activities XX our have

operating translating for our is gains, the best continue SpringBoard recycled. water expected, in and XXX% on times, are efficiency infrastructure. to the As barrel. efficiencies shorter of growing are from our is and the at new oil, company our differential XXX% of oil cycle build $X under steering and a to gas, currently bottom stimulation The just line water pipe and technology,

make grow as results continue into up and which that, improvements. John. I'll turn all accelerated the XXXX. to We team expect In us over quarter quarter efficiencies was about to promised, to operations our our for summary, delivering third growth in the on savings our and it these fourth incredible With sets

Good you, Thank Jack. morning, everyone.

approach is The third million billion with per of to also is generating projected quarter was strong earnings share cash Street from XXXX the $XXX and ahead net activity year. of income, Free generated for flow $X consensus. strong

of As to in by flow. X achieving further or such, targets anticipate cash XXXX We our billion is debt debt $X decline towards strong these continuing times goal ultimate EBITDAX. to driven below

XX, or As net our to roughly X.X September billion XXXX, EBITDA. $X.XX debt debt of was times

net to applying transaction billion momentarily. as after XX, projected As from minerals of approximately our further reduced be discuss October Franco-Nevada debt proceeds XXXX, derived the $X.X is to will with I

quarter. are $X.X the we We the focused debt of took as This of for was in activity targeting We advantage completions quarter averaged complete billion. quarter. A CapEx XXXX third higher CapEx completion in of crews level fourth was in on level deployed higher third summer we wells. anticipate better approximately than largely to the weather nine of year-end

For quarter, average completion third the a six full we expect less. fourth crews, to

volumetric for broader driving a into reduction. G&A, level expect production strong, generate rate our will of or the LOE third we and $X.XX DD&A capital focus enhanced updated $X.XX comp is $XXX quarter range quarter, and to the our to on was to slightly on a LOE lower our of $XXX guidance. expenditures third higher of to between debt to quarter with range fourth the of late reflect the equity impact be growth end better volumes. are This Across The quarter oil and seen a production expect earlier. entering cash we until Production quarter, the fourth within annually For XXXX. our through not CapEx guidance, XXXX. as the further million $XXX guidance oil-focused of million activity benefit with capital exit that noted XXXX estimate includes Jack carry XXXX towards first million. on will solidly and exit in fourth We rate approximately

We set on minerals XXXX. endeavors our the stage with On XX, a XXXX venture we for expect closed October to strong Franco-Nevada. our

XX% to to subject years, is reflective thresholds. schedule. achieving $XXX achieving last of planned portfolio. to and of minerals, in a earn Further years of agreed-upon majority investment Franco the under investment and of existing and received investment, in price $XX minerals million of As development acquisition to and next the closing the At purchase formed based XX% total million next and XX% Franco's quarter, full anticipate to revenues a million, acquire three targets. adjustments, $XXX leasehold is plan additional we or drill the approximately future announced revenues for new future. which the our foreseeable are Continental operated entity the Franco of predetermined the on Continental Continental's minerals portion realizing our XX% in for over over achieving three invest ongoing. an carry We minerals

During the third quarter, we acquisitions. spent approximately $XX million on mineral

primary quarter we activity mineral are third During $XX Franco-Nevada the Thus, monthly CapEx. cost. less million project activities quarter. higher along CapEx, were minerals quarter, minerals subsequently then acquisitions Recall, drivers with Continental's million included in fourth third the approximately $XX completion we of the with or bill capital out and totaling than

XXXX. are and expect significant, revenue growth strong we currently minerals volumes Although in not do

source minerals our XX% average simplifies incremental us is minerals percentage strategy. where enhance higher generate plan result significant We under our returns value-based future years. be and multiple value derive ownership acquired lower differentials increase our Coast ultimate nice geologic inventories. we Project of a quarter, long-term acres, expertise company XX.XX%. venture in seasonal XX% maintenance and from at an our for to This we for IPO Mineral significant which refinery expect see from acquire vehicle revenues shareholder demand, fourth hold We In this season, our growth. royalty cash annual the differential we or oil the With example, will the the $X.XX do to areas a net another areas strong in with over returns quarter, in where zones the of strong to of mineral next avenue land and it's pricing, ongoing. generating of year. of This is differentials quarter minerals time with SpringBoard, will determination remain approximately $X.XX, premium expect corporate In few flow. of oil of for options corporate in our and development and area guidance. within enhance owns a to an last to As an at a saw due level Cushing Gulf the an to differential project oil gas potential higher heavy prioritizing will successfully see utilize Though a decision, third as minerals due to norm we knowledge strengthened to double future have have differentials to for well another our the about for the we minerals. economics

takeaway. expect see driving guidance upper Bakken we annual the of for differentials we quarter, likely to The the although to be significant the our wider basin a in retain the Although productivity fourth expansion guidance, is of of range. half existing oil

well to see as capacity existing new expect of pipeline basin. the We entering as expansion the pipelines

months capacity strong this next come ramp-up through entering will with few online the of a XXXX and XXXX. Some in

we our gas quarter differentials the guidance. fourth and expect On annual gas reiterate strong side, to remain

a capacity XX%. gas expect Bakken, of significant much expansion as Looking forward we XXXX, expanding the to in as processing

actively updating and guidance will formal in XXXX. are We XXXX early for our issue plans

volumes, We and of cash growth returns oil generation flow capital superior on strong continued employed. expect

your of oil-weighted growth. facilitate guidance gas will XXXX production on understanding our and We provide separately for specific to volumes oil

to growth oil volume growing as oil should percentage as strong You a well XXXX. see expect in

intended to greater more provide transparency. guidance for expectations detailed Our is

the Thank it your the I'll ready forward Q&A you. turn back only over We XXXX, to to that, for we're for not look years call, With operator the also begin follow and questions. are to that of and providing you session but details. well-positioned the the

Thank you.

first Venker with Morgan comes from question Our Stanley. Drew

you you thinking level was XXXX. hoping, I some are color gave everyone. higher for on Hi, John, just about guys what

how If look upper updated there you then of you achieving end limitation a you return cash maybe of could capital whether XXXX, for or you're to targets the to first to is thinking growth thoughts set about want just on give program the as philosophically kind and your us how debt any that's that.

think invest. debt activity get going a of to Getting grow We're to a easy significant I we're larger to there on year. base. expect a cash our I targets would continuing flow to fairly in amount fashion. leaves higher and capital growing next level obviously a of

to I But numbers nature. going cash a looking this and we're think So, you're more. to deploy fairly of significant are year similar flow, that at

clearly do we next below timeframe. see in it and we getting $X a billion fairly reasonable year So, see

talk flow. for But significant of in generate say expecting we've and talked a You've quarters to impact those obviously we previous about, we're we're same would that intend tells things, rate. today. amount about heard you not growth that cash about I But us dividends if to the that do talking the

We are we volumes. to and company, a oil growth in growth see strong expect

for strategy? prepared and Harold, one give relates how thoughts about your oil super on, your guess, And macro Can you I in Okay. in just being Thanks us hedging talked your you this cycle. that. remarks, to that for

the with come from U.S. we as XX% of the But barrels we up the supply keep will of see that. things off take to demand about new the back I side, that to we oil. About get tight. go demand Iranian all X.X market, anticipate, hopefully, Yeah. still And and can barrels with long on strong, It X.X another comes supply in XXX,XXX sanctions, million million term, barrel if are going world, the to and forward

it expect year. we close end to so, pretty be the of through the forward And going

So, natural oil prices and strong, us are have cold going hopefully to gas. with a keep there to winter be we'll

as foreseeable the that And hedges? future hedging is interest strategy, means – to no Harold, relates for it to add that

we Yeah. hedge I'm as of anticipate, address We will natural that. didn't gas I we, opportunity. course, do have sorry,

with now, that. remain program a oil, right But ongoing un-hedged. to going have We with we're

Great. Thanks, Drew.

Thanks, guys.

you. Thank

you. Thank

Our next America Leggate with comes of question Bank Lynch. from Doug Merrill

everybody. morning, Good Thanks.

morning. Good

wonder I point. pick about up at look Harold's offering on five-year could comment a some John, if I

the thinking free for Just at its, looks what back float, buy be, can't limited to think a free is going obviously, how guess because about really a be a significant I high about level, redeploys like, company you company to here cash? we with And question should shares. is, what's this I'm how your going

do about how communicate up obviously, and seems capital So, Permian. there's areas, to concern you end areas that? how you current such program could think of that core some Because, other the as it the your outside redeployed

help So, you any can provide...

Sure.

of how you would the that or For concerns those Is example, flow to some lines. XX% back cash go of commentary some always help your to or shareholders, those along – something rest? intention, put could

miss There's back. me I'll Sure. try I something, and if so address your question. a lot in ping there,

you in based have a in our in in that sky plans. The to what New referred more years, Bakken the is and in and and Oklahoma, Mexico exploration on asset is that, based view plan towards the five-year inventory. is blue STACK. the we primarily on stage. XX There existing even SCOOP Our no South, in you're seeing beyond It's the

our really it's So, not in five-year currently.

get but plans. we that Bakken, rich visibility on forward in significant as only greater certainly As we in inventory the tells inventory growth we've generate of plenty very you not that, can we to go deep a also and SCOOP and STACK, got it's something have we is add. and that that What and

assets do long-term between would the us over we that now. view deployment five enables that years next a clear the very expect a that have of lot the planning. have capital range – to I We to be in somewhat

of side liquid the focused We on to the crude oil side. are going broader be it, in

as So, you'll there see well. good a growth

a In return to hit We're determined. that's of to terms capital, going of yet debt our something target. be percentage of

about fairly oil expediently. before. in then and and dividends We'll talked of I sustainable chase is going a to don't we've hit a them with in reasonable So, And place we're to variety price prudent going yield. we're think crude something that, environment. that dividend put

in sustain there. lower could go market we something a So and that from we'll

you way we all As could billion. you to down take that just look debt, go callable bonds, to to the $X.X our if

we've well invest other for that So, got a or and in room then of dividends, to opportunities does there position we lot see us them. as

For for instance, always opportunities. we're things, if other Mexico New that's or looking

be... then And probably all we'll

Go on, Harold.

Please. Sorry.

We'll cheap stock is as a buyback all looking today. probably at as be it

morning, Obviously, Yeah. and I XX% from your you there's me think is know down shares. – or despite here, leads over depths But think, still this you to a smaller my of inventory market, top. like. return questions, but your when but inputs for looks of has if some to may, your to and wells still And have that Well, I'm what's that's second you I incremental question, example. great Jack, it back more I cost, is really give meaning the to referring outputs, coming number kind smaller it Jack, what can't a what obviously, this disclosure, guide, there's guess, the show – capital stock's I buy rate

leave range? it you as, understand better? think else. Bakken, you help about there. X,XXX-location you talk curve I'll the proportion there say, for us inventory And how but got X.X the type of that leave do I've when one, would about another let's what average characterize can over or that someone So And in I'll the the you million it

high high-graded. Doug. it's million EUR, we're about, Sure, not, that inventory to there but Bakken out But various bit X.X we're the say, we talk well seeing about is we're graded I also a where you vertically, from inventory area. areas What is XX-year this also, Forks would There's rate not mentioned. seeing as just I This Forks Middle the EUR talking less that of the Three we're continuing vertically And we're to the it Bakken as to push this to about say seeing cost. as less X, Three envelope. also degrees said, think

leasehold trying in rate So this within what quality you blended per when we've units, the position But XXX,XXX to the give of do, that out and return, of you you average Bakken our perspective acres trying because we here, variation give of huge of what do have this we're we EUR a is have footprint that to in here. well. with provided

we giving teams here, think, drilling as to when clarity investor, on efficiency assets the you time we're as to should And get to so, up mean, that our that. expand XXX% extremely of we now, to expand the But with able And provide that. as think, more from right our this pull to this play. – out bit. capital continuing looks we this kind what first I curves across to about shows are what we our on quite comfort look around when here – about frankly, an rate all I of derive get we we talk plan talk our that good in a that like on, And XX% inventory great to of you of really in and as areas five-year believe we Bakken. five-year – year, the be And able I type diverse return we're field. going have some goes And a continue quite you

I just Bakken think strong as level growth. of is you'll in part comfort a that how get the

average. that's blended X.X the million. above a That's Yeah. don't that And forget wells

So, of wells barrels X there's up lot to EUR. million

in of there, Yeah, you where – zones million out is that's got in individual know, we've our below, excess the you with get and and – average. some wells X.X get X.X million as you

for next of We've part of that on I than return would the next the that few indicated also employed. range be Doug, guides one guidance we're It on capital expect companies year. expect to be we that higher will it's what year. our remember, a on you're the follow said up we'll strong you – seeing That's follow and And in up question, had as returns we've we'll XXXX with another by improve. had South that the the Bakken you you that. to driven continuing in well. increasing as

Yeah. I'll that line, take five-year the But off guides. I John. appreciate

would you everybody I that. in when listening out think with come appreciate really

you So, in considering, couple and weeks. you. Thank thanks for of a I'll see

Thank you.

You bet.

you. Thank

from with Our next question comes Jayaram Arun JPMorgan.

Good afternoon.

do how Just the you some Bakken diffs, could diffs about think think the play next you some the thoughts, to as of three quarters? two near-term out over John,

questions. those expected some actually We of

some we've the Marketing of Department today. speak up the Thank Ramiro on for Josh Baskett, to brought question. we're heads let and So, going in, you of Rangel them that our and

This is Rangel. Ramiro

significant the quarter feel differentials and built. up October to we demand going they refinery in in to quarter, in get there to be were record What third pad diffs, expect happened really better softening, fourth is that with weakening. we attractive. were ended But seasonal that coupled the During turnarounds we going had the there's to capacity that, that is be –

feel in term, good we that longer So, we're pretty shape.

out quantify diffs the thoughts your a bit could kind play how maybe on little more? of you Could

Sure.

we comes think of that to to to capacity. tied future will we that there's about to differentials is going XXX,XXX be a as pipeline the million additional barrels start day improve. capacity. Arun, probably on, lot I be feel feel X of that And going to per And that it

And the really and the significant for the one we feel to flexibilities largest be netbacks. and that going our keys. so, producer able have allow biggest in optimize And us, us Bakken, portfolio our that's of us being to manage we options then leverage that be really and to with

we're that the is are we in. there feel have we going that than that proposed differentials line come that But position in to to back are So, that companies projects bottom most. feel midstream pipeline the out allow enough better

that's So, I key. think the

indicated recall the STACK, see of oil bit also little additional that to recall retaining color, in looking in at SCOOP that guidance our a continuing the existing year. sub-$X that that there. strength South a very for and are so as the differential, in we that I attractive we're And call Arun, we're

fourth corporate-wide in so the the full up $X.XX for see to to that's some signaling probably year. $X.XX in half, is the upper We it we quarter. guidance did Our indicate expected

fourth as see You coming quarter. the refinery some could of a to bucks, or higher we're also, turnaround, Ramiro see But out a there. in starting as buck couple we're bucks indicated of two improvement

So, coming there. and long-term moving And lot pass. (XX:XX) of there's tend of target. is lot it's Bakken these the we're The capacity well-positioned. a a of little things I key into bit a infrastructure think there's to a But

just think about probably those the – we're of with I XX% barrels. And Arun, our commitments And in on I'd mean, then just are volumes Bakken (XX:XX) sub-$X commitments up are add in on I think that there. I too those all firm in there firm of

that the fourth in might quarter. any offset kind of, see And the helps say, we really in so, differentials widening here

of row helpful. wells? just any Springer initial would Great. on are Jack, It expectations, initial the any looks Great. be initial like program, the X observations how they're your but observations meeting

various completion. It's just another eight of got where we've there now, back and right flowbacks stages we're really now. very and nine at their in right early flowing in They're

a what just be do like and give really is to across give to of kind as So, seeing we're opposed these what we'd perspective get single to just row a wells results wells, on perspective on able couple better broader, X. a

to patient a thought now, webinar, be cleaning results be to just mean, and got So wells that. some unfortunately, right and we I these clean wells we more talk But some about. to as We'll just to allow get these there. not for to We some a sort still about. able to do and having but results, early it's the The continue are results. now we're talk us possibly But do do just perhaps, bit able love might have to have quite to between have we'll discuss to then be I'd really right we've just about of up year-end up. see. talked we've now, to

gentlemen. five-year guide. Thanks lot, forward to Look enough. that Fair a

coming tell problem. And I Thank oil. you. will And out There's you, Oil's nicely. back. they're starting no it's

Great. Thank you.

Thank you.

from comes with Jeanine question next Barclays. Wai Our

Hi. Good everyone. morning,

morning. Good

was In could color I the terms there on a we plans. activity your wondering little SCOOP, get if bit just of more near-term

but ramping total XX XX by XX year-end. the have in allocated SCOOP that currently to you you the you're Project rigs you to reported have think rigs SpringBoard, I a of overall and

are the to efficiency of SpringBoard SpringBoard? and does wondering oil how those whatever the the we're And just the are what doing Bakken capital rigs So, rigs doing? compare non-Project

You with correct. and XX. bet. Bent, that This is is Pat We'll exit

by other Woodford oil. those another rigs in then we'll we of outside The (XX:XX), Merge and three one deploy XX, on have year-end

so, end keep oil year. And the throughout of high the we'll our focus

you $X.X for XXXX. billion $X.X Great. And then capital I back sticking the CapEx of Okay. to deploying to some more year. billion points, mentioned think the for was commentary And old next

won't So, cash how just forward should it to Is and credit program. towards really produce sounds million available what's you're of frame kind We're the like next dividend? flow a we the this until year or larger year? it view you. $XXX free CapEx for XXXX a trying more of pushing that of Thank

what a if move cash for category generation is that in free a that's plenty significant comparable have in The had, what you we're compare XXXX. looking we'll something – of think in some, very we to range dividend. flow flow the cash versus we're That much in flow to at cash type industry, terms we've free projecting I but the us could peers. are in Well,

Stronger So, do obviously, oil little generating I still continue. would expect that us to a that to enable cash flow. prices, more while

of cash or a it'll we'll range strong flow. of it be probably generate us amount be at fashion. and in level still form will in that reasonable We're CapEx, looking but any altering a to higher allow that So, not

for Thanks my Great. taking Okay. questions.

Thank you.

you. Thank

you. Thank

Stifel. Derrick comes Whitfield Our question with from next

morning, thanks for and Good question. all, my taking

bet. You

morning, Derrick. Good

takeaway degree rail the Bakken and in for questions, incremental to incremental Arun's near-term offer on Bakken timing could what's the Building pipeline capacity capacity? what

Baskett. is This Josh Sure.

opportunities, substantial very some throw the year. under see throughout relief So, our way fairly and the really figures, we we XXXX opportunities definitely then on early out we coming We're can't CA but some several so these see coming entire soon. of

standards. the as looking the XXX,XXX of of a possibility some converting believe XXX,XXX get into we're far cars the barrels over As we the rail also now day. barrels capacity, day and older at a right for we rail can new about We're

development when your for outperformance around future spacing biased units is over maybe And field three to that has development on have Great. data full just the which you thoughts the then, any define to think for I'm you QX will optimal incremental STACK, moving your help condensate the STACK specifically to indicates the guys window. you And you since way, comments XXXX on of disclosures the back model speaking and then XX, units? results Simba's page in concepts, where a announced

for for teams from of three yes, Gould. the that units. our us six STACK the them And very results All really strong we're Gary proud just is our give wells. This we're seeing results Yes. of

depend note across I optimize whether eight on with what to important wells, is the wells going the that six think geology it's we or it's to with field.

zone. show areas for Some this places, can we six from the in oil forecast quarter, with the and others you it from in and as in this had place record more results we're words, same wells In we may include original page condensate see or as develop wells. results on quarter eight more three But wells have wells. almost six that eight that wells we show other to PV-XX some so, what XX, getting per be place four in may

good this results very quarter. So,

Thanks, guys.

Yeah.

got So, we're the develop done play. the I model, can't here XX line help yet in but the bottom – the us that and develop we add I confirm team's continue and to great mean, it seeing help job is that results is this, there, just just really our to and to obviously a going units we've studying as

Thanks, Derrick.

Thanks, guys.

you. Thank

next Our Bob Morris question comes with from Citi.

of the Jack, units, total slide $XXX uptick that, nice results with but you're show EUR of higher a barrels, the orange to even XX, EUR. PV, in just that and X oil part STACK that continuing still reflect using outperformance million six-well MBoe you On the you. for window. well, that but in seems Thank the on per or million to X,XXX uplift from the implies which unit an bar Jalou the Homsey

is, orange to get that is question the million in my what first $XXX So, now? that bar to uptick, assumed PV-XX EUR

is value that in Yes. This orange Gary that's reflected bar. and Gould, incremental

early kept You're the flowbacks. right, on It's just EUR same. the we

consistent but IPs IPs, very And for higher the and value. the did we could forward. so, the But we got increase what EURs you that previous the how expect higher now, on same, held we we the raise page as see EURs clearly we go with that's we and see easily

Okay.

value. of and assumes reserves acceleration same So the essentially that that getting just higher

units what drilling then would to those in per valuation would outperformance the wells to So – many eight expect that up were which move eight-well of outperformance my type wells, on six-well see drove you if section, those Homsey, very second from you on factors the question units translate similar is Jalou that outperformance factors drove too? or how good the to at the those and are

comes Well, place of estimates. based placing those oil proper on the number down it units wells and the to in these each of in really

the performance and units. And figured in and in teams well is had these so, demonstrating well-spacing to what the would be out these units identified proper density that me the

zone so, through to is we And of at these four to as units, per wells zone. each have, expect anticipate per And said, we looking go put what reservoirs. of Gary we're six as in on these wells them, we'll we average, each typically two about

to wells eight mean we can that with So, that, us the typically think for per optimum six that And gives development. unit. economics unit

there Sure. units, I in the if put of guess drill I in orange top units? future outperformance future, green bar to then the you eight-well on be the was bar – an count the eight-well is the on is with what just

that's This possibility. is and Gould, Gary a

strongest results to tests will that the most the We've with density got now we've to-date. and got continue recently. that in we've seen several evaluate the We results different ground

So, move forward. as we'll to continue optimize we

see going definitely eight If we're wells these results from eight eight bar to duplicate present the that Yeah. that no – wells, we climb, value with doubt.

Yeah. I'm what for. No. results. Actually, Great that's looking Thanks.

you. Thank

Thank you.

Sachs. Brian Goldman Our next with question from Singer comes

very much you and good Thank morning.

Brian. morning, Good

and the Doug's question from box. be here are what to Bakken forward? a impacts shifting the would then drilled you a that more percentage look that slide i.e., you Can positive at been see of or majority that talk have more relative the Bakken productivity any yourself where in activity When within you're a you capital of basis, And bit earlier, on expected? the about increased shifts as geographical the on to results see we up how going a you're a wells away XX-by-XX-mile allocate a bit on basis do towards willingness follow more seeing would to expect highlighting your box X impact

timing the is in a allocation, with the Percentages So, may on on development the good inventory the the Project of at it first bit little or vary one area. blessed the results. on to from other part deep given the look capital very you the favorably oil-rich we're in a part, strong in But Bakken with SpringBoard when that South, South. North the competes depending and plans

have have of also opportunity, scale do we So, our basin geographic and opportunity geographic of within and size we just position. the because some

it's So, not uncommon.

some between is the still say, relatively allocation You'll see for year, SCOOP some moving working around. our some consistent. We're for of would the plans finalizing Bakken I of through and STACK now, and those. next

So, the second part...

that Brian, here, extend Yeah. specifically at And part page second X, pardon? looking at the (XX:XX) looking – on

to Page X, I'm sorry interrupt.

I'm X. Page sorry.

a got what the area. majority And I disproportionate is XX-by-XX-mile there the box, right, the shift are. the box? be would the to you've away just from box that wells when within outside where inventory of relative And There the wondered

I mean, these in this I look off that the you across but to shown to would this top under and Bakken, there's at at substantially continues north stimulating obviously to happened get result don't everyone's footprint here the point, appreciate you page be results at yet, the really what that are within as wells a basically results I right is of – further what that of just previously wells. have And given results, inventory – But south. this my expand. look just can't look the the aren't testing what's can And that head – renaissance aren't got now tell our at X area. you you've play if

some We in box, results later inventory areas be particular But And that will can maybe. right well. don't have the think so, forthcoming specifically, those as that I for talk in right – I you'll now.

Yeah. That's great.

some see box Jack's out can that XX-to-XX-mile definitely that talking You already. of is the about wells of

about up talked X.X see model. the We've outperforming equivalent MBoe close are to that you wells at Divide Yeah. often there County

expanding think, through technology. I So this an just anyway, play is again,

moving to you crews quarter. third have running had comments mentioned in you the quarter you down then, and think – six going as in nine and is is gains? versus allocation of might a what what capital guess, or, efficiency to And about I more XXXX function the timing of you it degree Can from to in a think six Great. about mentioned about normalized – nine you the rate broadly, or been that John that's talk fourth as

Gould. Yes. is Gary This

six Moving having moved on is nine to completion from first production. our to inventory based

in activity, this we picked up when down a well of And and lot so, when and have have sunlight completed. we the during hours more our that going comes at summer those that, it North Dakota the end we to just frac be so crews, got long months, count year, wells we're DUC of normal not especially operating but are counts to by drilled yet some

you. Thank Great.

you. Thank

Our comes next Todd Todd with question Energy. line Mr. is Ryan open. Your Simmons from

Sorry.

I Can you I mute was on there. now? hear me think

Yes.

Yes.

Great. with Thanks. the one Bakken. could Maybe I follow-up on if

the You're a of which XXXX at quarter. expectation rigs in a trajectory completions? point. terms in this and in present, completion's running place both of think at of little rig ahead taking should is eight Obviously, about maybe of lot we count cadence our the fourth How there

the north. and growth in activity more have to up rigging are we Well,

And we for how will earlier, oil-weighted we'll going as count then crews, the as to in operations. a more we're then, up well so, driver and drilled, as completion far of normal and several be forward more be be wells picking for But mentioned standard Continental move as next just get years. a this these stays

this is XXXX. for rig count And

we Sorry, for rigs think go higher? good will see that likely about or in a Bakken to eight is the assumption XXXX

ahead with rigs Well, we added obviously. these being XXXX. come we haven't you some said, additional in added our here. XXXX, rigs. out But anticipate of plan really schedule for Like We've we're do

already it into just prepared expect yearend. And We're continued We getting basically at to eight that's be for about growth at XXXX. us there.

rigs And play coming so, see additional XXXX. you will into in the some

get XXXX plan. get will on We we as out our details more that

in will going And opportunistic with to we our we'd indicated, this Bent Pat want rig like activity exit again, into Bakken. is very that eight rigs XXXX acquisition XXXX. mention the and I just is

don't pick And rig up every come so, need by. we to see we

any rig so, have in And XXXX. activity selective be into opportunity going the we to incremental fairly

on conversation kick that cash, and you. you're would – question priorities of cash to discussion some critical you in Is of Do of appreciate combination in dividend. should maybe think what of to right. it the use an I first? considering of about kind I of All see you about need that kind down we the confidence to a off? see the see of need you earlier that the make what happen? get terms Well, on How – know $X of would need one you a a dividend. And operational Thank you do to need debt to then What target it to is kind to commodity billion of kind would mass? follow-up

Yes.

You're exactly right, factor and look or prices, intend debt consider billion far demand get Ryan. to down and this and dividend, as We to at ahead supply $X a that. oil certainly be in will as

Okay.

first it you need hit to you before the So, consider guess debt would I – target that.

correct. That's

Yeah. Is that fair?

correct. That's Yes.

Thanks. there. it Okay. Thank I'll leave you.

you. Thank

you. Thank

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

Hey, everyone.

different about you STACK to STACK from XX spacing the update wondering X there of Is what some earlier way just the an the units in is. to could I a number mentioned X should or it if inventory wells be back you per is going we just the on thinking questions section was Just call. give times that?

Hey, Tony Barrett. is Brad. This

– inventory units you the we was split when XX removed, oil the condensate windows. evenly between the much pretty and the (XX:XX) So,

is oil that the about double in have the which really we a course, large acreage condensate gas in condensate the and about position we're talking Of window, window.

look X developing over as will STACK. incremental wells section XX years section is developed fully these So, we the be forward, we way wells units to X at – coming in the per X step per stepping with it to forward

you for that. for how any NGL it. about to Belvieu have there? you your front, guess, much then, talk on Got corporate-wide Thanks contracts can I fractionation the volumes go Mont and of Okay. And

But be going another feel of of is new Mont built. XXX,XXX of the about of about a that to and built barrels; the lot Conway. XXX,XXX of barrels day We preponderance, Out XXXX, per Belvieu. an lot fractionation about being see XX% are do addition XXX,XXX our – in NGLs out about priced of in we is Sure. to XX% XXXX XXXX, in priced of barrels. Bakken, off And Oklahoma, a frac

really a help in new the Mont seen you've that's should lot built capacity lot. a to be So, which going industry Belvieu, of

Okay. about fractionation no concerns on that any capacity comes Then online? constraints before

some be producers. going It's sporadic to for

Our agreements are very us. attractive to

impact seen haven't really that is But needed. in build able industry fractionation us. we that's really So, the to being the responding well

Thank Okay. you.

Brad. Okay. Thanks,

you. Thank

Guggenheim. with from Subash Our next question Chandra comes

Yeah. Hi.

million I versus or you the with the also versus million flows, X question, Coast to Bakken guess Gulf change anticipating, to oil Just the basin barrels takeaway anticipate Cushing West your for East back you're Coast? oil XXX any do in

Baskett Josh is This again. Sure.

believe And where confidentiality, under the many are that We so the can't the new that's believe, there. several ultimately, Again, future currently Bakken for But Gulf evaluating growth of we share the details the majority Coast up. barrel. we barrel be we too projects. show will certainly we're

And... Okay.

and And advantaged we're working always to to go markets looking for best the price.

the our and intent that's So, focus you assured rest activities. can of

against and looks I is current production urgency it calling is the basin Yeah. the like more up anticipating would from perspective, constraints, because (X:XX:XX) growth. I pipeline an lot state just, east Sure. and a guess

of see or there year is more about projects lags, be you or they coming you anything two-year sort Are way a terms than these timing, In of how on? quicker specific any anticipate that? to do

pipeline January, by – we'll capacity expansions believe We capacity. see some of

see also the the come some expansions slug year. midyear, towards end a We maybe big in of and then

soon. coming So, fairly again, it's

being? or follow-up, for a of fine-tune with to I should time XX,XXX of it quarter you'd that that the given run Okay. oil barrels were from like that. just or these earlier, SpringBoard the think before fourth you that And a the Terrific. back. Do to rows was flowing any that was maybe as drilled anticipate day reappraise given we or something And guidance

to last a perspective. Subash, with, months, get that think was safe I some that I But results and now. mean, to was I as quarter, could go right just XX% it think what over provide that's add volumes as to there XX next from we'll oil Well, we expected here. out our much we number the some put

problem And with so, no that sticking have number. we

all. Thanks Great.

you. Thank

question Neal Our SunTrust. Dingmann with from comes next

maybe guys. have but liked details. Jack, the of Gary, all XX, couple yours. question for slide afternoon, asked for Thanks my a the Good you, always that slide and about I

efficiencies pick if are minerals optimal, variables under further the costs change well X see of that you're there more you up well there? to Looking far the to sort under count X, minerals some could that able or and economic, that at all, or able max such would maybe as as add you're down go to as especially go if even more there if down-spacing up

always optimize. CapEx. and And Gary we is and, between at efficiencies Right by we're second always price looking This costs. side, well production, driven stage say, as is as Yes. proppant They're being to per really to continue $XXX,XXX Gould, but biggest completion the of always now the well. we're looking drivers optimize. The savings driver are $XXX,XXX on lower and

Got last it. then follow-up ahead, just my go And – guys. sorry. I'm

XX%. have that our Neal, but you that it the of the specifically knocking at Project XX% look mentioned minerals was leasehold, of John on to if underneath say about underneath about just I door we SpringBoard, it's going had

end in And XXX% the value those line how minerals revenue. so, really that net up going we starts with to of hit really units are the because here, bottom showing these

active obviously, heard you I've level. picture, Harold That's then seeing the yourselves you Bakken, you few Great gave are Harold of service kind then other cost; on what of supply-demand other three-year I sounds some the being deals was know what some not use, just being this I lastly deals. guess deals. some as to thinks sort where about would on, longer-term as of I've as there the Yeah. there, just my us wondering are Jack. much in things? others like And And one, lock at in kind the locking just again exactly after a continue in point. out operator I it heard do the as in most – Bakken, question service folks costs curious far first that's expert, of service

Real selective. Yeah. activity, on Pat is and quickly, And been been this again, fairly the we've opportunistic rig Bent.

intend XXXX And stay where into year A where is through or see and so, entering longer-term and we're currently into contracts. to XXXX. less at we we any don't

what's long Yeah. that and our you we're today. that on companies really are A these costs term fully a lot of broadly. we And industry. within look utilized. service expansion of That's My on seeing much the when still going lot across now them are what see was perspective needed utilization industry pretty

healthy So, companies (X:XX:XX) these all are these getting – time. companies are service more

And the efficient we more so, that more it's think in (X:XX:XX) continually about instead in could and prices up, of today. getting stay utilization, same just forcing with it plane

Harold. Thanks guys. for it, Appreciate that perspective,

Thank you.

Osley Daniel Wells next comes from Our with Fargo. question

Nitin Hi, this Actually, Wells Fargo. Kumar Hi. from guys.

question. one maybe Just

this about around but inventory the DUC was $XX inventory, XXXX. of comments million a year made or even DUC spent per is that XX cost not of for an completed you $XXX One average would a suggests – have million or of a wells. well you well, capital Taking so inventory the around

for of about plan? the pace five-year term, in you're a is contemplating I level fair As think activity the longer that the

with million, $XXX it that could that be drilling, some be in in can various associated in Recall, can in inventory. could be a be it's stages, be wells some some DUC the could completion,

easy year that normal we're I normal count the what projected partially end levels, don't said, as because, be DUC levels at So at Gary pretty we're calculate. today. at much to not hand. to projecting unfortunately, at That's have as it's as

we see not So, I at normal of think a levels. us that amount capital. have you'll uncommon It's significant

third about in quarter. asked the the everybody's quarter. spending instance, we'll We're XXXX. getting For another now production of capital and third lot capital some spent a completing wells. slug the We of We're get in this production quarter

than the the Bakken two today compared do years it's recall, we certainly So, on and south pace. cadence ago. three large more And pads to that's pads, just in the in is that normal more everything and and or

more we're lumpiness timing can on at. but we variability you you on it So, give about good capital, feel some quarter-to-quarter little and that gives a where

have north yet we'll that not first XX drilled, wells wells the right about we're about Gary this in on is but now Gould, projecting south. XXX production, and and in the And

year. forward. this And XX we a think about XXX so, total that's that's that's of operations reduction just again, And about normal for going and

latter that the an think, I talked the of that of this the just maybe Great. to about Thank Bakken quarter. you're planning you in have XX XX% your towards is for you quarter? complete quarter cadence wells were Do the about, Maybe you for lumpiness, Bakken color. third of wells in the talking part the estimate what the

evenly Gould, as and we're of production Gary going weighted a earlier. to is This bit little maybe goes. confidence lot definitely as far have it's a in where We

wells the quarter. a So, earlier those maybe little getting than on to we're midpoint be this going of

online in the XX convey new the trying initial lot They're a is of on There's coming quarter results. them well flush the were coming the of fourth what from And some quarter. wells, to end we're (X:XX:XX) at of production completed there.

I Perfect. in. And sneak one if could just

you talked about flow you about You and are for Maybe budgeting your exercise what free that activity. increasing price XXXX? directionally, willing as to the dividends, talk cash is consider for

price? Commodity

Yeah.

at a generally range to across then, type could some But Well, with but we in wide start probably not base – we're than year, scenarios expectation, prices we're different scenarios and running we I of starting every evaluate because $XX prices from mean, think and prices higher But that that commodities $XX, next We utilizing But oil stress test model stress expect I a it's that. thing. I that. are commodity price. there. the a that kind of cases, it's move. to will then increment good with be out, play our of work $X look those and

there. leave to going We're it

Thank you.

comes Matt TPH. question from next Our Portillo with

guys. morning, Good

Matt. Hey,

Good morning.

And it differentials provide if up might able X plus? a the able million but capacity, XXX,XXX versus wondering greenfield mean, how weighted adds terms barrels of basis pretty transportation that in Just was the capacity going on, versus XXXX to be – would any color high-level forward. follow rail be a that takeaway, third you obviously if of I on any question to of much on that you color paints picture I for for bullish be XXXX there towards apologize kind I to of might provide on new might of there's projects? potentially capacity, is brownfield be

try. me Let

Sure.

be going that more projections with capacity XX% of at that's (X:XX:XX) got initial their you on go. and all, was you to that's where almost size look eventually. first going That know expansion to going that capabilities come until DAPL it's to that if line the Well, you've to that there from

right the good new a adding. there's that's a that oil the bit be is more of Jack next out, So, pointed Obviously, Bakken. with there capacity of as they'll And out lot come – construction. to

these so, projects to are beautifully time as new pipeline on. going off And pay goes

So, added. greenfield to there's a pipe I be of know going if... don't be to lot brownfield,

exactly That's yes. right,

to some those add be pretty you're where going are easy. You projects to will see able and compression,

come see on greenfield little the to But on those coming expect a projects later able do we online. to well that be in And cycle. as so, you'll bit

So, a both. it's of combination

you much. only very my Thank are Those questions.

Thank you.

Thank you.

from comes Energy question next Our Heikkinen Marshall Advisors. Carver with

you. Yes. Thank

of ones. gross wells bouncing quarter couple many XX in be would a net Just how Bakken. quarter? the quick working The the around this wells each has average interest for About been

we'll pulling you your and got see Why while hand. that that. a we're for second. next that, go don't here if us then to come looking we've up. We're question We'll back to at Give

think are those be that? wells, late now Springer online The the the quarter day more or that wells Okay. any how now, of or will completing in should we

west side little ones just bit now. a than various on east getting flowback in the of the right Obviously, on have stages the Yeah. They're on. all on the longer turned ones They're been side.

So, it's and it's row row development flowback.

operation there. And an out so, it's quite

the that's now. And so, status right

They're on number. the getting close

Yeah.

Okay. I guess Bakken I was... could doing while that. ask The another they're one

a the about average, XX% XX% on net. interest It's working on to

for That's all you. Thank helpful. me. That's Okay.

Thank you.

All right.

Ladies over you today's of for to and portion now gentlemen, call thank remarks. today's to like call. any would the in management for closing I participating back turn question-and-answer

team look out you Thank much the from your have you for forward to hearing today. reach if we Please any very time IR to you. questions, and further

program. Ladies conclude in you for does conference. participating This thank today's and the gentlemen,

and have wonderful a You day. all may disconnect