Delek US Holdings (DK) Q1 2019 Earnings Call Transcript

Delek US Holdings (DK 0.34%)
Q1 2019 Earnings Call
May. 06, 2019, 9:30 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen. This is your conference operator. At this time, I would like to welcome everyone to the Q1 earnings call for Delek US Holdings Inc. [Operator instructions] Thank you.

I would now like to turn the call over to Keith Johnson. You may begin your conference.

Keith Johnson -- Vice President, Investor Relations

Thank you, Laurie. Good morning. I would like to thank everyone for joining us on today's conference call and webcast to discuss DK's first-quarter 2019 financial results. Joining me on today's call is Uzi Yemin, our chairman, president, and CEO; Assi Ginzburg, EVP and CFO; Danny Norris, CAO; Fred Green, EVP and COO, as well as other members of our management team.

The presentation materials we'll be using during today's call can be found on the investor relations section of Delek US' website. As a reminder, this conference call may contain forward-looking statements as that term is defined under federal securities laws. Please see Slide 2 for the safe harbor statements. In addition to reporting financial results in accordance with generally accepted accounting principles or GAAP, we report certain non-GAAP financial results.

Investors are encouraged to review the reconciliation of these non-GAAP financial measures to comparable GAAP results, which can be found in the press release, which is posted on the investor relations section of our website. Our prepared remarks are being made assuming that the earnings press release has been reviewed as we are covering less segment and market information that is incorporated in the 1Q press release. On today's call, Assi will give an overview of our results, Danny will review financial performance and then Fred will cover operations for the quarter. Then Uzi will offer a few closing strategic comments.

With that, I'll turn the call over to Assi.

Assi Ginzburg -- Executive Vice President and Chief Financial Officer

Thanks, Keith. Great to be back in such a great quarter. We had a great financial performance this quarter as we continue to return cash to our shareholders while investing in our businesses. As Fred will discuss in a few minutes, we completed the Alky project at Krotz Springs and the turnaround at El Dorado in April.

As you can see on Slide 3, on an adjusted basis, for the fourth-quarter 2019, Delek US reported net income of $121.2 million or $1.54 per diluted share, compared to an adjusted net income of $21.5 million or $0.26 per diluted share in the prior-year period. Our adjusted EBITDA increased by 126% to $237.5 million in the first-quarter 2019, compared to $104.9 million in the prior-year period. Now I will turn it over to Danny to discuss financial performance for the quarter.

Danny Norris -- Chief Accounting Offcer

Thank you, Assi. Delek US reported net income of $149.3 million or $1.90 per diluted share, compared to a net loss of $40.4 million or $0.49 per basic share in the first quarter of 2018. Our consolidated contribution margin improved at $333.8 million in the first quarter this year, compared to $152.3 million in the first-quarter 2018. This was weighted by refining, which generated contribution margin of $294.3 million, compared to a contribution margin of $133.2 million in the first quarter of last year.

This increase was driven by more favorable Midland-Brent crude oil price differential, lower RINs expense, sustainable commercial performance and the benefit from an active inventory management strategy during a period of rising prices. In the prior-year period, refining results included approximately $90.9 million related to RINs waivers and $24.6 million of income from a biodiesel tax credit. During the first quarter this year, results did not include any benefit from regulatory decisions on 2018 RINs waivers or the biodiesel tax credit. We continue to work with the government on both of these matters.

There was approximately $61 million on a pre-tax basis of inventory benefit net of the lower of cost or market adjustment in the reported and adjusted first-quarter 2019 results. I do want to note that the inventory benefit in our reported and adjusted results was primarily offset -- partially offset by approximately $9 million on a pre-tax basis of cost related to an asset disposal and emissions allowance cost in the refining segment. Our performance during the first quarter of 2019 generated approximately $133 million of cash from continuing operations, as shown on Slide 4. This cash flow combined with our solid financial performance supported investing in the business through cash capital expenditures of $124 million and returning approximately $67 million of cash to our shareholders.

Slide 5 highlights our capitalization. We ended the first quarter with approximately $1 billion of cash on a consolidated basis and $771 million of net debt. Excluding net debt at Delek Logistics of $700 million, we had net debt of approximately $72 million at March 31 of this year. The financial flexibility provided by our balance sheet should allow us to fund our midstream projects with 60% to 70% debt depending on our cash generation and alternate investment opportunities.

On Slide 6, I want to highlight our EBITDA potential from our current operations. We have used variations of this slide in our slide presentations in the past. Using the long-term average of $2.50 Midland discount to Cushing and the crack spreads highlighted on this slide, our current operations have the ability to generate approximately $900 million of annual EBITDA. Please note that this includes the alkylation project at Krotz Springs that is now operational and the benefit from commercial initiatives such as improved crude sourcing and netbacks across our refining system.

It also includes a potential benefit from RINs waivers at our El Dorado and Krotz Springs refineries, which we have consistently received in the past. As we complete our midstream initiatives, we should have the potential to generate in excess of $1 billion of EBITDA before any IMO benefit. As we continue to develop our operations, our goal is to add less crack spread and crude differential dependent EBITDA over time through the combination of our midstream investments, the alkylation unit at Krotz Springs and our retail business. On Slide 7, I want to provide some guidance for modeling in the second quarter of 2019.

We estimate based on the forward curve that our realized Midland discount and our gross margin would be in a range of $1.30 to $1.50 per barrel, which should help to continue driving cash flow generation from our operations. I do want to note, in the second quarter of 2019 we expect a $12 million headwind from the combination of rebuilding inventory levels following the El Dorado turnaround and timing of realized hedging losses. During the second quarter of 2019, crack spreads have continued to improve, averaging $16.30 per barrel through May 2, compared to $13.02 per barrel in the first quarter of 2019 based on the 5-3-2 WTI Gulf Coast crack spread. In addition, the Midland Cushing discount has widened for May and June crude oil purchases.

This should benefit our refining operations in the third quarter, taking into consideration an inventory timing effect. Now I'll turn the call over to Fred to discuss our operations.

Fred Green -- Executive Vice President and Chief Operating Officer

Thanks, Danny. During the first quarter, our total refining system crude oil throughput was approximately 250,000 barrels per day. As shown on Slide 7 through the second quarter of 2019, we expect crude oil throughput in the refining system to average between 260,000 and 270,000 barrels per day. This takes into account the turnaround at El Dorado.

The turnaround began on March 11 and was completed on April 24. The refinery is now back to normal operations. Total capital cost for this turnaround was approximately $45 million. During the second quarter of 2019, we expect the crude oil throughput at El Dorado to average between 50,000 and 55,000 barrels a day.

This was the shortest turnaround format that allowed work to be completed on the majority of the process units. On Slide 8, I want to highlight our capital spending. Capital expenditures during the first quarter were $128 million, compared to $70 million in the first quarter of 2018. Our 2019 capital expenditures are forecasted to be $394 million.

This includes $223 million in refining, $12 million in logistics, $18 million in retail and $142 million at the corporate level. The spending on the Big Spring Gathering System is included in that corporate level number for 2019 that's currently forecasted $131 million. I'm pleased to announce that our new alkylation unit at the Krotz Springs refinery was operational in early April. Based on current market prices, the expected annualized EBITDA contribution will be approximately $50 million.

As a reminder, the alky unit should provide additional production flexibility at Krotz as it improves the ability to convert low-value butane and butylene into higher-value gasoline products. Our future EBITDA generated by the alky unit will also further reduce the portfolio's dependence on crack spreads. Progress continues on our Big Spring Gathering project. During 2018, we spent $79 million and we expect to spend approximately $131 million in 2019.

This compares to our previous guidance of approximately $80 million of spending in 2019. The change is due to a number of factors that include the addition of more production areas and an increased number of producers, along with additional storage capability and connections to support future growth of this system. Taking this into consideration, the total expected cost is approximately $210 million, compared to our previous estimate of $170 million. This new business line has an expected annualized EBITDA in the range of $40 million to $50 million, including accrued quality benefit on our refining segment, which should be fully achieved by 2022.

As a reminder, our capital expenditures for this project may be further adjusted as we develop a system to support our producer's growth plans. Next I'll turn the call over to Uzi for his closing comments.

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Thanks, Fred, and good morning, everybody. This was a great start to 2019, operational improvements that have been implemented and continue to increase our EBITDA in our business. These initiatives include the improvement in Krotz Springs refinery as well as commercial initiatives that continue to improve the refining system capture rates. These were factored in our first-quarter performance and should benefit us going forward.

Also, the WTI-linked crude system that we have built benefited from our wider Midland-Brent differential. In addition to the initiatives in place, we should benefit from the new alky unit at Krotz Springs. As we enter the second quarter, market conditions have continued to improve. The crack spreads have increased, and the Midland-Brent differential is currently at $11 per barrel.

This remains an attractive environment for our business model. The gathering system is progressing, and we continue to work with our producers to add acreage dedications. The increase in crude oil price since the beginning of the year should support drilling activity in the Permian Basin. During the quarter, we exited the proposed PGC partnership.

This allows us to explore more favorable options to participate in one of the announced long-haul pipeline projects. As shown on Slide 9, the combination of these initiatives along with other projects should help us achieve $350 million to $370 million of midstream EBITDA by 2023. As shown on Slide 10, total cash returned to shareholders was approximately $67 million in the first quarter of 2019. Over the last 12 months to March 31, we have returned $400 million or about 14% of our market capitalization.

Our capital allocation program balances cash to shareholders with potential opportunities for growth. Currently, we believe our stock is an attractive investment, and we intend to repurchase $60 million of Delek stock in the second quarter of 2019. In addition, our board of directors approved 4% increase in our regular quarterly dividend, which marks our fifth consecutive increase since the third quarter of 2018. We remain focused on creating long-term value as we balance returning cash to our shareholders, investing in our business and expLaurieng opportunities to develop the next stage of our growth.

With that, Laurie, can you please open the call for questions?

Questions & Answers:

Operator

[Operator instructions] Your first question comes from the line of Manav Gupta from Credit Suisse. Please ask your question.

Manav Gupta -- Credit Suisse -- Analyst

Good morning, guys. And congrats on the big beat. Somewhere in the mediocre beats of 1Q, we were all hoping there would be a big hidden beat of PSX-like beat and if -- I'm very glad to see you guys deliver it. What was really good about this fund was also the fact that last quarter, you had Big Springs and Krotz delivering the beat and this time, it was Tyler and El Dorado, so the entire portfolio is working.

My question is more on the midstream side. Uzi, when we look at the Big Springs Gathering project, management and investors both see eye-to-eye on it, right? It's a great project everybody loves it. The views on PGC were always a little divergent. Delek management made a very strong case for it, but investors really never fell in love with it.

And that's why when it did not proceed, the stock actually outperformed. What I'm trying to understand is how do we ensure that the next midstream project, which replaces PGC, looks more like the Big Spring Gathering project, a project which investors like right away versus management being forced to make an extra effort to bring investors on board? Any comments you could offer on that in that direction?

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Well, first of all, thank you, Manav, for the kind words. The team really worked really hard here over the last few months to make these initiatives happen. So -- and I'm very proud of what we achieved. Vis a vis your question, the long-haul strategy is something that we need to clarify, and we probably did a good job last time with PGC about the long haul.

Our intent all along is to use the excess barrels that we get from our gathering to utilize and to move these wells both to Midland and to some other places. Obviously, we don't want to destroy our own market so we don't -- our commitment -- and all along, it was our commitment that we will not enable new projects. Also, we want to make sure that we are supporting our producers, and the long-haul project should be at least five to seven times EBITDA, and that's on a fully funded project. Obviously, as we mentioned in the past, we're looking at project financing as well, which if we do it at 60% or 70%, the return, if you take the five to seven times EBITDA, the return will be pretty healthy.

Lastly, I want to emphasize what we just said that there are several announced projects. We are looking at a few of them, and we will make a decision about them when the time's due and we'll notify the market.

Manav Gupta -- Credit Suisse -- Analyst

Thanks for that, Uzi. A quick follow-up. DK lease expired from HEP and has an agreement with HEP that expires somewhere in 2020, if I'm correct. Any comments if you plan to renew it?

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Well, the HEP agreement was something that we got from Alon. It expires, I believe, by the end of this year. We did work with several prospects how to go about it, and we are very, very close to making a decision to go with one option, and I would notify the market once we do so.

Manav Gupta -- Credit Suisse -- Analyst

Thanks, Uzi. And congrats on the beat again.

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Thank you.

Operator

Your next question comes from the line of Neil Mehta from Goldman Sachs. Please ask your question.

Unknown speaker

Hi, good morning. This is Carly on for Neil. Thanks for taking the questions. The first one is just on Midland spreads.

I think the expectation is still for Midland just to narrow as we move through 2019 as more pipes come online, but we've seen those widen more recently. So can you just talk about what you think has driven the recent moves and the dips and how you expect Brent-Midland to trend in 2019, 2020?

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Well, Carly, thanks for taking the time to ask the question. The dips in the second quarter and probably early third quarter, why? Because we are balanced now. As we get more pipeline, we expect the dip to narrow in Midland. However, I want to emphasize something here.

That's all dependent on one big thing, the offtake capacity at Corpus. And I'm not sure that the situation in Corpus has cleared and if this terminaling in Corpus and the docks in Corpus are ready to take some of these barrels. So we may see another wider dip going to the fourth quarter in the first quarter before things will sort themselves out with the Corpus situation. The Corpus situation is pretty much convoluted situation at this point with several pipelines trying to connect to very few active terminals.

That's one thing. Now it doesn't change the fact that in our mind, in the long term, that's our strategy. In the long term, the situation of being close to the barrel and as we know, the gathering system in the Big Spring and we saw how good it is this quarter, the gathering system in Big Spring will allow us to enjoy the quality of the barrels. And by the end of the day, all these barrels need to be exported not to the Gulf but somewhere in Europe or Asia.

So by the end of the day, the dip that we are looking at is much more impacted by the Midland-Brent versus the Midland-WTI.

Unknown speaker

That's great. Thank you. Appreciate the thoughts on that. And then the follow-up is just around cash flow.

Looked quite strong this quarter. Just wondering, one, if there is any working capital impact to call out in that number, and then also just wondering if you can talk about the use on capital returns for the rest of the year following another strong quarter on both the buyback and the dividend here.

Assi Ginzburg -- Executive Vice President and Chief Financial Officer

Sure. Good morning, Carly. First, I'll start with the cash flow. There was some headwind for the cash flow.

We built roughly 800,000 barrels of inventory in the Tyler refinery, so that was basically offsetting the great cash flow in the quarter. With that being said, even with that it was a very strong quarter for Q1. And so capital return, as you know, we got to return excess cash to shareholders, and this quarter was no different as the result came stronger than even what the market anticipate, materially stronger. We upped the buyback this quarter to $60 million.

And on top of it, we also increased the dividend. So no change in our direction there.

Unknown speaker

Great. Thank you.

Operator

Your next question comes from the line of Phil Gresh from J.P. Morgan. Please ask your question.

Phil Gresh -- J.P. Morgan -- Analyst

Yes. Hi, good morning. A couple of follow-up questions or I guess clarifications. One would just be on the long-haul pipeline.

I know it's already been asked about. I'm just trying to think a bit maybe mathematically about this. In your slides, you're implying $150 million of midstream EBITDA improvement, about $50 million or so of that is the Big Spring Gathering. So there would be $100 million I think still embedded in there for the long-haul pipeline.

You mentioned a five to seven times build multiple, but you're also talking about potentially getting in on an existing pipeline. So would it be your expectation that you'd still be able to achieve something like that? And will that be in order of magnitude of cash we should be thinking about? You also mentioned project financing, so I'm just trying to tie this all together. Thanks.

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Good morning, Phil. There is one missing point and one missing point in your question, which is the growth in the gathering system. We just need to remember that the gathering system continues to grow, and we upped the EBITDA this quarter to $40 million to $50 million slightly, but we have more and more producers coming to us and more and more acreage dedication. So I wouldn't assume that the EBITDA coming from the gathering system will stick to $40 million to $50 million.

That's one thing. We see more acreage and more barrels coming our way than we expected. By the way, the growth in the Permian Basin is a little better than what we expect it to be. We thought 700,000 barrels, we probably think now closer to 800,000 barrels this year, maybe even a little more.

That's one thing. Second, about the long haul. The long haul, we were very clear in the past that we said not more than five to seven times EBITDA. And that -- with our project financing, obviously, that's fully funded.

And the -- we still need to make a couple of decisions here how we go about this because we certainly don't want to enable a new pipeline. And also, we want to make sure that we're picking the right people to go with.

Phil Gresh -- J.P. Morgan -- Analyst

Right. OK. Second question on the quarter, obviously, very strong quarter. If I look at El Dorado, for example, the gross margins there were just well in excess of our expectations.

And in your press release, you talked about being able to run full amounts of Permian barrels despite the downtime there. So was there an element of reselling Permian barrels in the quarter? I'm just trying to make sense of such a strong result despite the downtime.

Assi Ginzburg -- Executive Vice President and Chief Financial Officer

So first, as we enter into the quarter, we did manage our inventory slightly different going into the turnaround in the El Dorado refinery. We basically lifted some of the hedges around the J. Aron agreement. And as prices come up throughout the quarter, we hedge them internally.

So there is a profit taking there from managing the inventory, as we mentioned on the cover of the press release. Second, we did sell during the quarter products that we produced in the prior quarter. And that provided, I will say, a tailwind to the quarter, and as Keith suggested during the script, Uzi, Keith and Danny has mentioned during the script, some of it will be reversed in the next quarter, roughly $12 million. But overall, if you look at the amount of crude we had in the quarter, almost the majority of it was the WTS-Midland and local crude, and we bought basically no WTI, which we supplement sometimes in the refinery.

So that was the ability to run fully and utilizing all of the 200,000 barrels a day that we have across the system. So I can't say that we sold barrels. We just ran the right barrels, enjoyed the inventory benefits and of course, very low RINs environment. As you know, the prices of RINs came down to, at least the ethanol RINs, to almost $0.12, $0.14 RIN toward the end of the quarter, which really benefited the refinery.

Phil Gresh -- J.P. Morgan -- Analyst

OK. Thanks. I'll turn it over.

Operator

Your next question comes from the line of Matthew Blair from Tudor, Pickering, Holt. Your line is now open.

Matthew Blair -- Tudor, Pickering, Holt and Company -- Analyst

Hey. Good morning, everyone. Assi, it sounds like there's a few moving parts on the inventory picture. You had the LCM benefit of $52 million.

You sold some inventory for $61 million, but I think there might be a third portion here. What about the FIFO benefit at El Dorado, Big Spring and Krotz? Was there a positive tailwind here on margins in the quarter? And if so, can you break out the FIFO versus LIFO impact there? Thanks.

Assi Ginzburg -- Executive Vice President and Chief Financial Officer

Sure. So let's start with the facts. We had the inventory benefit on the actual results, not the adjusted results, of $112 million. Of that $52 million was LCM, low cost of market, which we adjusted out.

So we left with roughly $60 million of FIFO gain -- FIFO, LIFO gain across the system, and we actually called it out in the press release on the first -- on the second paragraph. So results were benefited basically from 60 to -- adjusted results from $60 million on the inventory. And basically, historically, all of Delek inventories were hedged at El Dorado, Krotz and Big Spring with the J. Aron.

Towards the early Q1 of this year and late last year, we lifted some of those hedges with J. Aron. And then we put them back across the year as we manage our inventory. So that was a very good benefit, and that's part of what we call the inventory management.

I will point out though that even when you take out the $60 million, results are still extremely favorable. And as we mentioned in our bridge in the slides, commercial did an excellent job during the quarter, by basically getting better netbacks across the board, buying cheaper barrels across the board and on top of it, we're able to renegotiate some intermediates products that really benefited our quarter. And as you can see, we're now comfortable saying that in a much different environment today, I will say less crack spreads, lower Midland base, we can generate grossly $9 million of inventory. So I think the missing part is actually how commercial acted this quarter.

Matthew Blair -- Tudor, Pickering, Holt and Company -- Analyst

OK. Sounds good. And then the $61 million, I guess, inventory gain, are you able to split that out by refinery?

Assi Ginzburg -- Executive Vice President and Chief Financial Officer

We have that between the refineries, but I think it's better that we'll report it separately. I don't want to go into specific detail this quarter at this point.

Matthew Blair -- Tudor, Pickering, Holt and Company -- Analyst

OK. Sounds good. Thank you.

Operator

Your next question comes from the line of Doug Leggate from Bank of America. Your line is now open.

Unknown speaker

Hey, guys. Good morning. This is Kalei on for Doug. Just have one question on the Permian Basin.

Obviously, demand there for fuels is very strong. Wondering if you can talk about the supply/demand balance for that market and whether any impact is expected as peers extend their reach into Central Texas?

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Are you talking about the product balance or the crude balance? I assume product.

Unknown speaker

Yeah, the product balance.

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Yes. Obviously, it continues to be very strong, and we know a couple of companies that start up -- or actually one project was announced to expand -- to bring, I believe, 20,000 barrels or something like I guess 25,000 barrels to the region. That will happen sometime in 2020, middle of 2020. We are not as concerned, and I'll be clear why.

Still bringing to the -- from the Gulf is $0.09, so at any given moment, $0.08 or $0.09. So even somebody signs a take-or-pay or T&D and you look at it as a sub-cost, there is the other portion of the pie that people need to pay $0.08 to $0.09 to bring it up. So I do believe that we will continue to see very strong margin because we basically have long-term agreements with different people. We have a wholesale blended system over there that we don't expect people to change.

And that's -- if anything, we need to be comfortable with is the Big Spring netbacks.

Unknown speaker

That's awesome. Thanks for answering my question.

Operator

Your next question comes from the line of Brad Heffern from RBC Capital Markets. Please ask your question.

Brad Heffern -- RBC Capital Markets -- Analyst

Hey. Good morning, everyone. Uzi, I just wanted to beat the dead horse a little bit more. But on the pipeline, can you just clarify what exactly the opportunity set is for that? You mentioned that you don't want to support another -- a newbuild pipeline.

And so are you talking about buying into one of the projects that's currently in flight? Or are you talking about buying into an existing pipeline that's already online?

Uzi Yemin -- Chairman, President, and Chief Executive Officer

We have several options. And since we are in the middle of thinking about that, I would limit to the comments we made earlier. I'm sure it would be -- it will clarify itself over the next few months.

Brad Heffern -- RBC Capital Markets -- Analyst

OK. Sure. And then you guys talked last quarter about progressing a new detail drop with the Krotz Springs assets. Can you give an update on that? And maybe more broadly, just your thinking on the MLP in general right now?

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Assi, do you want to take that one?

Assi Ginzburg -- Executive Vice President and Chief Financial Officer

Sure. For the Krotz drop-down, we continue to look into the best way to do it, taking into consideration the agreement and the type of the asset. And we'll probably be able to discuss it with the market. So I guess our decision is sometime next quarter.

We still think we'll be able to accomplish it and grow it by year-end. And of the MLP market, the market is still not as favorable. With that being said, we were very encouraged by the ability of our peers to access the capital markets in the last few weeks. So we do see some, I will say, strength and appetite from investors to buy into those units.

Brad Heffern -- RBC Capital Markets -- Analyst

OK. Thank you.

Operator

[Operator instructions] There are no further questions at this time. I will turn the call over to the management. Do you have any closing remarks?

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Yeah. Thank you, Laurie. Wanted to thank my friends around the table here, you analysts and investors for supporting us over the last quarter. I'd like to thank the board of directors of Delek US Holdings for helping us making it happen.

And by the end of the day, without their support, we couldn't do it. But mainly, I'd like to thank every employee of this great company that contributed to this another wonderful quarter that we just had. Delek has a bright future. We'll talk to you soon.

Thanks.

Operator

[Operator signoff]

Duration: 37 minutes

Call participants:

Keith Johnson -- Vice President, Investor Relations

Assi Ginzburg -- Executive Vice President and Chief Financial Officer

Danny Norris -- Chief Accounting Offcer

Fred Green -- Executive Vice President and Chief Operating Officer

Uzi Yemin -- Chairman, President, and Chief Executive Officer

Manav Gupta -- Credit Suisse -- Analyst

Unknown speaker

Phil Gresh -- J.P. Morgan -- Analyst

Matthew Blair -- Tudor, Pickering, Holt and Company -- Analyst

Brad Heffern -- RBC Capital Markets -- Analyst

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