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Oasis Petroleum Inc (NYSE:OAS)
Q3 2019 Earnings Call
Nov 6, 2019, 11:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning. My name is Chad and I will be your conference operator today. At this time I'd like to welcome everyone to the Third Quarter 2019 Earnings Release and Operations Update for Oasis Petroleum. [Operator Instructions].

I would now like to turn the call over to Michael Lou Oasis Petroleum's CFO to begin the conference. Please go ahead sir.

Michael Lou -- Chief Financial Officer

Thank you Chad. Good morning everyone. Today we are reporting our third quarter 2019 financial and operational results. We're delighted to have you on our call. I'm joined today by Tommy Nusz Taylor Reid as well as other members of the team. Please be advised that our remarks on both the Oasis Petroleum and Oasis Midstream Partners including the answers to your questions include statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently disclosed in our earnings releases and conference calls.

Those risks include among others matters that we have described in our earnings releases as well as in our filings with the Securities and Exchange Commission including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. We disclaim any obligation to update these forward-looking statements. During this conference call we will make reference to non-GAAP measures and reconciliations to the applicable GAAP measures can be found in our earnings releases and on our website. We will also reference our current Investor Presentation which you can find on our website.

With that I will turn the call over to Tommy.

Tommy Nusz -- Chief Executive Officer

Good morning and thanks for joining our call. The Oasis team delivered a strong third quarter exceeding our production guidance and spending below our capex projections. We also made progress lowering our cost structure in reducing debt. The organization continues to focus on per share value drivers of cash flow cash margins return on investment and capital efficiency all of which should drive attractive returns whether at a well project and corporate level. Taylor will get into more operational detail in a minute but I want to highlight a few key points about our performance and strategy. First Oasis continues to execute its measured development program in 2019 and has generated strong free cash flow at the E&P level. We reduced debt by $125 million under our Oasis credit facility driven by that free cash flow along with cash from divestitures. Second in the Williston we executed well across the board. I'll let Taylor and Mike will give more color in a bit but we've made material progress in reducing our well costs which should help drive capital lower in 2020. Separately in a tough A&D market we were able to divest a small portion of Williston assets during the quarter bringing in about $41 million in proceeds. Third in the Delaware it's been a little shy of two years since we announced the Forge acquisition and we've made tremendous progress. The teams have been able to secure services and drive operational efficiencies get visibility on takeaway capacity and we continue to make significant progress delineating our position and understanding the subsurface across that position. During 2019 we brought on wells across the Wolfcamp A B and C intervals. Additionally we've been able to do multiple small bolt-on acquisitions at attractive prices allowing us to increase ownership and block up DSUs for longer laterals. Drilling times and well costs have come down significantly which should help drive efficiencies and lower costs going forward. In 2020 we will essentially shift toward development mode focusing on multi-well pads primarily in the Bone Springs and the Wolfcamp A.

Fourth our midstream assets continue to provide a competitive advantage as seen in our cost structure netbacks flow assurance and gas capture where we are currently running about 93% to 95% capture versus a North Dakota average of 81%. As you know we've made significant investments in this segment over the last several years and our midstream business has been a critical asset for managing business risk especially as other midstream companies are delaying and thus have been delaying investment in the Williston Basin. On the heels of our IPO of OMP in the fall of 2017 our premier midstream assets generated approximately $160 million of EBITDA in 2018 on added basis. Just a year later in 2019 we expect to generate between $260 million and $70 million. We continue to look at ways to enhance the value of our ownership in these assets. Fifth in August and September we took steps to optimize our G&A cost structure to better fit our business on a go forward basis. As part of this initiative we reduced our workforce by approximately 13% including the elimination of one of our two OWS frac crews. While these types of decisions are always difficult we need to continuously look at ways to be as efficient as we can throughout our organization. The team has done a great job and as a result we're trending below our G&A guidance for the year and these third quarter actions are expected to lower the annualized run rate by about $10 million based on where we are today. We'll continue to look for efficiency options to meet investor expectations as we move through the structural transition that the entire industry is experiencing today.

That includes developing creative solutions and doing things differently than we've done in the past. Lastly looking forward to 2020 our anticipated activity levels were essentially unchanged since our August call. We're currently planning to run 2 rigs in the Williston and 2 rigs in the Delaware for most of the year. We would expect fourth quarter 2020 volumes to be up modestly from our fourth quarter 2019 average this puts us on a path to maintain modest growth reduce debt and generate free cash flow in a $50 to $55 world or below and we will continue to protect these cash flows with an active hedging program. On the capital side we noted last quarter that the consolidated 2020 capex was anticipated to be shy of 800 million at this point we expect to deliver essentially the same plan with much lower capex . Stepping back to 2019 volume outlook is unchanged adjusting for the impact of the divestitures and we are currently keeping our capital plan in line with our August expectations. Additionally we lowered our operating expense guidance yet again as we're beating expectations for the year. Oasis E&P produced approximately $47 million of free cash flow in the third quarter and 68 million year-to-date remaining on track to deliver strong free cash flow for this year. The core business remains strong and we continue to advance our strategic objectives which includes size and scale portfolio diversity asset quality and financial strength.

With that I will turn the call over to Taylor.

Taylor Reid -- President & Chief Operating Officer

Thanks. Tommy since our last call we've made considerable progress in our 2019 program remains on track. Our priorities remain running an efficient core Wilson program harvesting free cash flow to fund the Delaware while paying down debt. In the Williston we continue to be encouraged by delineation results from step out areas. An investor presentation has been updated to reflect the latest data from select emerging areas in the Williston. As shown on page eight we and other operators continue to see results in Painted Woods North Alger South Cottonwood and Red Bank which demonstrate the quality of the inventory versus the rest of the basin. Well Oasis will be focused on the heart of the Williston for quite some time. We're impressed by the results observed in these step out areas. As a reminder substantially all of our 414000 acre Wilson position is held by production and with the benefit of our position being dominated by fee acreage we have significant optionality on the pace of development and speed of permitting with only about 3% of our acreage on federal lands we have limited exposure to longer permitting cycle times. Turning to the Delaware. We continue to observe strong well productivity across the column including the third Bone Springs and Wolfcamp A B and C. Stepping back and looking at Delaware well performance as a whole. On average performance has been above our expectations and we've been pleasantly surprised by performance in the lower benches. Oasis has essentially shifted to development mode with our next completions focused on the BIGHORN and ARROWHEAD pads in early 2020.

These units will be focused on the Wolfcamp A in third Bone Springs. Transitioning to our drilling and completions our cycle times have improved sharply over the past 12 months. Our last 2 mile lateral wells had spud to rig release in the 23 to 27 day range versus our first wells in the basin that were in the 40 plus day range. Drilling time should continue to improve as we optimize well designs and increased focus on multi-well pad development. We are currently targeting well cost of $9.4 million for a four well pad which compares to approximately $11.5 million in 2018. We see this trending to below $9 million in 2020 through a combination of service cost improvements and increased efficiencies along with continued optimization of drilling and completion design. Our tenant of 2020 plan includes 2 rigs and approximately 20 to 25 completions. In the Williston as we spoke about last quarter we are focused on reducing well cost to design changes and pricing concessions. We've made progress on both these fronts since we last spoke and are on track to achieve a $7.2 million well cost by year-end versus $7.6 million at our August update. We see this potentially turning down another 5% in 2020. Our tentative 2020 plan would have us running 2 rigs during the year and completing approximately 45 to 55 wells. To close we continue to execute on our 2019 plan focused around an efficient Williston program and preparing the Delaware for full-field development. Oasis has benefits from our inventory debt subsurface and operational expertise as well as the top-notch marketing group. I want to congratulate the team for significant improvements in well cost and capital efficiency cost control across the business combined with a keen focus on production optimization in midstream run times. The strides that we have made since the last quarter have been impressive and our challenge in team to maintain the relentless focus as we move forward.

With that I'll now turn the call over to Michael.

Michael Lou -- Chief Financial Officer

Thanks Taylor. Operationally Oasis is executing well and remains focused on delivering our 2019 program. We're driving well cost lower reducing operating costs G&A and are generating significant free cash flow which was supplemented by asset sales to further reduce debt. On the operating cost side we executed well in the third quarter as a combination of great cost control and higher volumes led us to beat our LOE guidance. The team has made great strides minimizing downtime and being proactive and well maintenance we lowered our LOE cost guidance range for the year. On G&A we're trending materially below our original full year guidance. In the third quarter we took a charge of approximately $4 million related to a reduction in force which is expected to lower the G&A run rate by approximately $10 million. Adjusting for non-recurring charges G&A is on pace to be 7% below original guidance. As Tommy mentioned we were able to divest various asset packages in the Williston for approximately $41 million which contributed to our overall significant debt reduction during the quarter well as associated with these divestments came online very recently. The production impact from those divestitures was approximately 330 BOEs per day in the third quarter and is expected to be 1.7 MBOE per day in the fourth quarter. Our updated fourth quarter production guidance is unchanged from the August update when adjusting for the divestiture impact.

For full year 2020 we would expect the divestiture impact to be about 1.1 MBOEs per day. Volumes for 2020 are still expected to be higher than our fourth quarter average. On 2020 capital last quarter we had discussed the consolidated number of about $800 million and given the progress that we've made in reducing costs. We now believe consolidated capex could be approximately $750 million. This reduction would be a combination of lower well costs on the E&P side and optimization of capital on the midstream side. And given the trends of well cost this number could continue to be biased downward. Clearly the teams has been focused on the capital and operating cost side and are doing an incredible job. On the revenue side Williston crude differentials remain strong in the third quarter as our marketing team consistently delivers superior realizations. In the Delaware crude differentials generally are at parity or premium to WTI as several new long haul pipes came online this year. Looking in to the fourth quarter differentials are expected to widen modestly from the strong level seen year-to-date but it looks like our full year diffs will be better than our full year guidance. As we've discussed we generated significant free cash flow which allowed us to repay a $125 million under our Oasis credit facility.

We are further securing our future free cash flow generation with over 80% of the remainder of 2019 estimated oil production hedged at a weighted average floor price of $66 per barrel. For 2020 we've added additional colors and swaps the details of which can be found in the in the appendix of our investor presentation. Turning to Midstream we're excited to report Oasis executed final agreements for the dedication of certain Delaware acreage to OMP via the Panther DevCo. Additionally Oasis has continued to move closer to toward a long-term agreement for gas gathering and processing in the Delaware and we will likely be in a position to elaborate more early next year. Total midstream capex was $37 million in the third quarter and we are trending below our previous full year guidance range. Net capex to Oasis attributable to its retained interest is expected to range between $14 million and $15 million. This excludes Delaware spending which will be in reimbursed by OMP in the fourth quarter. We'll be talking in more detail on the O&P call shortly and I would also direct you to our O&P press release for more color on our continued success on the midstream front. To sum things up Oasis has a laser focus on increasing operational efficiency reducing costs and maximizing profitability. The team continues to execute well and we're in a strong position to deliver repeatable long-term growth significant free cash flow generation and continued reduction of debt.

With that I'll turn the call back over to Chad to open the line for questions.

Questions and Answers:

Operator

Thank you. We will now begin the question-and-answer session. [Operator Instructions] The first question comes from Derrick Whitfield with Stifel. Please go ahead.

Derrick Whitfield -- Stifel -- Analyst

Thanks, good morning all and congrats on a strong update.

Tommy Nusz -- Chief Executive Officer

Thanks, Derrick.

Derrick Whitfield -- Stifel -- Analyst

Perhaps for Tommy or Taylor, could you speak to some of the drivers behind your targeted well cost improvements in the Bakken and Delaware and perhaps split out the structural versus cyclical elements?

Tommy Nusz -- Chief Executive Officer

Yeah. So really Derek, it's been a combination to talk about both service cost certainly getting better on the efficiency and cycle time of the business as well and also a bit of design. I don't have an exact break out for what the components are. We did talk about early in the year you saw about a 10% move on the stimulation side, drilling contracts in the first half really didn't move quite as much in the second half of the year you've seen a little bit more acceleration on the service cost side of the business, but there's truly been a big move on like say both the efficiency side of the business and cycle time. So roughly maybe, it's is 50-50 in improvement something like that.

Derrick Whitfield -- Stifel -- Analyst

Great. And as my follow up perhaps for Michael was the RPO reduction expected in secondly as we look out to the 2020 spring redetermination. What's your level of confidence that you can retain your current commitments assuming similar macro conditions?

Michael Lou -- Chief Financial Officer

Derek, what I'd say is that not unexpected. I think we've talked about some of the things on the reserve side from previous years and spacing that we had, so not surprise on that side. And then the bank certainly have come down pretty considerably on their price deck that they're assuming. I don't expect that to continue. I think they have taken some conservatism, but we'll see where that goes. I mean the good thing for us is that we've been able to reduce significant amount of debt under that revolver where our reliance upon the revolvers getting less than less and we'll continue to as we continue to generate free cash flow. So, our percentage utilizes continuing to go down so we're not as worried about it.

Derrick Whitfield -- Stifel -- Analyst

Makes sense. Thanks for your time.

Michael Lou -- Chief Financial Officer

Thank you.

Operator

The next question comes from Michael Hall with HEA. Please go ahead.

Michael Hall -- Heikkinen Energy Advisors -- Analyst

Thanks. Maybe just quickly following up on that line of thought, any commentary or maybe targets around line of sight on additional debt reduction in 2020?

Tommy Nusz -- Chief Executive Officer

Yeah we don't have a specific number right now, Michael. Obviously, we haven't given kind of full guidance, we're still working through plans, but it's a balance of all the things that we've talked about how do you over time generate kind of a moderate growth and kind of its repeatable over a long period of time, but generate significant free cash flow and repay that debt. So, it's going be a combination of things. We haven't come up with exact numbers quite yet, but that will be over the coming months.

Michael Hall -- Heikkinen Energy Advisors -- Analyst

Okay. And are there any similar transactions to what we saw in the third quarter that maybe you have in your slides?

Tommy Nusz -- Chief Executive Officer

Right now, we don't have additional sites on kind of additional sell downs if that's what you're referring to. No, we don't have any more right now.

Michael Hall -- Heikkinen Energy Advisors -- Analyst

Okay. And then I was also curious just on the kind of cadence of activity. I guess through 2020, that's disclosure around the expected -- still expect to see some growth for 4Q versus 4Q, what's the timing of the Delaware Basin completion specifically in 2020 plan currently?

Tommy Nusz -- Chief Executive Officer

So the Delaware completions will get on those wells and start frac and then first quarter and probably kind of January timeframe and we've got a couple of units the ARROWHEAD and the BIGHORN that we'll be frac and those are all multi-well units. So, you're probably not going to see production on those until really second quarter timeframe.

Michael Hall -- Heikkinen Energy Advisors -- Analyst

Okay. And then from the second quarter is it kind of even cadence from there I guess if it just kind of spread targeted completion to the rest of the year?

Tommy Nusz -- Chief Executive Officer

Yeah you're going to have fair amount of activity from a stimulation perspective in the first half of the year, a lot of those wells coming on second quarter and maybe some third and then you're likely to have a bit of a gap until completing some additional pads in 3Q and 4Q. As we've talked about in the past, we're really go into development and getting the benefits from a cost perspective of doing more wells in these units at a time, you just get groupings of wells coming on. So it's not perfectly spread through the year. But, second quarter third quarter, you may have a bit of a gap and then more in the third and fourth.

Michael Lou -- Chief Financial Officer

Okay. Michael, from a production profile standpoint, and I don't think we've changed anything from our last quarter. I think, we said, a fourth quarter exit rate, I think, at that time those were implied 46 previous divestments, that would be -- I'm sorry, 86 and would be kind of a little bit higher than that for next year. And what I would say is that, you'd expect kind of the first half of the year to be a little bit low or it kind of ramps to the back half of the year. So, fourth quarter, 2020 over 2019 should be increasing a little bit more.

Michael Hall -- Heikkinen Energy Advisors -- Analyst

Okay. That's helpful. Appreciate it, Michael. And then, I guess, on the as we just kind of think big picture about the 2020 Williston program, is it pretty similar program as it relates to kind of the different areas where we see completions over the course of 2020 relative to 2019. The mix across the basin, I guess, stronger now.

Tommy Nusz -- Chief Executive Officer

Yes. The program next year is really focused. It's primarily Will Basin in Indian Hills. And as we talked about, we'll have a couple of rigs running and one frac crew. So, it's probably relative to this year, maybe we had a few more wells in Red Bank, then what you may see next year, but not a big difference in overall waiting really.

Michael Hall -- Heikkinen Energy Advisors -- Analyst

Okay. Thanks guys. Appreciate it.

Tommy Nusz -- Chief Executive Officer

Thanks.

Michael Hall -- Heikkinen Energy Advisors -- Analyst

Congrats on the progress.

Tommy Nusz -- Chief Executive Officer

Thanks.

Operator

Our next question will be from David Deckelbaum with Cowen. Please go ahead.

David Deckelbaum -- Cowen -- Analyst

Thanks, guys. Good morning, Tommy --

Tommy Nusz -- Chief Executive Officer

Hey, David.

David Deckelbaum -- Cowen -- Analyst

-- Taylor and Michael. Just wanted to follow up on conversation around Delaware, the previous exit rate guidance you basically hit in 3Q. I just wanted to confirm where you see Delaware volumes now in the fourth quarter. And then I'll just ask a follow-up on that.

Taylor Reid -- President & Chief Operating Officer

Yeah. So we saw where we average for the quarter 8,500 and we did our 9,000-plus during the quarter that we were kind of targeted in -- got the benefit of getting more work done early, cycle times have really come down. And so, we're able to drill these wells earlier than we originally thought, earlier in the year. So that's good news. Now, along with that, we're not going to have any more completions in 4Q. So you're going to see the volumes come down a bit through 4Q and then even 1Q of next year, and then rebounded as we go to 2Q and 3Q.

David Deckelbaum -- Cowen -- Analyst

That's helpful, Taylor. Thank you. And, I guess, if we're running this two-rig program in the Williston, if this is sort of steady state and we're keeping the Bakken flattish and maybe plus or minus a percent here and there, should we always be thinking about the first half of the year just declining seasonally and then picking back up in the back half of the year?

Michael Lou -- Chief Financial Officer

Yes. We think that's -- generally with consistent activity that you're generally going to see that. You just get less work done in the winter. We've had this dip and a bit of back loading for a number of years. Yeah, I think that's a good way to think about it.

David Deckelbaum -- Cowen -- Analyst

Okay. And if I could just ask a quick follow-up, in the press release, you talked about the DD&A rate increasing, I get that that's an accounting number. Can you give a little bit of color there, on just some of the reserve assumptions for the Bakken and the Delaware that resulted in the higher rate?

Michael Lou -- Chief Financial Officer

Yeah. David, So on the DD&A calc, obviously some of that's driven around kind of the reserve side. And I think we talked about in our August call. That the reserve, some of the reserves that we had seen from well spacing test that we had seen previous years back have come down a bit. And so, that's affecting the DD&A rate. And we do DD&A rates twice a year. And so you're seeing the impact in the third quarter.

David Deckelbaum -- Cowen -- Analyst

Thanks, Michael.

Michael Lou -- Chief Financial Officer

Sure. Thanks.

Operator

The next question will come from Gregg Brody with BoA. Please go ahead.

Gregg Brody -- BoA -- Analyst

Good morning, guys.

Michael Lou -- Chief Financial Officer

Good morning.

Gregg Brody -- BoA -- Analyst

Just I was wondering I'm wondering if you could provide an update on, sort of the midstream value creation exercise that you were talking about last quarter, and where that stands.

Taylor Reid -- President & Chief Operating Officer

Sure. The short answer is we don't have an update today. We still -- I think, you've heard we were performing at a great level on that midstream assets they continue to be incredibly strategic, as you have heard a number of operators had some weather issues, having strategic midstream like this, is super beneficial for us as an operator.

So, performance has been really strong. We continue to think that the midstream is undervalued. And so, we're committed to kind of eliminating that value. And we'll come out with more when we're able to.

Gregg Brody -- BoA -- Analyst

Got it and two more for you, the first one, you reduced your commitments on your revolver voluntarily. Can you explain the rationale for that?

Taylor Reid -- President & Chief Operating Officer

Yeah. Borrowing base did come down. I mean a combination of reserves that we just talked about. As well as like I said previously bank price decks have come down, quite a bit. Both on the oil side and the gas side, a little more conservatism from the banks on that front.So, no surprise, so our borrowing base number came down, we decided to take elected commitments down. One, because there's less of a need for us to have that high revolver number and we do pay fees on what's unused.And so, as you can see, our revolver balance came down pretty significantly. And we basically took elected commitments down to a level where it was pretty even with where we were at the end of the second quarter, in terms of how -- what percentage was drawn.We think that's a good level for us. And as we continue to repay debt, will be less and less reliant upon our revolver going forward.

Gregg Brody -- BoA -- Analyst

And that makes sense. And then there is a $20 million charge you took for a litigation accrual. What does that relate to? And is that -- how far along is that process.

Michael Lou -- Chief Financial Officer

Yeah. So the word litigation accrual is associated with -- there's a few lawsuits out there, and we've got a -- no with respect to lawsuit has got a process where we assess the lawsuits, and then what the potential impact of those could be, and based on that assessment we've established a reserve that represents what that impact could be. If you look that we've got really extensive disclosure on those suits. So, one of them is lawsuit filed by Mirada, and you can look into disclosure again and read all about that what would it will tell you is that we think the claims earlier without merit. But it really is fully laid out and all the disclosures.

Gregg Brody -- BoA -- Analyst

And that's -- Is there a timing when you expect that to be -- the process to conclude?

Michael Lou -- Chief Financial Officer

You know, it's hard to predict timing on because of court dates and all those things that move around, so hard to give a definitive date at this point.

Gregg Brody -- BoA -- Analyst

Great, that's helpful. I appreciate the time guys.

Michael Lou -- Chief Financial Officer

Thanks.

Tommy Nusz -- Chief Executive Officer

Gregg, thanks.

Operator

The next question comes from Dun McIntosh with Johnson Rice. Please go ahead. Please go ahead, Don. Perhaps your line is muted on your end.

Dun McIntosh -- Johnson Rice -- Analyst

Sorry, I was on mute. Good morning guys.

Michael Lou -- Chief Financial Officer

Good morning.

Dun McIntosh -- Johnson Rice -- Analyst

I had a quick question on the fourth quarter pricing widens out a little bit, and I was just wondering if you see improvement kind of getting back more toward your historical realizations next year, and what are kind of some of the drivers there? Why move out and if it is going to come back in what is -- where do you see the release coming from?

Tommy Nusz -- Chief Executive Officer

Yeah. I think this is a bit of a transient thing we have seen. Early in the fourth quarter things widen out a bit. Some of it due to kind of Brent TI differentials and some other factors. But what we've seen in as we're starting to look at selling kind of December barrels now, you're actually starting to see that kind of come back to more historical levels.

Dun McIntosh -- Johnson Rice -- Analyst

Okay. Great, thanks. And then on the M&A front, you commented on -- nothing in the pipeline in terms of further sales from all in the Williston, but you've had some success this year with bolt-ons in the Delaware. I was wondering what that environment looks like? Are there still opportunities there for swaps and continue to kind of core up that position and what you view -- maybe not from a larger standpoint but bits and pieces here and there how is that deal flow look?

Michael Lou -- Chief Financial Officer

Yeah, you bet. Yeah. Good news is we really been able to optimize the position and set it up for from more two mile laterals block up more of the acreage doing these --both these smaller deals and trades, and we think there's more opportunities to do that. So, we will continue to work that front.

Dun McIntosh -- Johnson Rice -- Analyst

All right. That's it from me. Thank you.

Michael Lou -- Chief Financial Officer

Great. Thanks.

Operator

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Tommy Nusz for any closing remarks.

Tommy Nusz -- Chief Executive Officer

Thanks, Chad. In closing, Oasis continues to lower cost and drive efficiency, putting us in a strong position to generate free cash flow, E&P free cash flow and reduce debt. Our deep well cost resource base with a strong team behind it puts us in a position to succeed, and we look forward to delivering for our shareholders. Again, thanks for joining our call.

Operator

[Operator Closing Remarks].

Duration: 36 minutes

Call participants:

Michael Lou -- Chief Financial Officer

Tommy Nusz -- Chief Executive Officer

Taylor Reid -- President & Chief Operating Officer

Derrick Whitfield -- Stifel -- Analyst

Michael Hall -- Heikkinen Energy Advisors -- Analyst

David Deckelbaum -- Cowen -- Analyst

Gregg Brody -- BoA -- Analyst

Dun McIntosh -- Johnson Rice -- Analyst

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