Gulfport Energy (GPOR) 2 Aug 192019 Q2 Earnings call transcript

Greetings. And welcome to the Gulfport Energy Corporation Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

pleasure Investor your Relations. my Antle, Ms now of Director is to host, introduce Jessica It Thank you.

begin. may You

Thank you and Jessica and second good Executive today's morning. Welcome to Wood, David Chief XXXX Investor Speakers Chief conference Financial call of include quarter and Gulfport earnings call. Crowell, Director I'm President Antle, Officer Relations. on Keri of Energy Corporation's Officer.

President Donnie Paul with question-and-answer Strategy. portion call Vice are the Heerwagen, and today and for Officer for Moore, Corporate available me Operating In addition, Chief Development of Senior the

those I would statements operations, concerning the these that conference are the make statements actual like performance the found to can the that that of during We to objectives, indicated plans, remind certain SEC. due factors. Information a call, this from forward-looking everybody business. variety these of factors company's relating filings results you and may the with in be condition, results future financial participants could caution company's materially to in differ forward-looking

In be may reconciliations measures occurs, GAAP this to website. the non-GAAP the will to addition, measures. make on appropriate our we posted If reference

attributable Yesterday These including million contain investments. diluted reported per or noncash $XXX.X of in share. equity $XXX.X connection million $XX,XXX afternoon, in connection income interest derivative $XXX $X.XX settlement second of quarter XXXX items, gain loss certain with insurance other noncash of an to gain proceeds litigation Gulfport a with net impairment our aggregate Legacy several and environmental in Gulfport of results net million,

$X.XX to with your website all net leisure. yesterday at was mentioned of presentation An of estimates, second which announcement. review analyst $XX.X per excludes the our quarter evening updated share. items adjusted Please posted our Gulfport the previously conjunction for diluted was to in earnings Comparable million, or income the XXXX,

At of turn Energy. to I CEO like would Wood, Gulfport the this to over David call time,

in as growth This for a Thank you, on successful this SCOOP you production call. us Gulfport and of all compared by we Shale in high another delivering quarter expectations, our line areas, the Jessica first to joining with delivered three morning's Utica was highlighted thank both months and XXXX. digit asset single results quarter for active

evening million we adjusted second of net XXXX, announced income of $XXX.X quarter yesterday adjusted gas million generated $XX.X EBITDA. oil of and approximately on reported the for $XXX.X million As revenues and of natural adjusted

the cubic feet for of equivalent X.XX Production to X% expected as increasing first of the averaged billion coming day, per and gas XXXX. quarter quarter in compared

turning XX results to wells turning by the the online Our driven were in wet Woodford gas solid quarter. performance in well sales gross throughout six the dry production quarter SCOOP wells Utica Shale, and gas of the growth gross with out

in all the deliver operations positioned the start continue cusp to quarter track guidance for of strong budget which generation free beginning to has our see on third third of capital production to our day We on We a to year quarter. previously efficiencies significant cash on remain And per to operationally here I'll active XXXX, are shortly. and provided of both further equivalents adhering across financially. X.XX while touch us X.X Bcf on the our flow our XXXX and

million first operated D&C the program capital. the in of and million in of to year capital As D&C $XXX heavily six invested first during and weighted non-operated Gulfport half XXXX the planned, XXXX the capital was $XX months

million the expenditures six approximately first totaled months year. $XX the land during addition, In of

anticipated cost and activity, is has to spend And original the during front, runs On on with to in larger date incurred our we've than over the in the respect operated XXXX. With in six with budget our the line target activity been Utica first our has operated resulted months this spend non-operated capital year. seen expectations. capital of

a portion through monetization recover to trades certain and today. interest are of working of we We the these hold non-operated costs actively

and during have to date reaffirmed significant capital fully of guidance. invested our we XXXX capital spending range and recover expect non-operated to the portion We committed remain our budget the to of XXXX, total within

divestures total the cash, our XXXX. third as XXXX. year $XXX provide commodity make Louisiana for retained includes generation evening. will exceed certain our in progress and royalty the flow of strategic spend recently asset excess continued through set free May, in $XX.X which should continue Southern earnings And with our decrease Gulfport in we XXXX. thresholds million, expect overriding fourth We significantly on price of at goals to the of we several interest estimate capital to cash meaningful approximately result, quarters announcing have million a the sale for Since of total value closed consideration yesterday associated beginning all incremental of which assets non-core a and prices call

over operating lease by our $X.X X% of company for In quarter month metrics and million our liability reserve per daily X.X% per of production transaction accounted will ARO addition, our fixed this approximately one XXXX, the expense. base. end our the total approximately second than unit LOE less reduces total of of third eliminating Louisiana improve of by At Southern and was

non-core In investment of interest in cash. approximately addition for during $X.X to the quarter the interest in Southern transaction XXXX, which Gulfport its Louisiana in Thailand monetized equity remaining second million held

of development non-core pleased current to business. our divesting our transactions, allowing contemplated and assets, strategically these plan within not are capital both this reinvest We in elsewhere us execute of to

water lot of This discussed as have expected we we launched had certain the recycling including the we interest. a holds second during our Gulfport of quarter, is infrastructure assets to process facility. and handling position process ongoing water in divest SCOOP across currently May As water and

that leaving a of us in of We competitive number round the on very are to realize we transaction. bidders through process, value the first with comfortable minimum a expect with what

of spend to debt. a To a this of $XX consideration would July retired reducing notes as recently, any cash to not of principal our does are we May, increasing Gulfport Taking savings senior at at retire interest and notes senior everyone, and are a senior cash margins. the mentioned, until we on taking repurchased But outstanding realizing total our XXXX. at and meaningful million expect remind and debt attractive have approximately opportunity in into of an portion trading we during do ultimately we bonds discount, million $XXX amount the advantage for levels continue which maturities

of it of prudent it As to a to outstanding our considering these reinvestment for we value sheet returning the balancing of put the our evaluate maximize we balance In debt. markets this capital cash all always consider objectives flows, and was we strengthening and options shareholders. portion the felt current including repurchasing to bonds, our towards our

value. towards will both allocation disciplined a remainder committed we XXXX, the and look in we of sheet maintaining As our enhancing shareholder to remain balance of strong capital,

repurchase Our January. previously is authorized the active program to following executed announced and over be XX -month stock remains announcement in the period

utilizing our to from certain shares of XX% cash monetization. outstanding, free intent was XXXX As roughly our program and our repurchase recall, you flow non-core asset

fund utilizing share a As retire discussed to our senior of of our as to which a we continues assets repurchase to and forecast XX% our outstanding plan be alongside sight. all identified within we ongoing achievable approximately today requirement the repurchase non-core from as assets our sale which in being clear not very expected shares May program. This is proceeds the of accomplished of is were of line notes,

our XXXX, track both doing the spud we lateral areas, operational drill budget, capital XX XX.X X,XXX efficient lateral, while we had have days a of so with increase XXXX normalizing solid and day drilling our year of and of months full unwavering to down average six an operations. Utica specific length the phase over XXXX, Turning the averaged to six rig spud continuing commitment the feet The and and months X% foot over roughly just and safe of the of X.X highlighting results first X% operations. during had rigs. wells core wells an consistency utilizing to XX,XXX when In on gross operated to release an and Utica the we in

before as taking shifting said to of longer out minutes And no each activity. we've days

the weeks drilling and in Utica running of earlier budget will this third complete as one planned the XXXX are in Shale and we We the in program quarter year, Utica release drilling the in XXXX. rig provided the rig during coming Shale our original currently this

increase level completions an average equivalent with second the cubic we half were of first activity Shale, on production the over the quarter during active X% gross feet. strong the Utica the quarter of of front lateral XX the led a of first of to in XXXX. length wells very billion sales stimulated X,XXX in to and per year X.XX averaging Turning turning day quarter to This feet

day. months activity, stages and of terms the average during completed approximately of we ran six cruises X.X year per X.X In completion first the an

XXXX we during XXth, June representing X,XXX of activity. completion XXXX total all as substantially completed result, a of As about had stages a

large with currently the released of capital We days line the place year. remaining throughout additional date Woodford solid wells average all with turning majority we to bit for the In an half days however, took a drill in below SCOOP, anticipate during six first the drill of of had consistently months XX XXXX. wells turning during XXXX, remainder lines forecasted the spending these the the associated of

X,XXX day During an roughly released length six The and to six wells including XXXX, spud X.X wells during feet compared utilizing a lower rigs. the wet seven rig Sycamore operated when had of a average. gross and lateral lateral, when first to XX% six Woodford release the XXXX average of well, months gas of spud decrease of one we of our wells average the program first days wells months normalized the year, XX.X X,XXX to

improvements. play. year to well two and currently out during the average. XX% average release running results during six to repeatable rig I of focus the to in SCOOP of XX isolating demonstrate the set team's to formation, spud am full deliver identifying the areas improvement Woodford of our to one additional days this results first program three an on delivering XXXX. a of months our XXXX, rig total have Gulfport When plan commitment consistent to These just the XXXX wells proud the gross We

the nine of completion swells grow to X,XXX with lateral of six months sales first length the On XXXX, turned feet. an we stimulated front average during

million completion stages production XXX.X day, the average Production we stages quarter increased XXX representing averaged for While feet a per record during XX% XX% level total, running for of anticipated day in cubic our XXXX. of this well one half as as and second year-over-year, marking completed completion of XX% over crew during equivalent and first a X.X sequentially scheduled the asset. per net XXXX,

operational summary, to operated our our efficiencies through demonstrated highlighted and team continued the previously numerous our and activity our remains has to discipline program. with assets. we exceptional well XXXX had the strong provided year on job budget budget across active The track In on an an start and done capital the performance,

Our on performance budget the our set XXXX year. production solidifying delivering for has target capital and the set to for stage date our full

turn Keri With that to will comments. the her for over I call

all. you, Dave and morning Thank good

As within assets, centered bolstered budget the flow revenue earnings full $XXX yesterday we announced and by across million in million to our our stream. reaffirm capital evening, $XXX invest forecast to XXXX released hedged year our and entirely cash

Second natural production gas, X% average to per per quarter to and our production range X.XX billion X.X feet in oil. daily gas cubic of X.XX X% average day of of XXXX equivalent day. the forecast natural as year we continue three cubic feet gas Dave composed to mentioned, liquids And be billion full XX%

will quarter XXXX similar the quarter expect the quarter, third we of forecast production heavy the activity and we turn the another lines strong to XXXX. In first second of our addition, for growth to lead months of second over single-digit during in quarter six

prices both monthly gas reach, strip natural and including natural Mcf marks our settled effect expectations XXXX. below price markets during front, realizing price. NYMEX end range reiterate the $X.XX average for gas during our oft including costs six of and approximately months the transportation of Based front to realizations from Utica to and first SCOOP per for portfolio and basis current Mcf the price sold NYMEX upon utilizing before XXXX differentials we to for On $X.XX hedges basis the current per our $X.XX

year During the $X.XX before months the hedges, effective WTI. of of oil first the came in realized price six at our

off oil our $X With of of in year, the however, do to reign $X the provided on previous the an of recent we be approximately expect oil the our guidance our WTI Louisiana average for we realize annual remainder for $X.XX the reiterate to anticipate sale to and range southern basis, year XXXX. assets, we expectation within to for to of $X WTI differential full

Turning NGL. to

strip and to WTI to XX% Before for and average of XXXX. came our the pricing, NGL these NGL effective pricing recent hedges, results of we expect price based in WTI hedge XX% XX% realized upon approximately pre

NGL our downside has challenging of peers protected of and have a our environment we prices XXXX a through have volatile, witnessed portion position. As hedge pricing for recently have we while mentioned, been strip the many the

roughly program Gulfport certainty and XXXX, secured products, NGL the When and ethane XX% at we per $X.XX second strip our cash during of XX% position hedge our for expected million. account, approximately position of in these the low realized taking for approximately per XXXX. XX% all of above gain degree our its has the the exposure or hedge current of a came XXXX, base production secures $X.XX $XX.X first all pricing our realized today. six barrel surrounding our cash the Taking of price propane Mcfe profile pentane a and settlement quarter for months across NGL for of Including of our pricing of hedges, during WTI. well the remainder flow into high provides XXXX of of the this settlement

a opportunistically Our base hedging natural MMbtu production expected to to and cash strategic per exposure Maintaining load program as assets. continue And our will additional at NGL hedged covering supporting an per long-term is also provide sight mentioned, lay strong the basis realizations line of and to have gas is to large of barrel. important oil swap our hedges we element and flows. on XXXX development $XX production I our and a at $X.XX just we our fully

six revenues XX% XX% XXXX, of gas gas including For XX%, natural prices composed our is natural revenues the adjusted realized liquids. and of oil position in oil of resulted $XXX hedge and million and which XX% and months gas liquids first approximately

processing cash six which XXXX terms average gathering XXXX. per first operating unit full-year the tax, In $X.XX totaled Mcfe and of with X% down the and includes expenses, months of LOE of first quarter G&A operating our production XXXX in expense line during midstream from our of per

Moving lenders on into May base strip $X since pricing and drill reaffirm under borrowing at $X.X time in the spring the at well last fall, facility account remaining billion. to at as completed that late elected borrowing the the balance of added Gulfport commitments sheet. Gulfport redetermination based the reserves billion bit with as taking at company's

beginning SCOOP $X.X XXXX additional added reserve value reserves proved does estimate to which Gulfport completed our total taking approximately internal we its current in and undeveloped Shale beyond mid-year account inventory of strip rule billion not Reserve into and the XXXX and recently account five-year year this the company's that pricing, proved reserves. remains Utica assets addition, Report SEC In for XXXX the mid since the for

Dave now will to over call I for closing turn the remarks. back

budget. while execute consistency you, in capital our we Thank to XXXX closing, Keri. show to on In ability and our by targets plans, continue to delivering our holding

our calendar and running an focus cash are flow we returns forward. year beginning near-term for goes the this comments With reiterate I year. capital environment to on on committed beyond And the with that generation gas, this the going business from our natural of emphasis will discipline

to over answering remains questions And look please joining margin phone we and prioritizing the our lines your unwavering commitment capital you participant. free prepared up Operator, flow Thank we forward open towards discipline. growth consistent, As This XXXX, with production for look for today. concludes message the again cash remarks. our our call to us generating from for questions. maximization an

Instructions] [Operator

from Robinson Our first Please ahead. Humphrey. question Dingmann of is coming Neal go SunTrust

are continue year's share how and to your to might trade? targets you just given repurchase stock these for actually Good and the question, total or David really ultimate morning. activity? speak what your you. talk bonds impact how planned targets And My next leverage low regarding first Could

Yes.

be. end a I a us gas sense to sure probably talked where I'm beginning year's very year, really So good as think what to the that's going quarter until this third gas are. fair prices next to of get take price question. actually not we've the about going the is since of it's And

look So forward. that's how kind of we

very In to think share terms thing terms I price, a of know. of that's difficult specific targets, in

share an repurchase have ongoing it. We active as look I at program

year We our of of the the set back at buy to out beginning shares. XX% outstanding

as mentioned remarks, that at to around do in I be of prepared million. clear able sight my We line have to $XXX

feel about very So I good that.

And asset recognized in starting said As announced we impacted remarks, a water there. price when industry we that. we larger our that in those also purchasing debt some of be where portion the and proceeds. comfortable no market good side to a and been really we said different where we're the chunk in about take taken We made that May with very was debt. we on starting as more the the happy sale for We're and to have were outcome some on we've now very is, likely of much returns

That is also an forward. active program going

I think so and debt side addressing now And of programs. business. associated the shareholder with One we have one two our returns enhancing

market think for that's be. place And to us react as moves the we'll comfortable I accordingly. then a So

Utica maybe for selling? Okay of acres that would sales one you. the year in or Could the rigs and non-core water besides the this And estimate is you -- two be the the how much do play? question on how last you'll to in really you'll to into interested what then particularly be right in speak you given next much you active I'm two XXX,XXX now able consider tied for you the assets described? then one And planned of

are the in normal mean to that for we the selling going acreage is in those. development plan to units business say pieces run overall we'll Yes. of that. we of I'd that we're I piece any If far have any if don't look goes. that our adds good there's shape I pretty plans that, land, But will not we're drill of part way do that as we small this acreage. Utica as land the have, at

sales, announce we're happy that through the have business a the Louisiana to and non-core our In very number working. we terms of we scrub still assets of things Thailand, as

go we as about of year the can so have. year, we into the And we types things some that and talk this that about and of have the of talk remainder through beginning proceeds we'll next hopefully

and us at available it related constantly our business; to through assets our areas capital the move that that to constantly out directly aren't back scrubbing those into for business. So and two cores looking and things are bring

game overall plan. the that's So

Ron of Rice. ahead. Johnson coming go question Our next Mills is Please from

Good one Neal's morning, David. Maybe just on follow-up quick question.

allocation of terms more about repurchases, Should repurchases the just make it weigh stock cost mind we between think or free those your you do for think In equity two? do do or/and in of -- how the about between you how and debt flow for cash two? proceeds debt is decide - versus sales how and you benefits fungible you

Yes.

both great in move perspective. us or of having repurchase. the mentioned to from things table to the share in other. to our comment capital be XX% my prior one do be I to number to think terms So able have to this bring of I as for able is the We would answer reiterate a question about I

that the in be to use of us next sight set will I think is as have we the we're determine said and levels, I our us. important question year. prices to like And is be the I to line set making for. year, to do hedge at out beginning for of where shareholders terms very it And able from returns to what in accomplish going look we of the what to big clear our

and the very been discount attractive with face a a at pleased go value our very to I've to debt ability return. with market repurchase

active, is program forward. will we we that as go that doing mentioned I still keep As

conditions it's change. to So to would there that really you balance be as expect a responsive

a quarter remaining and are production weighted more think about tenor for spent you. in little year bit in the third production then on at in And terms question fourth the quarter, production, of wells CapEx of look the the Thank terms the Great rest and When on the growths they of the we a lot money you the areas, fourth one versus of coming just quarter? in the CapEx color versus just to more you half versus do in of second. year quarter your clearly first year how third in looks. with what

spend looks number turn The for year of far. of in Yes. the done place. Clearly, to a predominantly rest still so take good have capital lines us. We the large

announced, So that'll expect with be we've going the operated production business; going quite our In readdress keep to very conduct the forward, to thing non-operated very disappointed that one is highlighted growth will happened year-on-year has the nice this driver we time piece; quarter-on-quarter year this able our we've here. with for our The pleased our here. how of outspends, single digit do those been years non-operated. in what again prior non-operated same that

need very to the and the to out. management of say has change actually to capability. happy that is improving has their recognized non-operator I'm And operating operator complete they their that dedicated changed

So I'm really pleased about that.

about that really I and so be we solution non-operated that. that's talking impact And piece won't this for next year, solution but on us a the the as year, the think

Our coming from Trotsenko Please go next ahead. question of Stifel. Jane is

Good the to is be Perryville SCOOP hub? a gas morning. gas going all is marketing. shipped once that just Midship wanted to I to online project I SCOOP that regarding question confirm have

a that we job marketing specifically beyond Yes, that into will of have market speaking, great point. Jane. moving down exposure beyond in Louisiana is This passing and is team that gas where has that Paul. yes, southeast. done Generically us direction, in The lands, Perryville the

which be And X% Okay, I year-over-year XXXX. got second to and XXXX XXXX program. program going is is to of XXXX the confirm program in just production on that X% to capital growth, terms is for wanted similar to then expense it. question

Yes.

prices little going a on get XXXX where be. too are because to me gas not sure focused early for to it's So I'm

times and very those something it's $X the last been in to one little a short to gap look In where years, six we're nine seen to gas curve you last those generally backwardation has small months. fallen of XX in backwards the generally less, stepping gaps that $X.XX between three-year down if $X cycles think $X. there I from you've on

$X.XX is look of belief be range now the to excess about providing were to their well having my their seen Permian operators from will I an And at think we've in spacing gas, $X.XX. as So that a somewhere this lot next week and half it the production. be year that

feel I going $X.XX my that that much comfortable look more the range in is head what have year's I - probably next to $X.XX like.

going if today $X.XX get way so And say very the that where get end actually of hedge to be. where that then could what - if and we third pick hedged range. XXXX dependent gas very going similar and be this can look don't could within but it's smart that quarter then think it's yet should it's gas and is all you into look to upon we're $X.XX I we price to the range enough prices you And that similar, within we're to to

for of So year. is my how view that's kind next

Got if if could ask us it. of acreage SCOOP how held And question, remind Utica last production? I by and you your is could the much

Utica or XX About and of percent SCOOP. of Donnie. it's Jane, the Yes. XX% over by production minus -XX% plus sale

is you have if So getting where how actually we next check can out? land CapEx thoughts at year, I'm any there

Yes.

last in spent $XX the in on the range. occurred significantly you of year land or last If few on look land lot from on--, kind so the down we've dropped a that's up Northeast this renewal years, million at year

them we've few all that as drop those got renewed continued and the time. next So most five-year to terms, over were a years you'll leases so we've of of plenty see

is coming from Our Wangler Please ahead. Capital. next Jason Imperial question of go

the next the weather to do XXXX? in are the at would kind you basis program prices a year? and on go to you as look quarter-to-quarter gas forward Good beginning how think CapEx know couple year of of next program see I morning. front-end of obviously dovetailing think year, but been years a you Maybe impacts balanced spend for the on bit look you loaded. but into kind play Do it, understanding gong the last more as

us Jason, to a think I many, keeping help active heavily that's drive a operational was I completion the have rigs [Indiscernible] paced capital evenly efficiency our love If front would think because end. year. I the as the that we even through many that peers Yes. are my I crews great program had more think lot of said a question. year that Having weighted are and I'd through more to many,

think I time we gain gain would an incremental over step the absolute but change I better will so we And look at get if an not way balance, it. it's look be

one market? the just that available biggest Okay. guys And you or but the an it's nearest thoughts at repurchases the on discount the know or is you can bond --I then talk ones helpful. program you maturity? Is That's on what's how can kind active target that kind just into which about of the your of you with go think about as you

a were got. maximizing focused on we that's all great them the question. returns Jason, Yes. we touched and really We that

that them of we all. did touch but really was kind a overarch it, So on

of ahead. Tuohy question is next Brothers. Campbell Our coming from Please Jeffrey go

your non-op know partner X who that who all I looking morning. unhappiness and the at is. with we think I mentioned Good you was slide

non-op referred that sales million? to of to are overall your to the referring on over they so or the spend, And million guidance non-op just trades required $XXX $XXX slide, the stay you are spending to within

past, new we allows with budget. back where are that in is why have the had aligned years same we solution we're our get to that and comfortable nothing with exact which issue said it's us We've so a we Yes.

commitment is one of person; at operator. this think I solving it isn't so I one a comforting me. And would you. the to thing sort it as thing their And is way of is occurrence one kind to And being sort say, better I of is this target

past solution exactly this I before thing. year done do the in But years, again. think be just So we've same one the it

again, this the within the to feel ask the contained million So $XXX to compensate that's overspend, million good guidance, for going $XXX whatever and question in to it sell you're staying just guidance. you about

correct. absolutely is That Yes.

wondered just right Louisiana it. Okay, could And south right another the was, do got to RRI to that potentially perfect. on the I now hold at sale be or my you that in intend you for appreciate question I old asset price? other

We we a deal. value at insightful. like look very that stuff. But at just those part was it look nice That's of whole of other bunch

that's Jeff. very So I insightful, think

Our Simmons Kashy Please Piper Harrison from next go coming question of is ahead. Jaffray.

thank Good my for and taking question. you morning

announced of what the could, bolt-on So all base A&B acquisition. on seeing be color a just just I and could they're some dispute. just color bid share of you're just peer I spreads, you're on if on was recently color what some was the just seeing your front whether you and A to any if would wondering the sense get great. the narrowing, trying you

an Yes. Kashy, in it's business. interesting kind of our time

to you if comment the think be really been general would look on side, a a there mark-to-market. hasn't think private I I were

some there's folks. kinds of those And still say so I'd is from around stress doing deals

go And haven't little seen really And not this a change so that we bit I that to maybe need yet. I'm happens. cycle before sure. into longer low

are has seen see. low low deals, the particular And it's or XX-year market I'll been probably about what call it on think -year that M&A. we've I explains as why think fickle quite, announced XX we very at I public or to from expecting

Donnie to mid-com the footprint. great are. job particular it's we land a are team good and a we're shape pretty year; our where in his think I on doing

And we have room running lots of there. so

for that this business, our anything that pressure to certainly not go I and no at feel really we all cycle. need do there's So in

hey, So that this but something I shop, overly excited be. M&A that's at seen me I gets haven't looked in to anything need is to say, always

Q&A End of

turn question-and-answer comments. to Wood you. This floor to to session. over our brings the end for like closing back Thanks the of Mr. I'd

and interest today. to Investor your appreciate out do any Should to and our all Relations We for concludes team. you questions, call please operator. you, time not reach have hesitate than Thank dialing This you in. our

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

disconnect at a have your time. line day. may And You this wonderful