HighPoint Resources Corporation (HPR) Q4 2018 Earnings Conference Call Transcript

HPR earnings call for the period ending December 31, 2018.

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HighPoint Resources Corporation  (NYSE:HPR)
Q4 2018 Earnings Conference Call
Feb. 27, 2019, 10:00 a.m. ET

Contents:

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and welcome to the Q4 2018 HighPoint Resources Earnings Conference Call. Currently 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. (Operator Instructions) At this time, I'd like to turn the call over to your host Larry Busnardo, Vice President of Investor Relations. Please go ahead, sir.

Larry Busnardo -- Vice President of Investor Relations

Good morning and thank you for joining us this morning for the HighPoint Resources fourth quarter and year-end 2018 earnings conference call. On the call with me today are Scot Woodall, Chief Executive Officer; Paul Geiger, Chief Operating Officer and Bill Crawford, Chief Financial Officer.

Before we begin, please review the disclosure statements provided within the forward-looking statements of our earnings release, which you can find on our website at hpres.com. You can also find and review these disclosures as they are referenced in our other filings with the SEC or in our 10-K, which we filed yesterday afternoon. In addition, we will be referencing non-GAAP financial measures during our call and a reconciliation to GAAP financial statements can be found at the end of our press release.

Lastly, we posted an updated corporate presentation yesterday afternoon to our website that we will be referencing on today's call. With that, I'll turn the call over to Scot Woodall for his prepared remarks.

Scot Woodall -- Chief Executive Officer and President

Good morning and thank you for joining us today. We will be discussing our fourth quarter and year-end 2018 financial and operational results, as well as we will spend a little time talking about the 2019 business plan.

2018 was a transformational year that was highlighted by our strategic combination with Fifth Creek Energy. We integrated both organizations in a timely fashion, rebranded as HighPoint Resources and initiated the Hereford Field development program. I'm pleased that this was all accomplished in a very short span of time and I applaud our employees for their efforts in achieving these milestones.

Our 2018 full year results were highlighted by a production growth of 45%, EBITDAX growth of 57%, an improvement in per unit LOE of 21% and we generated strong operating margin of $37.69 per BOE. Our balance sheet is in solid position as we entered 2019 with $33 million of cash on hand and an undrawn credit facility of $500 million.

Operationally, we had an active development program as we spud approximately 100 gross wells and placed 87 gross wells on flowback. Drilling and completion costs for the 2019 program were executed as planned with Hereford wells averaging $5.1 million per well and the Northeast Wattenberg wells averaging $4.85 million per well.

We are anticipating a 5% to 10% improvement in well costs for 2019 as a result of execution efficiencies and design changes. We have seen positive performance from our high fluid intensity stimulation project in the Northeast Wattenberg Field. I am pleased with the overall execution and initial results of the Hereford drilling program,where we saw encouraging early performance data. Our current focus is on optimizing production through enhanced completion design that is leveraging microseismic and fiber-optic technology with work already in progress. This will provide an early determination of the optimal stimulation design and well spacing to be utilized for future development. Paul will discuss all of this in a little bit more detail.

In 2018, we also successfully managed through midstream constraints in the Northeast Wattenberg. We are currently utilizing multiple midstream providers and have approximately 40% of our total processing capacity go into alternate outlets. I commend our marketing group, which did an excellent job of diversifying our gas processing to these other outlets. This added flexibility mitigates the risk of relying on a single provider and limits our exposure to future midstream constraints. I'd like to highlight that we achieved a significant milestone in 2018 by extending our record for consecutive days without a recordable safety incident to over 1,400 days. This is a tremendous accomplishment and reflects our continuous focus on health and safety. We have a demonstrated track record of maintaining a conservative approach to allocating capital and adapting to prices and we will continue to do so. In this respect, we have set a 2019 budget that balances an appropriate level of growth and achieve positive cash flow in the second half of the year. Bill will touch on our full year guidance in his remarks.

In summary, we are positioned to capitalize on our future development opportunities as our acreage is exclusively located in rural areas. Our 2019 program is fully permitted, and we expect it to be extremely resilient to potential regulatory developments in Colorado. We continue to work in partnership with the stakeholders in our areas in which we operate and look forward to working with our elected officials to deliver a balanced and workable long-term political solution that protects our ability to responsibly develop our assets. I will now turn the call over to Paul for an operational update.

Paul Geiger -- Chief Operating Officer

Thank you, Scot, and good morning everyone. Highlighting operations, we continue to execute our Hereford development program and we have seen encouraging results from our high fluid intensity stimulation project, which was initiated in Northeast Wattenberg. I will touch on both of these in more detail in a moment. For the fourth quarter, production volumes totaled 3.11 million barrels equivalent, of which 2 million barrels or 63% was oil. Production grew 47% over the comparable 2017 period and we grew our oil volumes 55% over the fourth quarter of 2017. Our 2018 volumes include approximately half a million barrels of adverse impact as a result of midstream constraints beyond our control. We saw little adverse impact to our fourth quarter volumes. Touching more on midstream, through planned DCP expansions in our additional contracted capacity, we expect that our total gas processing and takeaway capacity in Northeast Wattenberg is sufficient to support our 2019 development plan.

At Hereford, Summit is finishing its expansion and expected to commission its 60 million a day plan in April. We are working with them to minimize any associated downtime with the start-up. We are in dialog with Summit and others to secure further capacity that supports long-term development from this area. I commend our production and marketing groups and their efforts in strategically diversifying our gas processing to other outlets.

Now turning to operations, at Hereford, production sales volumes for the fourth quarter grew 40% year-over-year to approximately 6,000 barrels equivalent per day, of which 76% was oil. We spud 24 wells and placed seven wells on flowback during the fourth quarter. These wells were primarily located in Sections 14, 15 and 16 of 11 North and 63 West. Initial drilling operations began in April on DSU 11-63-14, which included 10 XRL wells and in August on DSU 11-64-23, which included three XRL wells. These wells utilize our standard drilling and completion design developed in Northeast Wattenberg. From an execution standpoint, we were pleased with these wells, which were drilled and completed for our $5.1 million plan cost, which is over a 30% reduction from the previous wells. The completions yielded solid initial rates on controlled flowback and oil cuts in excess of 90%. Early well performance has been highlighted by one of these wells located in DSU 11-63-14, which has reached cumulative production of approximately 50,000 barrels oil equivalent after 130 days of production, utilizing modified controlled flowback. This well has a high oil content of 88% and early performance validates our assessment of the resource potential of the field and reflects the quality and productivity of the reservoir.

We remain highly confident with respect to the productive capacity and resource potential of Hereford to deliver economic inventory as both the Niobrara and Codell formations have exhibited pressure, oil cuts, source maturity and initial productivity consistent with our expectations. Consistent with our drive to develop maximum value from our assets, we are also in the process of an extensive reservoir and geologic technical study as part of our 2019 program to increase the granularity of our subsurface picture and gain a real-time assessment of our completion performance. There is more detail regarding this integrated approach on page 15 of the corporate update, where we detail the significant 3D core and producing well coverage across this asset. This existing data will be integrated with the new to optimize our forward plan of development. We are very pleased with this subsurface characterization project, which will use the latest technology to optimize the economic development of Hereford.

I would point you to page 16 of the corporate update, which provides an overview and illustrates the scope of the project. As you can see, we are leveraging surface deployed microseismic and down-hole fiber optics, which will allow us to monitor precise placement and effectiveness of our completions and analyze real-time downhole data on our flowbacks. This data will be immediately utilized to modify our completion design to ensure that we are optimally stimulating the entire wellbore. Real-time flowback and production data will facilitate real-time optimization of our completion designs. When integrated together with the microseismic data, this will lead to optimization of completion intensity and well spacing.

Our 2019 program also implements a buffer zone around our completions to increased completion intensity and mitigate interference with other operations. This is accomplished by implementing a methodical sequencing of drilling and completion operations as we move the development across the asset. You can find an overview of this on page 17 of the corporate update. This illustration shows a pressure containment area around our active completion activity, specifically by leaving a half DSU of completed but not producing wells between our stimulation activity and our online producers. We are targeting more effective completion activity and reduced interference with active production.

Similarly by leaving a half DSU of drilled uncompleted wells between our drilling and active completion operations, we are targeting reduced interference between completion and drilling operations. We expect to see immediate benefits in well stimulation from this work, as well as lasting benefits resulting from improved sub-surface understanding, driving a customized strategy for the next 10 years of economic development at Hereford.

Turning to our legacy Northeast Wattenberg assets, we produced approximately 24,500 barrels of oil equivalent during the fourth quarter, 60% of which was oil. This is a 43% increase over the fourth quarter of 2017, we spud nine wells and placed four wells on initial flowback. Highlights of our 2018 program included two DSUs of the highest producing wells ever in Northeast Wattenberg position. As a result of our continuous basin surveillance and benchmarking efforts, we significantly increased the stimulation intensity for wells in 5-62-26 and 5-62-35 as a pilot program.This is highlighted on page 19 of the corporate update, where we demonstrate the continuous improvements to our development program and the 2018 pilot program, which is depicted in orange and shows that we are seeing significant uplift in production versus our previous design. As a result of the successful testing, we've adopted this modified design as our new standard for all of our Northeast Wattenberg wells. We look forward to the improved Northeast Wattenberg well results from this program.

I'm also pleased with our ability to maintain cost control as lease operating expense for the fourth quarter totaled $2.17 per BOE and marks a 34% improvement over the fourth quarter of 2017. We also expect to see an approximate 5% to 10% reduction in well costs over 2018 due to a combination of design changes, execution improvements and efficiency gains. As Scot mentioned, we are able to execute a 2019 program without additional permitting with this strong permit position and the exclusively rural nature of our assets. We expect our 2019 program to be resilient to potential regulatory developments.

Overall, we are pleased with the operational progress made in 2018. At Northeast Wattenberg, we have tested and adopted a higher fluid completion design, which has led to improved well performance and which we expect to unlock additional value from the asset. At Hereford, wells have demonstrated high oil cuts, reduced D&C cost, reduced lease operating expense and significant productivity to drive rates of return. Lastly, we are implementing design changes, utilizing advanced technology that we believe will significantly improve the value generation from our coming decade of Hereford development.

I'll now turn the call over to Bill.

William M. Crawford -- Chief Financial Officer

Thank you, Paul, and good morning to all. As Scot mentioned, 2018 was highlighted by year-over-year financial results that were driven by a 45% increase in production volumes, a low oil differential of $2.73 per barrel and a 21% reduction in LOE. This allowed us to generate EBITDAX of $280 million, which is an increase of 57% over 2017. We delivered a robust base in operating margin of $37.69 per BOE, which was a 27% year-over-year increase. We expect this to be tops among our DJ Basin peers.

Our oil differential to WTI was $2.61 per barrel for the quarter. For 2019, we expect to see a slight increase in this differential to about $4 per barrel as trucking costs in the DJ Basin have increased approximately 30%. 30% since mid 2018 and we have locked in most of our first half 2019 volumes at about $4 and are in the process of signing up long-term crude gathering in Hereford at attractive rates. We continue to maintain a flexible balance sheet and have a very manageable debt profile, with our nearest maturity not being until late 2022.

We maintain ample liquidity as we ended the year with $33 million of cash on hand and our $500 million credit facility was undrawn. We began drawing on the credit facility to support our development activity in the first quarter. On the hedging front, we took advantage of the strength in crude pricing during 2018 to layer in support for our capital program and are well hedged in 2019 and into 2020. This provides added predictability into our future cash flows as we have visibility to being free cash flow positive in the second half of this year.

You can find a full summary of our updated hedge position in the press release or in the 10-K. I would like to spend a moment discussing our 2019 capital program and guidance. We have designed a capital disciplined returns focused program that allows us to modestly grow production and be cash flow positive in the second half of 2019. We will remain flexible and disciplined with our 2019 capital spending plans and have the ability to adjust spending as we have no material commitments or acreage to hold.

Based on the current timing and sequence of our development program, the capital budget will be weighted to the first half of 2019.

Now, for some of the key details. We have set a budget of $350 million to $380 million, which is 28% lower than our 2018 capital budget. This allows us to spud approximately 100 gross wells and place approximately 85 wells on flowback. One continuous completion crew will be utilized, but we have the flexibility to add an additional crew as needed.

First quarter capital spending is expected to be approximately $125 million to $135 million as we maintain a similar development pace as the fourth quarter. 2019 production is expected to total 12.5 to 13 MMBoe with an oil proportion of approximately 62% to 64%. At the midpoint, this represents a production level that is 25% higher to 2018 production of 10.2 MMBoe. First quarter 2019 production is expected to be 2.7 to 2.9 MMBoe, of which approximately 62% is oil. This represents lower sequential production from the fourth quarter, which is primarily due to lower aggregate spending during the second half of 2018 and the timing of certain well completions. The remainder of our guidance may be found in our press release.

With that, we are ready to take questions. Operator?

Questions and Answers:

Operator

Thank you. (Operator Instructions) Our first question comes from Welles Fitzpatrick from SunTrust. Please go ahead.

Welles Fitzpatrick -- SunTrust -- Analyst

Hey, good morning.

Scot Woodall -- Chief Executive Officer and President

Good morning Welles.

Welles Fitzpatrick -- SunTrust -- Analyst

Can you talk a little bit to the cadence of the growth in '19? Obviously, it's down a little bit in 1Q, but maybe a 4Q '19, 4Q '18 growth rate or kind of how you're seeing the back half shape up? I mean, I guess, I'm looking for a trajectory in the 2020.

Paul Geiger -- Chief Operating Officer

Yeah, well, this is Paul. Overall for that, the program is somewhat front-loaded as we go through the year. So we've got about a flat trajectory through some point in the second quarter. And then as we bring those wells on ramping across the year into the fourth quarter, from a rig standpoint, that development is across the asset position at the beginning of the year as by mid-year we've moved the rigs up to Hereford and continuing the development up there.

Scot Woodall -- Chief Executive Officer and President

Yes. And one thing just to add to that a little bit, Welles, as you know, we're probably looking at Q4 '19 over Q4 '18 somewhere in that 20% to 25% up.

Welles Fitzpatrick -- SunTrust -- Analyst

Okay, perfect. So that's a 4Q number too. That's great.

Scot Woodall -- Chief Executive Officer and President

Yeah, coincidentally, year-over-year it's about the same, but Q4-over-Q4 is the same number as well.

Welles Fitzpatrick -- SunTrust -- Analyst

Okay. The cost savings -- am I reading the presentation and the prepared remarks right? That it is moving to more of an engineered frac maybe skipping some of the less productive stages or are you actually tweaking the formula?

Paul Geiger -- Chief Operating Officer

Hi, Welles, this is Paul. It's a sum of all the above, but we are tweaking the formula. I think you've got engineered enhancements there as we focus on the things that we believe are drivers of performance and that being fluid and we're able to through design changes and process efficiencies in the rest of the schedule able to drive performance down. We've got a good graphic of that in the corporate update, demonstrating overall drilling complete costs continuing to come down, but as we continue to ramp that fluid intensity up in the program. So we're able to achieve both of those things with an increased focus on all the efficiencies, the slide showing that's in page 20 of the corporate update.

Welles Fitzpatrick -- SunTrust -- Analyst

Wonderful. Thank you all so much.

Operator

Thank you. Our next question comes from Derrick Whitfield from Stifel. Please go ahead.

Derrick Whitfield -- Stifel -- Analyst

Thanks. Good morning, all.

Scot Woodall -- Chief Executive Officer and President

Good morning, Derrick.

Derrick Whitfield -- Stifel -- Analyst

Perhaps first Scot or Paul, could you comment on the length of your flowback periods for the high intensity fluid completions and compare that versus the previous design?

Paul Geiger -- Chief Operating Officer

Sure, Derrick, this is Paul. In Northeast Wattenberg, we're keeping that about flat. And so depending on what we're seeing from the individual wells, you've got a ramp program there anywhere from two to three and sometimes as much as four months to peak oil production. So as we think about that, gas continues to climb after that, so you've got BOE growth, but that's about how we expect those to go. We're still modifying that in Hereford, so we're watching that. We've seen as we tweak some of those, some of those things peeking out as early as 60 days and so we're continuing to watch that and modify that on -- there is, I believe, a graphics on page 19 of the corporate report that demonstrates that performance.

Derrick Whitfield -- Stifel -- Analyst

Very helpful, and then perhaps, again Scot or Paul, but referencing page 16, while clearly early in the data collection phase, can you outline any key learnings in completion design and spacing?

Paul Geiger -- Chief Operating Officer

Yeah, Derrick, Paul again, looking at that page 16, we've got that big data set across the asset now with the 3D, with the core, with the existing producing well footprint. This piece that we're talking about specifically in our development optimization work across late Q1 and early Q2 of this year is yet to happen. So we've got those fiber optic strings that we're running currently in three of those wells across this footprint. We've got the microseismic array laid out across there, but these learnings in those specific graphics represent the immediate data that we'll have available during those completion operations, which will occur beginning of Q2 late Q1, but beginning of Q2. And so those are the visuals associated with that.

Derrick Whitfield -- Stifel -- Analyst

Very helpful. Understood. Thanks for your comments.

Operator

Thank you. Our next question comes from Jason Wangler from Imperial Capital. Please go ahead.

Jason Wangler -- Imperial Capital -- Analyst

Good morning, was curious as you think about executing the '19 program and you mentioned the exit rate kind of the fourth quarter numbers in terms of production. How do you see it in 2020, do you see the ability to be kind of cash flow neutral throughout the year or would the program kind of be fairly similar or just kind of your thoughts early on there?

Scot Woodall -- Chief Executive Officer and President

You know, obviously, it's early, we're just putting out '19 guidance, to talk too much about '20, but you know the kind of the way that we see the world right now, I would assume our spending is somewhat kind of similar to what we are talking about in '19, which probably leads to some sort of modest growth profile associated with that. But I don't know if I want to go into too many of the specifics associated with that quite yet.

Jason Wangler -- Imperial Capital -- Analyst

That's helpful, Scot, I appreciate it. And then the operating costs, I guess, LOE and maybe G&A look like they're coming up a bit at least from the guidance if I'm doing the math right on a per BOE basis. I may be wrong there, but if I'm not, just could you maybe talk about that, is there something just maybe going on there?

Scot Woodall -- Chief Executive Officer and President

No, not really, I think you know the Hereford Field is a little bit higher on LOE, and as it becomes a little bit more of our portfolio, you may see that shift up a little bit. We still have quite all the infrastructure there that we have in Northeast Wattenberg, so we're trucking water disposal versus piping it and some of those other little things that should work themselves through the system as we kind of get up and running and get a little bit larger development footprint.

Jason Wangler -- Imperial Capital -- Analyst

Okay. I appreciate it. Thank you.

Operator

Thank you. Our next question comes from Mike Kelly from Seaport Global. Please go ahead.

Mike Kelly -- Seaport Global -- Analyst

Hey, guys, good morning, Scot, always appreciate your political commentary. Just wanted to check in with you to hear your thoughts maybe regarding this bill we keep hearing about that's sponsored by Speaker of the House and also the Governor that is expected sometime soon. I just wanted to get your thoughts on that and give us the temperature of the current climate. Thank you.

Scot Woodall -- Chief Executive Officer and President

Sure, Mike. You know, I guess what I would probably say is, obviously, the industry has been engaged with the newly elected leaders and there's been a lot of discussion back and forth over the last several weeks. And I guess I would say that my opinion has been pretty productive, we haven't seen any reactionary things about drilling bans and moratoriums and huge setbacks and all those types of things. I really think that the new leadership here in Colorado is really aimed at trying to do a productive long-term solution and so we're trying to work with them to get to a long-term focus productive, like I said, solution. It seems like they're still kind of focused on a couple of things, local control is probably one of the ones that's top of their list and just kind of a reference, obviously, we updated a slide in the presentation on page six and we've kind of shown the slide in different variations of this before, but if you look at page six, you see our acreage footprint and then in the green, we've outlined the actual municipalities in the State of Colorado and you can see that we are totally outside any municipalities. And so when we think about local control and we think about new regulations in Colorado, leads us to believe that we should be pretty resilient to any new changes that come about. Obviously, we're all anxious to see the bills as they come out, still think that we're probably a couple of weeks away, and I think I probably have said that for a couple of weeks, that I think it's two more weeks away or so before we start seeing some of the first draft language, but that's kind of what our people are telling us right now.

Mike Kelly -- Seaport Global -- Analyst

Awesome. Appreciate that. Switching gears a little bit, if I look at page 17 on the Hereford development slide, just want to make sure I understand this buffer zone and is this just simply kind of a sequencing exercise or is there at least kind of a slight loss of inventory associated with kind of this go forward development versus prior expectations? Thanks.

Paul Geiger -- Chief Operating Officer

Yeah, Mike, this is Paul, as far as that sequencing goes on 17, those buffer zones are really deferred production and those are built into all of our numbers for '19, and are built into the guidance and the rest of that. But you've got a half a DSU on either side of your active stimulation that are waiting on the next phase of development. So there is zero loss of inventory there, there is some component of deferred production, but we believe that's a trade for the significant enhancement of stimulation intensity that we'll get with that kind of treatment.

Mike Kelly -- Seaport Global -- Analyst

Got it. Understood. Just double checking that. Thank you, guys.

Operator

Thank you. Our next question comes from David Beard from Coker Palmer. Please go ahead.

David Beard -- Coker Palmer -- Analyst

Hey, good morning, everybody. Appreciate the color on the fourth quarter exit and a little bit on 2020. My question relates just how sensitive you are to changes in oil prices both on the upside or downside relative to accelerating activities and you need to see a month, a quarter, two quarters kind of either way before you put more money in the ground. Thanks.

Scot Woodall -- Chief Executive Officer and President

Sure, I would say that when you look at our hedge position for '19, I'm not sure any changes near term in commodity prices would make us change really our capital plan. You know, the Company really tries to look out 12 or 18 months and tries to hedge, so we can kind of secure these rates of return. So I don't think you'll see us real reactionary one way or the other to add or subtract.

David Beard -- Coker Palmer -- Analyst

All right. Great. Thank you. Appreciate it.

Operator

Thank you. Our next question comes from Welles Fitzpatrick from SunTrust. Please go ahead.

Welles Fitzpatrick -- SunTrust -- Analyst

Hey guys, thanks for letting me hop back on. Just a real quick one, I mean, can you talk to -- it's, I suppose, a follow-up on Derek's question, but the spacing for the '19 program, is that going to be closer to kind of implied 10 to 12 wells per unit and also can you remind us, most wells up in Hereford -- have most of those have been landed in the B2 zone to-date?

Scot Woodall -- Chief Executive Officer and President

Yeah, maybe just real quick wells, yes, we're doing spacing tests right now. So as you remember, we got like a 10 well, a 12 well, a 16 well type spacing. So when Paul was talking through the fiber optics and the microseismic work, that's going to be done, but we can look at the spacing differences between like a 16 well and a 12 well. So I think we kind of need to get that data and as Paul keeps saying, it's real-time data that we can then be able to change either our completions or spacings kind of very quickly. So I think the real determination for the back half of the year will kind of drive a little bit on the data that we see in the first half of the year.

Welles Fitzpatrick -- SunTrust -- Analyst

Okay, that makes sense.

Scot Woodall -- Chief Executive Officer and President

And then I kind of missed the second part of your question, Welles, I want you to repeat the second part.

Welles Fitzpatrick -- SunTrust -- Analyst

Yeah, on 27, you guys talk a decent amount to the different -- I guess the different targets within the Niobe, have most wells been landed in the lower of the Niobe the B2?

Scot Woodall -- Chief Executive Officer and President

That is correct, so in our patterns right now, we're doing there is Codell development and Niobrara and all of the landings have been in the B2.

David Beard -- Coker Palmer -- Analyst

Okay, perfect. Thanks.

Operator

Thank you. I show no further questions in the queue. At this time, I'd like to turn the call back to Larry Busnardo, Vice President of Investor Relations for closing remarks.

Larry Busnardo -- Vice President of Investor Relations

Okay. Thanks again for joining us today. As always, we're around all day, if you have any additional questions please feel to reach out to us. Thanks.

Operator

Thank you, ladies and gentlemen for attending today's conference. This concludes the program. You may all disconnect. Good day.

Duration: 34 minutes

Call participants:

Larry Busnardo -- Vice President of Investor Relations

Scot Woodall -- Chief Executive Officer and President

Paul Geiger -- Chief Operating Officer

William M. Crawford -- Chief Financial Officer

Welles Fitzpatrick -- SunTrust -- Analyst

Derrick Whitfield -- Stifel -- Analyst

Jason Wangler -- Imperial Capital -- Analyst

Mike Kelly -- Seaport Global -- Analyst

David Beard -- Coker Palmer -- Analyst

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