Expand Energy (EXE) 1 May 242024 Q1 Earnings call transcript

Good day, and welcome to the Chesapeake Energy Corporation First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mr. Chris Ayres, Vice President of Investor Relations and Treasurer. Please go ahead, sir.

Thank you. thank first joining operating quarter and to call results. everyone, Chesapeake's discuss XXXX morning, you our for today Good financial and and yesterday. Hopefully, our that chance a posted the release we website you've presentation updated our to to investor had press review

call, recognize including undertake be our you across making applicable discussed some identified such morning's projections the beliefs, expectations, with statements of regarding which on non-GAAP actual financial forward-looking that reference by and release no will forward-looking factors our facilitate that be also there of number results as will also in which from We note and and press law, Please help place forecasts, underlying cannot to update to not required our statements. such and that duty by confirmed we comparisons statements, peers. and statements. the future to statements, any periods forward-looking this may differ materially will statements in consist to a During statements we yesterday reliance and undue except existing including assumptions should other that performance information, filings. Please goals, are measures, factors SEC refer cause

overview Singh measure, Mohit For Q&A. our and website. With GAAP results measure Josh teleconference me open to to Nick is on of there up any Dell'Osso, we the will Viets. non-GAAP give our are and today on reconciliation a nearest brief a Nick the corresponding then the when will call

Nick. now thank the that, over turn to with again and I'll So you time

for you thank today. and morning, us Good joining

the our built XXXX that gas further sustainable market clearly meet our demand to we to and cycles. execute and oversupplied. is are to continue financial results and Today, company through on demonstrate shareholders operating value consumer natural deliver efficiently a quarter We first plan

when demand to operating plan wells. but consumers XX recovers. Through uncompleted cash and deferred drilled building while quarter, we efficiency capacity -- productive needed on and XXXX first operational deliver Our have the free focused discipline, turn-in-lines is XX for generation flow built the

began million day addition, curtailment quarter. production base February, in a first in feet approximately the XXX In of we curtailing averaging cubic

building in program. feet quarter. our market gas this recovers. As free to base We to to cash us our natural continues quarter, second capacity, our well in to We return through dividend million day cash strategy first a continue productive meet meantime, business the maintain base curtail we demand cubic the will XXX believe approximately when generated In commitment the we leave expect shareholders positioned the flow allowing us deliver. to variable and to for

Our capital structure remains strong.

recently $X.X partners billion. the credit lending increased to facility commitments Our aggregate and our reaffirmed

As both on ahead company our we the years methane continue our intensity deliver and X by commitments GHG as interim goals, meeting sustainability they're schedule. of to demonstrated

encouraged long-term energy world gas, about Importantly, natural needs. reliable, the trajectory for the we the affordable, remain lower carbon

next the exports industrial demand increases few years, natural well Over and as we significant as generation activity. see from LNG for in power gas U.S. will

much price. natural at demand a is most supply and of efforts critical very focused energy energy our pro the Southwestern on trajectory portfolio reliable and efficient, cost is both believe supply deliver the that domestically integration and demand with up merged Chesapeake synergies We gas meets remain its delivers efficient And natural company ensure in a our periods where poised to of Simply and Additionally, and backdrop announcement gas in the the future falling. identified planning energy environmentally. positioned ensure and abroad. on role when delivering well needed. Consumers our to promise. put, economically will gas supply gas both play the forma in our future, is this is the natural constructive at the to more consumers in clear We merger of the U.S. sets market current for believe

continues LNG is online. We market built questions. With thrive market, only your advantaged weather to as to an on I not quality our updating rebalances. to Chesapeake year. We're throughout address come position well-positioned and in forward the the LNG-ready will now balance and sheet current strategy to you be to when disciplined our but progress capacity portfolio, the look investment-grade pleased

the with Kumar from first [Operator Nitin Instructions] And question come Mizuho. will

I the quarter came of bit rest bit of terms your building that deferred shape of sense of a of TILs in And little year? a below drivers start just quite number? how the CapEx a and DUCs, does guidance so want the was on to ahead that schedule and want what CapEx in that what the to get I you're were the for for

is non-D&C had the lot quarter Yes, was of this under timing good of capital. start a the the is timing to around year. we About off on ended Nitin, a side. Yes, We our for to half just purely Josh. really related and XX% guide up that

good able And of late so casing cost that lower-cost a really saw that drilling cost. our of We on leasing quarter to ongoing, accelerate of year. we in and of year. But lower had lower We in than use to planned other up side. a just procured later and the being projects getting as infrastructure that the just we're ramped the half really result the completion the was realized the as occur related some will just

have also of service had then able Northeast several that the with lower challenging are realize in drilled way some casing contingency we with contracts. we company also, had a associated are savings that we planned can mud wellbore work was the a in We And up we part a field wells that the to at some team stability pretty issues there. mitigate identify that and require which able do strings. The to typically

changes to end for So now towards we're year guide. us full that capital and sets of really tracking structural the that's cost real the where up lower our

see start year. pretty that and service monitor so plays markets out. off a got the again, how And this we'll good But to to continue

between your little far total part how DUC DUCs. of just are the a think But as second ourselves about on the falling of still we was the for would just say track quarters. year the ahead build, I we up our question, how full full set with schedule bit kind see of with the On we activity as That's year.

decks And demand slide Nick, gen disappointed wasn't for was night. Great. -- gas obligatory bit I AI to and in say a I an demand little have that power there your last for on

a the power in growth Chesapeake you gen And evolving? see what Just early U.S? of the wanted to get at about for guys sense where thoughts that are the

need good know for little think have a puzzled had have flat we've forecast the real We -- struggled of within we've the years, it's a question, several Yes, the the power increase and in utilities we to generation demand I and over and been last power U.S. or by gas-fired changed. power stakeholder it's voice that do the base, we incremental summers, capacity demand have that number power seen Nitin given demand. pretty And particularly their a generation own in for think that for natural they challenges the --

the encouraged the reasons growing evidence very And to about healthy hear of for talk market one of it's power. And demand so is by the economy. a that we're really really encouraged we're

of money continuation from have and consumer come several for stimulus of is over We economy that's the course, of economy the through all as impact then U.S. industrial IRA in years driving really side, the the the investment the the and growing power last that's which well. demand of

which And demand a this we of pro data And demand forma a and is months we, for last Nitin, we're significantly really grids. and on couple showing base Haynesville. Keep lot think have tools in going a advantage put has the we'll and driven having as to interesting. There's in to respond. power taken with about mind is and base real Northeast about hold really company growth exactly in of is lot if up. series then the draw is around corridor, the think in you combined But there, a and a Haynesville what is large a Appalachia LNG very the there in company, a day, all networks we feed that that's lot to which West talked unpack and show by understand Appalachia into Southwest to that So growth also to deliver gas Haynesville that to will geographic excited a growth locations, about a in and demand in connects stand-alone that ready east the be our have to the recognition big sit and And massive that the production from that's directly backdrop, that AI every centers in Pennsylvania, demand then when as largest where Perryville flowing very Southeast. how we up. of pipeline of gas but field for two production we in the of Virginia where the both be and

at is to And midstream well so our -- and real the understand the demand we work where counterparties gas east needed also as is we pro to something sure or ready to the that's is we'll industry that that there. to do, to and us flow a utility stand and continue and increase combined very that with opportunity forma to company where that get that upon continue counterparties as going think make something it the cost may efficient needed to we to incumbent set and markets to those an as how do. we be It's really is supply

from Your Donnes next question will come with Truist. Bert

look maybe for LNG does focused Or center but what like kind thinking of internationally, you're is looking agreements incremental you're the want you're lower growing a you did those, I mix do you down? your that on slow more It U.S. hypothesis assume just on demand maybe there? had still or any portfolio. data

No, Bert. engaged different actively we're discussions. a of question, Good LNG Yes. number in still

of those lot know, take discussions you a As time.

and it whether concept down. As be slow us us we wouldn't for down, necessarily no, Competition would data great, slow think far competition supply. as will is there the do center

But to pay have that But will be anything. there strategies, where not we And competition think we'll look being markets to and around supply there of changing gas all forward frankly, we'll some that. forward we're we're demand. moving the with that. to our So attention ample

even outlined, then is and scale gain more program at Southwestern once synergies Or from And you able goes the you do switch everything That maybe getting well more assuming with just midstream? on makes Or buyback hypothetically, larger you point? more you've when have there you're sense. driving to synergies more a focus organic? that that of are that to and

Yes.

execution. of molecule have structure, a to like industrial stay those about think these synergies, inventory is important, are to possible continue at to Southwestern fronts you'd that which talk on what's time efficient to any next meet the think for means our really going logic about those energy. supply to first did cost back having things, point, and growing having your means us that those being and really go have that meet on are helps having deep foremost. a We're ability strategy, in to you're we That with feel say allowed with demands means great to and this you We to goals to things merger I focused talk time. going advance real all the that real the improve markets most able over low

not it would that of big for is meet and or those job pretty really there that going on those We're tremendous of in our while on stay something goals. a here As the need be merger, delivering nonnegotiables that's drive what's would focused something do integration promise hard a you this And else, our to which the for as will have predict to to shareholders. nonnegotiables. towards whether future far meet

Zach Your Parham will next JPMorgan. come question from with

I just the curtailment. more get detail little a wanted on to

expect that how in built -- year on You to were the to those XXX XQ. curtailed day much million market? And a the do you in when XXX full a curtailments curtailment highlighted a more Could and you back the be curtailed little maybe in day come you'd curtailing guidance? million you us XQ volumes detail color into give strategy and

and start this I'll pass Josh. to it Yes, then I'll over

a what return comes is the an So deferrals this clearly lot and initial deferrals. of doing as And the the part those about market to in breakeven we activity we fact in trying we we focused production receives an a think of on these year, are are wells environment on don't about significant where pretty price. lower to the market than want and oversupplied, activity market wells, accomplish that remember the of bring to oversupplied talked

of of front QX saw but decline volume curtailed to of in as QX curtailments need don't in had that accelerating that But schedule deferrals deferral in end period occur are have in we deferral and pay results what recognize us, what to throughout we've the time. The the that, We activity the in about would lot So the call that we over activity that in show occurs base choose I that and activity really decline. a into up supply-demand a a to attention we year about more going to the deliver characteristics. flexibility of we're of decline. actual lot market, -- keep

mean seasons. Zach, the would Yes. Josh. in see it demand is I weakness shoulder in we this that certain customary is markets

set what point, in Nick's then we then of the to the accounted and best a as you on the in for to so had in needs. next And market you to volumes the second curve That's the curtailments those model do over in effectively the X.X QX. we issue how mimic allow And subsequent what flow where But those back in back you we've half year. of up quarters guide to February, execute in volumes the there. production done Bcf kind really day

do move to us. and it also a we the would a QX, as of demonstrated But effect, how anticipate bit think into stress, a disciplined through and you we've production we the year. conditions maintain I'd with be that coming just little decline discipline I out QX course for to the willingness with quarter into we we'll So deliver sharper see in market better second where flattening be

looking then sub-XXX line months expectations? Bcf And over one of overall in environment seen rapidly maybe your day, on macro We've the it. your macro production thoughts. now in of thoughts with updated just a Got XX just your decline production last on latest trended pretty has Really lower couple general. at kind for the

quickly what see we've Yes. off fell did, seen Great get surprising production I but demand is as pretty little We as the XXX that expecting is question, Zach. maybe below same weren't quickly. would actually bit say a us. to to that, also time we at

side. just role. think activity So wasn't a curtailments starting with the supply took It deferrals. bigger we

have similar year. decline faster so just through within the people So I -- decision-making what came a But little didn't than own wait we probably a for to our volumes process. would described thought off

were how now. But portion off-line that, a that's the hedging time think through time. that capital demand you off However, same lot program what pretty point to volatile we you and also a going seeing we come handle at a business to of saw lot be is LNG March protects that to reminder represented at that had to the do, probably April was a March and you need capacity and day there at risk you your it's that is and we you're demand. that when back have that April and good demand any And X have of of way and we that a flexible probably plan Bcf one weak X through in that a exposure policy have to enough LNG ought financially strong about a

think So ultimately you trends are when that, more I about real. seeing the here do that is we that decline broadly, macro think

level a have the what think that the of been to in accelerated that stays it you been has rig in fall think a was curtailments, in count we think until there pretty I is direction. show will of significant it we half rig saw that and production decline peak the much the the XXXX. settles we fact at a up, given that Haynesville production Haynesville change in other lower going today led with We has see but than that I count know and it

about and I but all as as which and encouraged we're well think through bit, quite demand talk consumer way of we by in still LNG all So gen. we that power certainly encouraging, the industrial see a exports, quite is very of growth also what also through

Meade ]. Next with Rice question [ from will Rice Company come Johnson Charles (sic) & & Johnson

offer you far? wondering the can Nick, what if has your -- with thoughts like if been maybe that I'm FTC so engagement you'd some characterize

the their all Look, to some But FTC. to It closed. and getting the phase We're in get to will questions Obviously, look the underlying getting I this how long through mean, we're hard as expect forward we've of work really transaction exactly been time, with predict engaged answered, eager feel about good to second process merits we will of process. take. you would it the that take with reply. this the and FTC request and

we why year. half gave second just the forecast And so a that's of of

months, to months, Got your effort put these maybe off -- far if And I doing learned maybe would I if to regularly? what's something could what speak, TILs be in wonder different these doing us do wonder cold at that now, Are X different for setting wells for the from you so could versus and have you that so wells months, kind maybe I the -- of storage, Josh, the kind you anything X characterize it. longer. ask And you this have wouldn't you're about up beginning. you of to X expected DUCs. And

thanks question. for the Charles, Yes.

we go, period do. sit could that of there's is would far This the in pretty common extended not The different really time. I DUCs it for As state as is say, anything there that a wellbore practice. an a

typical I just run-of-the-mill So business. that's pretty would say

importantly, it's stay them. around most about of more top But preparation have And we primarily to standpoint. wellbore terms we to specifically, do preservation, from in just manage With a the be TILs, we of deferred the on those monitoring and our bit do corrosion probably pressure. how have little a thoughtful

decline of it monitor to as to to wells top but manage the offsetting wells, have pressure back wells. of we City, install want by on we other transducers something not we that ensure we're would the production wells, decline. into on that impacting we yet, result made those we instances and And our reserves. can could potential we the have here center are we a any on that So in Oklahoma and not protect potentially on in. remote particular pulling against. come operating with tied that that where are And we've production those that. be we've a at and keeping But own shut start online when dealt those do course, operators, of want there it's be that wells we're That's the managing our recognize threat we investments that actively And do

Josh, you're completion -- pressure ]? there's you it. managing offset [ if Got the the see shutting so mean monitoring to

Shutting pressure. Yes, that's correct.

question will UBS. Josh Silverstein with come next from Your

So the a follow production that X to of down but the on were suggest for still year, the you'll on quarter, wanted based I and volumes outlook. XQ where Bcf capacity. to X.X get just X.X, fourth day day have outlook the not in may Chesapeake that range the guide I the up a XQ just Bcf

if was the back So right be to just I would that year. and want the of see half see the kind cadence for of what

day. Yes, of production to are around the Josh, the managing X.X Bcf level we a

have We is that again, quarter first guide of unchanged just the in the So year. to some at this overproduction did reaffirm the point.

that through was rolled Some adjustment of to quarter. accounting non-operated the attributed into a that

higher. those on just bit volumes did are push little we track. that a But So still

QX is out curtailment, QX settle about the pulling into down the the to numbers. take earlier that QX which number, we QX Even million starts that in as $XXX and of but we talked

back the in curve. flattening of we the So half production effect, are

again, and monitor number what feel and in we back to everybody, the to flexible, So continue we the February. really absolutely that conditions we'll we production are market to market But adjust still remind just accordingly offered delivering about good needs.

that you reiterate there's me do left Josh, with underlying of to pretty in -- as really clear to just that the question, forecast that months think mean think going sense. we've note we're and important what X a focused I on year. point. on makes I let that from really it's about really business And go to our been stay the it's economics important

producing conditions play if them to, So producing way the don't market that we more means out expect adjust we'll less. or whether

setup the pretty flexibility but think in a respond. we today, good I lot feels of how have we

kind do and X to and going new was those on, follow-up capacity think the back $X. the X process TILs gas what's We're DUCs of about How pricing from back the bringing of Well, the Is Yes. that? Or months for along line time lines. away it? rigs? you the what's over winter it

Sure.

way for way of back let's We about all, it, indicator than what what's for to more about of the model get right in When asked price on a to but market, easy to market going we course, us online? not talk about at think the make what's that easy the first the we way lot what's trajectory volumes going think to of trigger think going about you is us matters about on an an us. a decision. the going it this that's in price And to lot underlying price, what but So as it's bring the are moment. of it in an to underlying

available then of the the activity of before any about and so to production, current more each of really levels, gas, believe levels does we continue across the that it the monitor the what the And will basins just make that storage once the us. what would levels to think the hard we we market production we market determine we trajectory have needs logic need changes. And follow and

the been that to wells fastest in and drilled that us for respond are are be thing with completed to line. have So just turned waiting the

that wells of that back bringing I will have And volumes we base. that time, the curtailed drilled additional are would along work completing we would guess, are out to certainly, that, but on Following uncompleted. begin been the be

that of will that I respond wake come rather and we the a that all there's will don't to gas think bring see we likely I flexibility about of this how that if once. day will it's in it back So this. all imagine market I in racing will up be needs manner. possible. that slow X at lot It's believe to a we And the and will it's think through will be volumes way as just are back activity well match described it around growing there But bringing gen a in the more we that levels by that previewed efficiently power likely I pretty happens, possible. when I move the that LNG needed. as we out increase the it's be demand in in industrial market the and demand to around would

have cold respond can those spike need a up you We those that demand. with try Now cold always incremental and but we for spikes needs as not a are show quickly necessarily would sustained. to can, to know as

short-term probably would that would would incorporate that that we -- and making. so into And decision our be a event

from Mehta Sachs. question will come The Goldman Neil with next

time I the wonder on the hedging your spend can you framework some just hedge specifically wedge concept.

curve. program, advantages contango you So I then a having in rolling hedging talk a can the way follow-up. just you approach and the about of especially that And have the

that Thanks Mohit. is question. this Neil, Yes, for

years. You hedge we that wedge program. way think several the $X.X have the referenced the $X about you been way have billion, been we billion capital over it philosophically is last our program hedging The that's

you some the certainty dollars you want on investing production you're into back. when So start the ground, getting

at initial months investment kind just would that's you that what know that So as when -- of making be spotting And the of point. XX prices after well. the decision fundamentally you're X, think don't

substantial, of cap program, When that ground. that your fairly to cap XX% the into might investments some which you right? the want of kind versus market company are in -- you're you making, on that a be market investing that lock the look returns to you XX% the of capital of So at

just us, is that been excited are thing the it's we've of we the which taking we of referenced you doing in us the for to prudent doing off. So that sort monetize have swaps, we've collars, a given out allows done which been risk pretty curve One volatility. structurally, the way about, contango

settlements, return still now. variable shareholders the Every again, when receipts floors underpins retaining that in and selling. help from a you're puts, we the working, So cash we we of hedge support upside the and business kind to the program are some like up dividends are bringing of that, environment price calls of by are And in Overall, but base that right which are is getting that getting the flows. especially the the we base like on month, low making. we the the are the

we overall, it well, returns. of us more works, the and works shareholder reduces So it consistent with think to returns volatility allows be

market. follow-up the And is the on global just LNG

You with Field States, Qatar's talked out about coming of United coming the Bs in the the in incremental XX supply of through North slides and expansion XXXX beyond.

And so being global price a you LNG prices? how on Nick gas and do think team, governor about potential long-term

it's something it's Neil, great think a question, Yes. about and we a lot.

some market for and way pretty in and that. but that projects obvious there the to out the understand more about at in LNG number that oversupply the different prepared the are do, eager also think and accept that there be same will LNG, we have As have supplies. that to that There's a LNG growth. I point, of mean volatility market is markets growth it's will eager in clearly domestic we're

your that can the into I to us how that the in down digits, a we've might clearly as you it some that probably seen fleeting is $XX to higher things to cost certainly of single digits it little requires goes you clearly you've that elasticity that's LNG you've gets is longer seen One that the the interesting market is that efficient you this But And up remain there's in think $X, into supplies. it be demand might over than seen tells a really prices, get debatable, range demand and the mid-double demand really be the really, that. structure when deliver I'll be and for range. term. And say, $X what

deliver have focused then we'll from tension, end from own competitive their expectation and struggle real And and it's markets and we the stay is eyes the And that most are our energy. good. And easily don't of reliable and course, that is of you produce. we a can way as coal, lower for have demand that certainly the policies something times, And that work which affordability different really than that. we'll definitely to it and have it's carbon. the that, The that make an carbon. markets can efficient a solution be we the and also remember because to lower perspective cost, day, efficient some the domestically especially on that so At just site. But But to reliable which something all of sure it lower a product a I is alternatives, we stored the challenges with gas most reliability sustainability on can relative to be trade-offs maintain that different greater being supply both not renewables do the that in that to in through drive with it the is know of standpoint cost that enough. still thing being carbon and and we and it lower of alternatives. think cost. full industry, and that It lot effective people to can renewables, towards At that's will meets not is that reliability are a cost product it's that open as about. providers internationally that But important chain we important say natural a and we wide both affordable, value are that on

the on strongly So it's best solution. what us make feel we we that. very incumbent sure that deliver produce upon that to still is we And

XX-year The that will be transaction only and I that that we periods And when open signing eyes of LNG the money. time Neil, is transactions, thing going up wide Mohit. are of we're would be to in is add out this will there

a out time and it's And periods the diversification will aware there the mandate So strategic when was connecting that being to of the but end as users, eventual us be describing. fully of for us. Nick again, be That's money. -- we'll

will Paul Diamond Citi. Your next come question from with

more point kind revert nearly -- should about stop of TILs. the from normal? the kind Or timing think how cadence? on we kind this Just Just of one the and QX, forward where year? that the just point is the think a is you and through the quick like to a there the Should back we of cadence DUCs about of and it

Yes.

really, the our back cadence to and drilling So of rigs where underlying we're that rigs just X frac activity and today, ties crews, is frac crews. what X running

course so by expect we of in to rig deferred should fashion in in additional X the the build you year. DUCs those that year. anticipate through middle drop and TILs we'll of And the But large, a the linear and Marcellus do

Understood.

near-term preference of follow-up. to is any address Just guys levers, there one kind the you any or increased volatility of quick we were three currently any of guess, TILs order additional curtailments, hold you the volatility see out If with? for DUCs, what I kind

I Well, it think I mean, what's all going on on. depends

that market some demand. If you don't we have will that volumes, bring then can have to meet sort think sustained, be short-term help demand of to we we curtailed in spike

those volumes step you If and of change online. needed longer-term is that to wells some of think a start there deferred then in fashion, a in demand you bring are more

final question Partners. today come Pickering will with And from for MacCurdy the Kevin Energy

into seeing leading or the constraints more that more, declining the shows is the dig driven I'm Haynesville to is declines local the XQ than faster that's is Haynesville? guide just curious a if by being something natural just that Marcellus. that on in To the curtailments little prices you're

to it market start flow question that continue whether markets. Yes. conditions. makes That's We to seeing due or we to pricing really were just those really into not to there local just gas sense

so the are impact wells margin. margins what selectively look will usage, well chemical each well, sets water recognizing And we for that production and at

it that we seeing in the pricing flow just the that to we're doesn't make sense full simply second quarter, so volume think of And allotment there.

So planned curtailment in the talk the million when Haynesville. is roughly we tied of cubic about that feet of the to quarter, half a XXX day

And back of of should again, the second this half anticipate why then tied the So as to to quarter-over-quarter And curtailment. see of the that big portion of year. we for when get get look the A to that's into the half decline you from course, you of just start is at directly QX a year. Haynesville asset, QX we'll the second or decline that in the flattening

X you Haynesville the Or to the And production, up bring compared question the Great. in will Appalachia? on faster in to it about have back capacity other? do an about basin returning the follow earlier to be on same volumes and

same. there's spoke just I around it's of mean, earlier. But macro be should back, mean logistical that go into the how just conditions considerations to it the I Nick really Yes, about that a lot of planning. bring outside production we the

water But have the we where disadvantaged to and introduced when to and thoughtful be gas than the about gathering advantaged say area wouldn't systems gas like things I hauling. is so really, manage gets more other. one And or

would I Dell'Osso question-and-answer to turn go Nick over any remarks. for ahead. the Mr. This conference to concludes Please now our closing like back session.

you our be year, for we thank this merger we to time what approach integration working delivering your improving on really gas on forward look planning through market XXXX. and all expect for this We to Well, as the of morning. progressing conditions

out other As ready reach forward seeing follow-up always, calls, look our Thanks. take road. be IR to any team. if you questions, your please we the outstanding you will guys They down to and to have

now has Thank for conference you concluded. presentation. today's attending The

disconnect. now may You