Black Stone Minerals LP (BSM) 2016 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Black Stone Minerals first-quarter 2016 earnings conference call.

女士們、先生們，美好的一天，歡迎參加 Black Stone Minerals 2016 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference, Mr. Brent Collins, Vice President of Investor Relations. Sir, you may begin.

提醒一下，本次會議正在錄製中。現在我想介紹一下今天會議的主持人，投資者關係副總裁布倫特柯林斯先生。先生，您可以開始了。

Thank you, Antoine. Good morning to everyone and thank you for joining us either by phone or online for Black Stone Minerals' first-quarter 2016 earnings conference call. Today's call is being recorded and will be available on our website along with the earnings release which was issued yesterday afternoon.

謝謝你，安托萬。大家早安，感謝您透過電話或線上參加 Black Stone Minerals 2016 年第一季財報電話會議。今天的電話會議正在錄音，並將與昨天下午發布的收益報告一起發佈在我們的網站上。

Before we start, I'd like to advise you that we will be making forward-looking statements during this call about our plans, expectations and assumptions regarding our future performance. These statements involve risks that may cause our actual results to differ materially from the results expressed or implied in our forward-looking statements. For discussion of these risks, you should refer to the cautionary information about forward-looking statements in our press release from yesterday and the risk factors section of our 10-K that was filed earlier this year and our Form 10-Q, which will be filed later today.

在我們開始之前，我想告訴您，我們將在本次電話會議中就我們未來業績的計劃、期望和假設做出前瞻性聲明。這些陳述涉及可能導致我們的實際結果與我們的前瞻性陳述中明示或暗示的結果有重大差異的風險。對於這些風險的討論，您應該參閱我們昨天的新聞稿中有關前瞻性陳述的警示信息以及今年早些時候提交的 10-K 中的風險因素部分和我們的 10-Q 表格，該表格將在今天晚些時候提交。

We may refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. A reconciliation of those measures to the most directly comparable GAAP measures and other information about these non-GAAP metrics are described in our earnings press release from yesterday, which can be found on our website at which can be found on our website at BlackStoneMinerals.com.

我們可能會參考某些我們認為有助於評估我們績效的非公認會計準則財務指標。我們昨天的收益新聞稿中描述了這些指標與最直接可比較的GAAP 指標的協調以及有關這些非GAAP 指標的其他信息，該新聞稿可以在我們的網站上找到，也可以在我們的網站BlackStoneMinerals.com上找到。

Company officials on a call this morning are Tom Carter, Chairman, President and CEO; Marc Carroll, Senior Vice President and CFO; Holbrook Dorn, Senior Vice President of Business Development; Brock Morris, Senior Vice President of Engineering and Geology; and Steve Putman, Senior Vice President and General Counsel. I'll now turn the call over to Tom.

今天早上參加電話會議的公司官員包括董事長、總裁兼執行長湯姆卡特 (Tom Carter)；馬克‧卡羅爾，資深副總裁兼財務長； Holbrook Dorn，業務發展資深副總裁；布洛克‧莫里斯 (Brock Morris)，工程與地質部資深副總裁；以及資深副總裁兼總法律顧問 Steve Putman。我現在會把電話轉給湯姆。

Thanks, Brent, and thank you all for joining the call this morning. Black Stone's off to a good start in 2016. Actually, we are well into the year and are encouraged.

謝謝布倫特，也謝謝大家今天早上參加電話會議。 Black Stone 在 2016 年有了一個良好的開端。

Our production for the first quarter was better than we had budgeted or forecast. This was largely driven by higher levels of activity in the Eagle Ford and Bakken coming from late last year that showed up for the first time in the first quarter. This performance is encouraging and is demonstrative of the quality of our assets.

我們第一季的產量優於我們的預算或預測。這主要是由於去年底以來 Eagle Ford 和 Bakken 的活動水平較高，這在第一季首次出現。這一業績令人鼓舞，並證明了我們的資產品質。

Second, we continue to find traction in our acquisition efforts. Yesterday we announced that we had entered into an agreement to acquire a mineral position in the Wattenberg Field in Colorado for $35 million. This is in addition to the approximately $100 million deal we entered into with Freeport-McMoRan last month as well as an acquisition we did in the Permian during the quarter.

其次，我們繼續在收購工作中尋找動力。昨天，我們宣布已達成協議，將以 3,500 萬美元收購科羅拉多州瓦滕伯格油田的礦產地。這是我們上個月與 Freeport-McMoRan 達成的約 1 億美元的交易以及本季在二疊紀盆地進行的一項收購的補充。

Acquisitions aren't easy and they never have been and we look forward -- we have looked at a lot of transactions in recent months. From our perspective, we think the buyers and sellers expectations are -- the difference between those are narrowing and have moved to levels that are more reasonable and we've been able to get a couple of deals signed up and we hope to continue to do so.

收購並不容易，從來都不是一件容易的事，我們期待著——近幾個月來我們研究了很多交易。從我們的角度來看，我們認為買家和賣家的期望之間的差異正在縮小，並已達到更合理的水平，我們已經能夠簽署幾筆交易，我們希望繼續這樣做所以。

Our acquisition strategy is something that's important to the long-term potential of the Partnership, so I'm pleased that we've been able to show the investment community that we're executing on our plan. Holbrook will talk little bit more about this in a little bit.

我們的收購策略對於合作夥伴的長期潛力非常重要，因此我很高興我們能夠向投資界展示我們正在執行我們的計劃。霍爾布魯克稍後會詳細討論這一點。

Our practice is to include production volumes in our forecasts and budget relative to acquisitions that we expect to make during the year. These announced transactions satisfy the volume targets that we have planned for the year. Given that fact in the robust performance of our assets thus far, we expect that we will be increasing our production guidance at midyear.

我們的做法是將產量納入與我們預計年內進行的收購相關的預測和預算中。這些宣布的交易滿足了我們今年計劃的數量目標。鑑於迄今為止我們資產的強勁表現，我們預計我們將在年中提高生產指導。

As we sit here today, the industry environment seems more constructive that it did late last year and earlier this year. Industry continues to be drilling on our minerals as the first-quarter results demonstrate. We're seeing interest also in more exploratory portions of our portfolio and the Partnership is well-positioned, with a great set of assets soon to be complemented by the announced acquisitions and our financial position remains solid.

當我們今天坐在這裡時，行業環境似乎比去年年底和今年早些時候更有建設性。正如第一季的業績所表明的那樣，該行業繼續鑽探我們的礦物。我們也看到人們對我們投資組合中更具探索性的部分感興趣，並且合作夥伴關係處於有利地位，大量資產很快將透過宣布的收購得到補充，並且我們的財務狀況仍然穩固。

Our common distributions provide an attractive yield to investors and we think it's important to note that this is scheduled, this common distribution is scheduled to increase by 10% in the second quarter of this year. In summary, I think it's a great time to be an investor in Black Stone.

我們的共同分配為投資者提供了有吸引力的收益，我們認為值得注意的是，這是預定的，這種共同分配計劃在今年第二季度增加 10%。總而言之，我認為現在是成為黑石投資者的好時機。

With that, I'll hand it over to Marc Carroll.

有了這個，我將把它交給馬克·卡羅爾。

Thanks, Tom. Good morning, everyone. At this time a briefly touch on the highlights of the quarter and then I'll turn it over to Holbrook Dorn, our Senior Vice President of Business Development and Land.

謝謝，湯姆。大家，早安。現在簡要介紹本季的亮點，然後我將把它交給我們負責業務開發和土地的高級副總裁 Holbrook Dorn。

Production for the quarter came in at 30,300 Boe per day, an increase of 12% over Q4 of 2015 and a 4% increase over 29,200 Boe per day that we saw the same period last year. Excluding hedges, realized prices in the first quarter were $30.75 per barrel for oil and $2.23 per Mcf for nat gas. We had realized gains of $20.6 million and a net unrealized loss of $10 million. That results in the $10.6 million gain you see in revenues for the first quarter.

本季產量為每天 30,300 桶油當量，比 2015 年第四季成長 12%，比去年同期的每天 29,200 桶油當量增加 4%。不包括對沖，第一季石油的實現價格為每桶 30.75 美元，天然氣的實現價格為每立方英尺 2.23 美元。我們已實現收益 2,060 萬美元，未實現淨虧損 1,000 萬美元。這使得第一季的營收增加了 1,060 萬美元。

Lease bonus came in at $1.4 million for the quarter. We've mentioned this on previous calls; the timing and amount of lease bonus is variable from quarter to quarter.

該季度的租賃紅利為 140 萬美元。我們在之前的電話會議中已經提到過這一點；租賃獎金的時間和金額因季度而異。

Historically, we've seen leasing activity in the accompanying revenue increase as the year progresses. We're opportunistic the trend will continue this year.

從歷史上看，隨著時間的推移，我們看到租賃活動伴隨著收入的成長。我們認為這種趨勢今年將持續下去。

On the cost side, total LOE was relatively flat compared with the previous quarter and on a unit-of-production basis, it was down relative to the previous quarter end of Q1 of 2015. This reflects a general downward trend for operating costs industry-wide, but the reduction's also influenced by several high-rate Haynesville gas wells which came on right at the end of 2015 and this has just driven the overall average operating cost per Boe down.

在成本方面，總 LOE 與上一季相比相對持平，而按生產單位計算，則相對 2015 年第一季末的上一季末有所下降。但這下降也受到2015 年底海恩斯維爾幾口高產氣井的影響，這使得每桶油當量的整體平均營運成本下降。

Production costs and ad valorem tax as a percentage of oil and gas revenue were in line the same period for the prior year. G&A for the first quarter was $17.4 million and included about $6 million of non-cash equity comps. Expenses were up from a year ago due to an increase in this long-term incentive comp and also we had some additional audit taxes associated with our first year as a public company.

生產成本和從價稅佔石油和天然氣收入的百分比與去年同期持平。第一季的一般管理費用為 1,740 萬美元，其中包括約 600 萬美元的非現金股權補償。由於長期激勵補償的增加，以及我們作為上市公司第一年的一些額外審計稅，費用比一年前有所增加。

DD&A decreased as a result of the impairments we took in 2015 and during the quarter we had a non-cash impairment of $6 million, due primarily to lower nat gas prices as of March 31. Our net income for the quarter was $10.7 million. Adjusted EBITDA came in at $55.7 million and cash available for distributions and reinvestment was $48.2 million.

由於我們在2015 年進行了減值，DD&A 有所下降，本季度我們的非現金減值為600 萬美元，這主要是由於截至3 月31 日的天然氣價格較低。 1,070 萬美元。調整後的 EBITDA 為 5,570 萬美元，可用於分配和再投資的現金為 4,820 萬美元。

Our coverage ratio for the quarter was approximately 1.1 on all units, or 1.9 times on solely the common units. The balance sheet remains in great shape. At the end of the quarter we had $116 million outstanding on our revolver and as of today, that balance is about $131 million. We'll be revisiting guidance at midyear.

本季所有單位的覆蓋率約為 1.1 倍，僅普通單位的覆蓋率約為 1.9 倍。資產負債表保持良好狀態。截至本季末，我們的左輪手槍餘額為 1.16 億美元，截至今天，餘額約為 1.31 億美元。 我們將在年中重新審視指導意見。

As Tom mentioned, we've met our target on acquisition production with the two pending transactions that we've announced. We've also see more activity and better performance from our assets than we had expected. Since we don't operate the drill-bit, we prefer to get a little more comfort on these trends that we're seeing in our operations before changing guidance.

正如湯姆所提到的，我們已經透過我們宣布的兩筆懸而未決的交易實現了收購生產的目標。我們也看到我們的資產的活動比我們預期的要多，績效也比我們預期的要好。由於我們不操作鑽頭，因此在更改指導之前，我們更願意對我們在操作中看到的這些趨勢有更多的了解。

However, based on what we've seen so far this year, we anticipate increasing production guidance at midyear. With that, I'll turn it over to Holbrook.

然而，根據我們今年迄今為止所看到的情況，我們預計年中的產量指導將會增加。有了這個，我會把它交給霍爾布魯克。

Thanks, Marc. As Tom mentioned, we've looked at a lot of transactions since going public. The downturn in commodity prices had the effect we expected and frankly, some of the opportunities that we're seeing that we wouldn't see in more robust commodity price cycles.

謝謝，馬克。正如湯姆所提到的，自上市以來我們已經研究了很多交易。大宗商品價格的下跌產生了我們預期的影響，坦白說，我們看到了一些在更強勁的大宗商品價格週期中不會看到的機會。

We participate in a lot of processes and it's been difficult to bridge the bid ask. Recently, it seems like the ask is approaching more reasonable levels and we've been fortunate enough to get a few transactions under contract, namely the Freeport deal and our recent Weld County opportunity.

我們參與了很多流程，很難彌補出價。最近，似乎要價正在接近更合理的水平，我們很幸運能夠根據合約獲得一些交易，即自由港交易和我們最近的韋爾德縣機會。

As it relates to the Freeport transaction, this particular deal is really right down our fairway. It's a very large gross position, 1.2 million gross acres in around 120,000 net mineral acres covering multiple oil and gas basins. It's got a very attractive Permian position along with it.

由於它與自由港交易有關，這項特殊交易確實符合我們的要求。這是一個非常大的總面積，總面積為 120 萬英畝，淨礦產面積約為 12 萬英畝，覆蓋多個石油和天然氣盆地。它還有一個非常有吸引力的二疊紀位置。

We believe the asset has been under managed at Freeport because that was not a core asset of that company's and we're hoping that once we get that asset in-house we're going to be able to unlock more potential. The Weld County deal that we just signed up yesterday is very much in line with our more targeted basin acquisition strategy, where we think we're buying some of the best acreage in the Wattenberg complex. The primary operator is Anadarko and there are a number other smaller operators across the position.

我們認為，自由港的資產管理不善，因為這不是該公司的核心資產，我們希望一旦我們在內部獲得該資產，我們將能夠釋放更多潛力。我們昨天剛簽署的韋爾德縣交易非常符合我們更有針對性的盆地收購策略，我們認為我們正在購買瓦滕伯格綜合體中一些最好的土地。主要運營商是阿納達科，該頭寸還有許多其他較小的運營商。

It's coming with an attractive yield and there are existing permits across the position. Just to give you a little bit more color on what we've been doing, we haven't spoke about this in much detail since going public, but we've been very active in a number of different plays, specifically the Permian and the Midland Basin and to a somewhat lesser extent the Delaware Basin.

它的收益率頗具吸引力，而且整個位置都有現有許可證。只是為了讓您對我們一直在做的事情有更多的了解，自上市以來我們還沒有詳細討論過這一點，但我們在許多不同的領域都非常活躍，特別是二疊紀和米德蘭盆地和較小範圍內的特拉華盆地。

Since going public we've increased our core Midland Wolfcamp acreage from roughly 12,500 acres to 26,705 royalty acres. That's a 100% increase. In the Delaware, we've increased it from around 13,800 acres to close to 15,000 acres. In total, that's 42,000 royalty acres in the core parts of both the Delaware Wolfcamp and Midland Wolfcamp Spraberry plays.

自上市以來，我們已將 Midland Wolfcamp 的核心面積從大約 12,500 英畝增加到 26,705 英畝。這是 100% 的成長。在德拉瓦州，我們將其面積從約 13,800 英畝增加到近 15,000 英畝。特拉華州沃爾夫坎普 (Delaware Wolfcamp) 和米德蘭沃爾夫坎普斯普拉貝利 (Midland Wolfcamp Spraberry) 礦區的核心部分總共擁有 42,000 英畝特許權使用權。

We're really excited about those two positions and how they've been coming together. They're smaller nets covering large gross positions, so it will take a little while to spool up but we're already seeing those benefits. Our Wolfcamp production has increased from roughly 200 barrels a day to over 700 barrels a day in the last 12 months.

我們對這兩個職位以及它們如何結合在一起感到非常興奮。它們是較小的網，覆蓋較大的總頭寸，因此需要一段時間才能完成，但我們已經看到了這些好處。在過去 12 個月中，我們的 Wolfcamp 產量已從每天約 200 桶增加到每天 700 桶以上。

The acreage is actively being developed by industry. In the last year, it's gotten over 171 permits with over 146 drilling wells that are touching that acreage. So we're very excited about that. As Tom indicated, the acquisition market continues to increase in pace and we think the M&A environment is looking more and more attractive as people become more realistic on pricing expectations.

該地區正在積極進行工業開發。去年，該地區已獲得超過 171 個許可證，超過 146 個鑽井。所以我們對此感到非常興奮。正如湯姆所指出的那樣，收購市場的步伐持續加快，我們認為，隨著人們對定價預期變得更加現實，併購環境看起來越來越有吸引力。

With that, we will open the call to questions.

至此，我們將開始提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Jason Smith, Bank of America

賈森史密斯，美國銀行

Congrats on getting some acquisitions done. Guys, maybe it's too early to say given the deals haven't closed yet, but obviously a lot more acres associated with the Freeport asset than the Wattenberg deal with similar levels of current production, so I was just curious if you could provide -- hoping you can kind of touch on this -- provide any color on the potential opportunities you see on that Freeport asset and where you maybe think you can drive production there.

恭喜您完成了一些收購。夥計們，也許現在說還為時過早，因為交易還沒有結束，但顯然與弗里波特資產相關的英畝數比瓦滕伯格交易的面積大得多，目前的產量水平相似，所以我只是好奇你是否可以提供——希望你能談談這一點——提供你在自由港資產上看到的潛在機會的任何顏色，以及你可能認為你可以在那裡推動生產的地方。

Yes. The Freeport acquisition is a mix of some smaller fragment and middle tracts and a few larger tracts covering from West Texas through Louisiana, Mississippi, Arkansas, you name it, some tracts in the core of the Bakken, et cetera. We think that, that asset is underperforming what it could be and is just going to take a while to get -- work it and get our hands on it. We think there's some leasing to be done across the position. I can't say what the ultimate potential is, but we're excited about getting it. It's an asset we've pursued, frankly since 2007. We have not been able to buy it until now. I think that's just because of the current environment.

是的。自由港收購包括一些較小的碎片和中部地區以及一些較大的地區，涵蓋從西德克薩斯州到路易斯安那州、密西西比州、阿肯色州，凡是你能想到的，巴肯核心地區的一些地區等等。我們認為，該資產的表現未能達到應有的水平，並且需要一段時間才能獲得——使用它並得到我們的雙手。我們認為該位置需要進行一些租賃。我不能說最終的潛力是什麼，但我們很高興能得到它。坦白說，這是我們自 2007 年以來一直在追求的資產。我想這只是因為現在的環境。

Holbrook, I might add that in our portfolio we have numerous examples of acquisitions that are very similar to the Freeport acquisition, as well as ones that are very similar to the Weld County. Those things are sort of book ends on the spectrum of types of things that we like to do. They behave very differently -- generally pretty differently, but both of them have -- both of those types of things have been very positive performers for us over time. So we really like being able to layer both of those types of deals into our portfolio.

霍爾布魯克，我想補充一點，在我們的投資組合中，我們有許多與自由港收購非常相似的收購例子，以及與韋爾德縣非常相似的收購例子。這些事情就像是我們喜歡做的一系列事情的書尾。他們的行為非常不同——通常非常不同，但他們都有——隨著時間的推移，這兩類事情對我們來說都是非常積極的表現。因此，我們非常希望能夠將這兩種類型的交易納入我們的投資組合中。

Thanks for that, Tom. Maybe one for Marc. As long as the acquisitions close, I think you'll have roughly $200 million of liquidity under the credit facilities, so just color around funding the deals, your comfort level with having that level of liquidity and any potential options that you guys are looking at on that front.

謝謝你，湯姆。也許是給馬克的。只要收購完成，我認為您將在信貸安排下擁有大約2 億美元的流動性，因此只需圍繞交易融資、您對擁有這種流動性水平的舒適度以及您正在考慮的任何潛在選擇進行著色即可在那方面。

Yes, Jason. You're right. We're somewhere around $200 million, we think, after these deals close. They'll come with some borrowing base uplift, because they've got some PDP associated with them, so that'll be helpful and also with our well results, we're expecting good things on our reserves. But to be honest, we're going to look at all options. If we're fortunate enough to run up that -- our revolver and max it out through acquisitions, then we're going to evaluate all the options from borrowing base re-determination. We can do interims to all the other options on the table, too. We hope it is a problem we have that we max out our revolver through some good deals.

是的，傑森。你說得對。我們認為，這些交易完成後，我們的估值約為 2 億美元。他們會帶來一些借貸基礎的提升，因為他們有一些與之相關的 PDP，所以這會有所幫助，而且考慮到我們的良好業績，我們預計我們的儲備金會取得好成績。但說實話，我們會考慮所有的選擇。如果我們夠幸運，能夠運行我們的左輪手槍並透過收購將其最大化，那麼我們將評估借款基礎重新確定的所有選項。我們也可以對桌面上的所有其他選項進行臨時處理。我們希望透過一些好的交易來最大化我們的左輪手槍是我們遇到的問題。

Got it. Thanks. Just one last one. Marc, you had mentioned this in your prepared remarks but obviously on the lease bonus, just a comfort level. I know you guys have said historically that it typically is lower in 1Q and moves up throughout the course of the year. Just your comfort level around the $30 million guidance you guys have given.

知道了。謝謝。只剩下最後一張了馬克，你在準備好的發言中提到了這一點，但顯然是在租賃獎金上，只是一個安慰程度。我知道你們從歷史上說過，它通常在第一季較低，並在全年中上升。只是你們對你們給出的 3000 萬美元指導感到滿意。

I'm going to turn it over to Holbrook on that.

我要把這件事交給霍爾布魯克。

I'll tell you right now we've got a number of interesting trades that are in negotiation. How those trades out we have a lot of confidence towards to $30 million. If those trades don't work out, there still a lot of time left in the year. It's the environment has improved since January and February of this year, albeit we're only two months into this slight improvement. The trend could reverse. We'll see. But the phones are ringing a lot more often than they were and frankly some of our more proactive efforts are starting to gain some traction.

我現在就告訴你，我們有一些有趣的交易正在談判中。我們對這些交易如何達到 3000 萬美元充滿信心。如果這些交易沒有成功，那麼今年還剩下很多時間。從今年一二月份開始，環境已經有所改善，雖然只有兩個月的時間才略有改善。這種趨勢可能會逆轉。我們拭目以待。但電話鈴聲比以前更頻繁，坦白說，我們一些更積極主動的努力開始獲得一些關注。

I'd add on bonus income as a generic constituent of our revenue generation, it has always been a very choppy source of revenues. Yet, that being said, it has also always been there over time. It's really challenging to predict it in one quarter or another and even to some extent in a given year. But over cycles, it's pretty resilient and we, having been in this business for decades, are confident that over cycles we will generate the kind of bonus income, if not more, than we are forecasting. The volatility in it, however, is one of the primary reasons for the structure that we put in place of having common and sub units because it will be volatile.

我想將獎金收入作為我們創造收入的一般組成部分，它一直是一個非常不穩定的收入來源。然而，話雖如此，隨著時間的推移，它也一直存在。預測一個季度或另一個季度的情況，甚至在某種程度上預測某一年的情況確實具有挑戰性。但在整個週期中，它具有相當的彈性，我們在這個行業已經工作了幾十年，有信心在整個週期中，我們將產生比我們預測的更多的獎金收入。然而，它的波動性是我們採用公共和子單位結構的主要原因之一，因為它會波動。

Got it. Thanks, everyone, and congrats again.

知道了。謝謝大家，再次恭喜。

Nick Raza, Citigroup.

尼克·拉扎，花旗集團。

Thanks, guys. Just a couple of piggyback questions. In terms of NAV accretion, have you guys sort of said what that looks like for the two acquisitions? Particularly the Freeport-McMoRan (multiple speakers).

多謝你們。只是幾個附帶問題。就資產淨值增加而言，你們有沒有說過這兩次收購的情況如何？特別是 Freeport-McMoRan（多個揚聲器）。

They're parts of Freeport-McMoRan's portfolio that lend themselves to an NAV analysis, such as the Permian, and they've got some interesting positions in the Haynesville, mainly the Shelby Trough. That was all part of our analysis and our price. I would say -- I mean, if you look at our -- if you want to just talk about isolate one small part of that portfolio, for instance, I would include some of the other stuff we've done and since going public, but, I mean, the NAV on our Midland and Delaware positions is huge. It's a lot of acres and it's in the that's best parts of Martin County, Midland County, Upton, Reagan, Western Glasscock, Western Howard. It's where everyone's drawing their maps. We all kind of know where to buy at this point. There's not a big secret there. Same with the Delaware.

它們是自由港麥克莫蘭公司投資組合的一部分，適合進行資產淨值分析，例如二疊紀盆地，並且他們在海恩斯維爾盆地（主要是謝爾比海槽）有一些有趣的位置。這是我們分析和價格的一部分。我想說 - 我的意思是，如果你看看我們的 - 例如，如果你只想談論隔離該投資組合的一小部分，我會包括我們自上市以來所做的一些其他事情，但是，我的意思是，我們米德蘭和特拉華州頭寸的資產淨值是巨大的。它佔地許多英畝，位於馬丁縣、米德蘭縣、厄普頓、雷根、西格拉斯科克、西霍華德最好的地區。這是每個人繪製地圖的地方。此時我們都知道在哪裡購買。這裡面並沒有什麼大秘密。與特拉華州相同。

Those maps will slowly make their way out as we get everything fully set up on our system and they'll be uploaded. Those NAVs are enormous, especially if you look at the NAVs being attributed to a [Viper] or something like that, this acreage position's arguably bigger.

當我們在系統上完全設定好所有內容並上傳這些地圖時，這些地圖會慢慢出現。這些資產淨值是巨大的，特別是如果你看看[毒蛇]或類似的東西的資產淨值，這個面積位置可以說更大。

Okay. Fair enough. The other question that I want to ask was essentially EOG came out and mentioned -- or there was a lot of discussion around their Austin Chalk position and they mentioned that they were going to drill seven wells during this year, 2016. Is that on your acreage?

好的。很公平。我想問的另一個問題基本上是 EOG 出來並提到的 - 或者圍繞他們的 Austin Chalk 職位進行了很多討論，他們提到他們將在 2016 年鑽探七口井。

Who is the operator?

運營商是誰？

EOG.

眼電圖。

I think EOG focused on the Chalk and more in their Eagle Ford properties and I think those wells were in Karnes County, if I'm not mistaken. We've got a great Eagle Ford position in that neck of the woods. We're excited to see the Chalk come back to life in South Texas. Historically, that was a Chalk area. Black Hawk was originally a Chalk prospect that was put together that turned into an Eagle Ford prospect. We've got a nice acreage position down there and hopefully that Eagle Ford continues to find new legs, whether it be the Chalk or the EOR discussion that EOG advertised. Time will tell.

我認為 EOG 重點關注 Chalk 礦區以及其 Eagle Ford 礦區，如果我沒記錯的話，我認為這些井位於卡恩斯縣。我們在伊格爾福特附近擁有一個絕佳的位置。我們很高興看到粉筆在德克薩斯州南部重獲新生。歷史上，那是白堊地區。黑鷹最初是 Chalk 的前景，後來組合在一起變成了 Eagle Ford 的前景。我們在那裡擁有一個不錯的面積位置，希望 Eagle Ford 繼續找到新的立足點，無論是 Chalk 還是 EOG 宣傳的 EOR 討論。時間會證明一切。

Got you. All right, guys. That's all I had. Thank you very much work

明白你了。好吧，夥計們。這就是我所擁有的一切。非常感謝你的工作

Kevin Smith, Raymond James.

凱文史密斯，雷蒙德詹姆斯。

Congrats on the excellent start of the year. The first-quarter production, your numbers came in a little bit higher than I was expecting. Was that primarily attributable to the Haynesville wells that you said came on at the end of 2015, or was that more activity, or what should we think about the sequential growth there?

祝賀今年取得了良好的開局。第一季的產量，你們的數字比我預期的還要高。這主要是由於您所說的 2015 年底出現的 Haynesville 油井，還是活動更多，或者我們應該如何看待那裡的連續增長？

Hi, this is Brock. It was really a variety of things. The Haynesville wells were one of the areas where we had a pretty significant contribution but we also saw good performance in our other core plays like the Eagle Ford and the Bakken, which had volumes that were better than expected. But if you look at -- we track over 20 plays and just about all of the plays had some out performance relative to our expectations, so it was really pretty broad, the overall out-performance. Two other notables would be Wilcox and Wolfcamp. Holbrook mentioned the Wolfcamp activity there and that was a little better than we expected, too.

嗨，這是布洛克。這確實是各種各樣的事情。 Haynesville 油井是我們做出重大貢獻的區域之一，但我們在其他核心油田（例如 Eagle Ford 和 Bakken）也看到了良好的表現，這些油田的產量超出了預期。但如果你看一下——我們追蹤了 20 多場比賽，幾乎所有比賽的表現都超出了我們的預期，所以整體表現非常廣泛。另外兩位名人是威爾科克斯和沃爾夫坎普。霍爾布魯克提到了那裡的沃爾夫坎普活動，這也比我們預期的要好一些。

Understandable. This was also something Holbrook mentioned was having success being able -- or basically negotiating or being proactive on the drilling and different commitments. Have you been able to have any success there as first getting people to drill and rework any of the royalty contracts?

可以理解。霍爾布魯克提到，這也是能夠取得成功的事情，或者基本上是在鑽探和其他承諾方面進行談判或積極主動。您在首次讓人們鑽探和修改任何特許權使用費合約時是否取得了成功？

One of the areas where we've been real successful in that is our Texas Haynesville properties where XTO -- because of a restructuring that we did, XTO has added a second rig and the results we're seeing there we're extremely pleased with. And not just in the Haynesville, but also in the Bossier. There's a recent Bossier completion that's performing on par with the Haynesville wells, which we're seeing with EURs in the neighborhood of 1.7 or even higher BCF per thousand lateral feet, with the Bossier well being among the better of the last five wells that have come online. We're really excited about that and from XTO's perspective there, even in today's environment, costs have come down over 30% since they started drilling in this AMI that we've got with them over the last two years. Between the well results and costs coming down, we're pretty excited about what's going on there.

我們在這方面取得真正成功的領域之一是我們在德克薩斯州海恩斯維爾的房產，其中XTO——由於我們進行了重組，XTO 增加了第二台鑽機，我們對在那裡看到的結果非常滿意。不僅在海恩斯維爾，而且在波西爾。最近的 Bossier 完井表現與 Haynesville 井相當，我們看到每千側英尺 BCF 約為 1.7 歐元甚至更高，Bossier 井是最近 5 口井中較好的井之一。我們對此感到非常興奮，從 XTO 的角度來看，即使在今天的環境下，自從他們開始在我們過去兩年與他們合作的 AMI 中進行鑽探以來，成本已經下降了 30% 以上。在油井結果和成本下降之間，我們對那裡發生的事情感到非常興奮。

Brock, you might also mention the very early innings new Woodbine discovery in Polk County that could have tremendous upside potential for us and the fact that it's going to be offset with what we think is the first horizontal Woodbine well.

布羅克（Brock），您可能還提到了波爾克縣早期的新伍德拜因發現，這對我們來說可能具有巨大的上行潛力，而且事實上它將被我們認為的第一口水平伍德拜恩井所抵銷。

That's right, Tom. There was a discovery, actually two discoveries on our acreage in Polk and Tyler Counties last year which there are plans by the operator to follow up this year with a horizontal test that will be drilled sometime in the second or third quarter. We're pretty excited about that. We're very well exposed to it, some of the better Woodbine tests that we've seen in the last several years.

沒錯，湯姆。去年我們在波爾克縣和泰勒縣的土地上有一個發現，實際上是兩個發現，運營商計劃今年進行水平測試，並將在第二季度或第三季度的某個時候進行鑽探。我們對此感到非常興奮。我們已經很好地接觸到了它，這是我們在過去幾年中看到的一些更好的 Woodbine 測試。

We've talked about Wilcox in the past. Wilcox was a place where our production outperformed. The wells in Gilly Field are performing better than expected and we talked a little bit about some of our efforts to develop prospects to market to industry and we're really excited about the feedback and the response we're getting there. We don't have anything to announce there yet, but hopefully real soon we'll have an announcement there as well.

我們過去討論過威爾科克斯。威爾科克斯是我們的生產表現出色的地方。吉利油田的油井表現好於預期，我們討論了一些為開發行業市場前景所做的努力，我們對收到的回饋和回應感到非常興奮。我們還沒有任何消息要在那裡宣布，但希望很快我們也會在那裡發佈公告。

All right. That's all I have. Thank you.

好的。這就是我的全部。謝謝。

Dave Kistler, Simmons & Company.

戴夫‧奇斯特勒，西蒙斯公司。

Kind of just thinking a little bit about the activity this quarter with -- and even heading into Q2 with a number of acquisitions but also looking back and seeing a pretty decent share repo plan that's been in place, can you talk about how you think about both of those things, whether separately or together? Obviously as you get to a point of the credit facility being fully drawn down, that obviously I think would factor into the decision. If you can give me any color on that I'd greatly appreciate it.

只是想了一下本季的活動——甚至進入第二季度進行了一系列收購，但也回顧一下，看到了一個相當不錯的股票回購計劃已經到位，你能談談你的想法嗎這兩件事，無論是分開還是一起？顯然，當信貸額度被完全提取時，我認為這顯然會影響決策。如果您能給我任何顏色，我將不勝感激。

This is Marc. We look at -- when we're looking to deploy capital, we're looking at all our options. We have the share repurchase program and is not major. We bought about 430,000 units today for about $6 million. Our goal is obviously deploying capital on additional assets, but what we've seen recently is that we think that our ideal asset is a diverse mineral package and we think there's none better than Black Stone. It's been a small part of our capital allocation and our focus is on growing assets and that's where we're going to focus. We get to the point where we continue to see acquisitions, we have the option to terminate that share repurchase program if we wish or to continue it.

這是馬克。當我們尋求部署資本時，我們會考慮所有的選擇。我們有股票回購計劃，而且並不重要。今天我們以約 600 萬美元的價格購買了約 43 萬套。我們的目標顯然是在額外資產上配置資本，但我們最近看到的是，我們認為我們的理想資產是多樣化的礦產包，我們認為沒有比黑石更好的資產了。這是我們資本配置的一小部分，我們的重點是增加資產，這就是我們要關注的地方。我們已經到了繼續看到收購的地步，如果我們願意，我們可以選擇終止該股票回購計劃或繼續該計劃。

Okay.

好的。

I would just add to that, that when we talk about applying finite capital to acquisitions versus share repurchase, a big factor in that is one, the capacity to make acquisitions and the valuations thereof and we feel better about that side of the equation today than we did six to eight weeks ago. We also look at the valuation of our equity relative to the valuation of acquisitions in the market. Our units traded as low as $10.20 in February, which was a 12% yield and that's not happening right now. We certainly don't know that it won't happen again, but buying that asset, the units at that kind of yield, is a very attractive asset as are buying diversified mineral packages.

我想補充一點，當我們談論將有限資本應用於收購與股票回購時，其中一個重要因素是進行收購的能力及其估值，我們今天對等式這一面的感覺比我們六到八週前就這麼做了。我們也研究了我們的股權估值相對於市場收購估值的情況。我們的單位 2 月份的交易價格低至 10.20 美元，收益率為 12%，但現在還沒有發生。我們當然不知道這種情況不會再次發生，但購買該資產，即以這種收益率購買單位，是一項非常有吸引力的資產，就像購買多元化的礦產包一樣。

Tom, that clarification is really helpful. One other thing, just switching gears a little. With the balance of the portfolio leaning towards gas and a structurally tighter supply demand outlook potentially for 2017, have we started to see a bunch more inquiries with respect to leasing of gas-levered acreage versus oil-levered acreage? Any color you could give us there?

湯姆，這個澄清真的很有幫助。另一件事，只是稍微切換一下。由於投資組合的平衡傾向於天然氣，並且 2017 年供應需求前景可能出現結構性收緊，我們是否開始看到更多關於天然氣槓桿面積租賃與石油槓桿面積租賃的詢問？你能給我們什麼顏色嗎？

We can give you a little color. I'll tell you, in Haynesville we are -- over in Louisiana, we've been getting a number of lease inquiries and proposals. Some have been good; some have not been so impressive. Some of our Marcellus acreage, or I should say Utica acreage, we've been getting some decent proposals.

我們可以給你一點顏色。我告訴你，在海恩斯維爾，在路易斯安那州，我們收到了許多租賃詢問和建議。有些是好的，有些是好的。有些則沒有那麼令人印象深刻。我們的一些馬塞勒斯土地，或者我應該說尤蒂卡土地，我們已經收到了一些不錯的建議。

I think yes, but I would say the market is still possibly a little nervous about going all-in on gas. One thing that I think is going to position us well, because we feel the same way about the gas supply demand tightening over time here, is the activity going on, on our Shelby Trough Brent Miller assets because as you well know, the gas market can tighten really quickly and you can see a big bounce. What we're excited about as we have a commercial program at today's prices ongoing that will be a huge beneficiary of higher prices if that's to occur in the future. Production won't take any time to spool up. It will already be there.

我認為是的，但我想說市場對於全力投入天然氣可能仍然有點緊張。我認為一件事將使我們處於有利地位，因為我們對這裡的天然氣供應需求隨著時間的推移而收緊也有同樣的感覺，那就是我們謝爾比槽布倫特米勒資產上正在進行的活動，因為眾所周知，天然氣市場可以很快收緊，你可以看到很大的反彈。 我們感到興奮的是，我們正在以今天的價格進行商業計劃，如果將來發生這種情況，這將是更高價格的巨大受益者。生產不需要任何時間就可以完成。它已經在那裡了。

Great. I appreciate that added color, guys. Thank you so much.

偉大的。我很欣賞這種添加的色彩，夥計們。太感謝了。

(Operator Instructions)

（操作員說明）

Chad Mabry, FBR Capital.

查德·馬布里，FBR Capital。

Good morning. I appreciate the color on production guidance. Had a question on the CapEx side of things, specifically the $60 million of working interest CapEx that you have budgeted this your. I guess first of all, what was that in Q1? Secondly, could that change when you update guidance midyear based on some of the acquisitions and some of the commentary that you've had on the Haynesville program?

早安.我很欣賞製作指導中的顏色。對資本支出方面有疑問，特別是您已預算的 6000 萬美元工作利息資本支出。我想首先，第一季是什麼？其次，當你根據一些收購和對海恩斯維爾計劃的一些評論更新年中指導時，這種情況會改變嗎？

The financials reflect, on a cash basis, about $25 million but actual CapEx incurred was more in line with the $60 million annual rate of about -- so $15 million for the quarter. With respect to your second question, I wouldn't expect any change in our CapEx guidance but we're still working through that.

財務數據顯示，以現金計算，資本支出約為 2,500 萬美元，但實際發生的資本支出更符合 6,000 萬美元的年率，因此本季為 1,500 萬美元。關於你的第二個問題，我預期我們的資本支出指引不會有任何變化，但我們仍在努力解決這個問題。

Okay. To ask another way, should we expect more of a working interest participation on some of the acquired assets, specifically in the Permian or in Weld County?

好的。換句話說，我們是否應該期望更多地參與一些收購的資產，特別是在二疊紀或韋爾德縣？

No, a lot of that stuff doesn't really -- it could lend itself to participation, but the Weld County stuff has a limited working interest component with it that the mineral owner had participated across their minerals. We frankly did not attribute a lot of value to that. We're really looking at that from a royalty perspective. On the Freeport deal, we can always retain our right to participate as we lease more of that acreage. I will say the nature of that acreage is not ideal for our working interest participation program just because it's a smaller net to gross, if that means anything. It's just it's kind of more of a headache that it is value at the end of the day.

不，很多東西並不是真的——它可能有助於參與，但韋爾德縣的東西有一個有限的工作利益部分，礦主參與了他們的礦產。坦白說，我們並沒有對此給予太多重視。我們確實是從版稅的角度來看這個問題的。在自由港交易中，隨著我們租賃更多面積，我們始終可以保留參與權。我想說的是，該面積的性質對於我們的工作興趣參與計劃來說並不理想，只是因為它的淨值與總面積較小，如果這意味著什麼的話。只是更讓人頭痛的是它最終的價值。

Okay. That makes sense. That's all I had. Thank you.

好的。這就說得通了。這就是我所擁有的一切。謝謝。

I would add one thing on our CapEx program and working interest. As that part of our business has come into play over time, it has generally been a mechanism to deal with volatility in mineral production, royalty production where we don't have control and it is -- and the volatility in making acquisitions. We will always generally defer to spending CapEx on acquisitions in a finite sense over working interest, but we do have a very good portfolio of working interest opportunities that we can turn on and turn off on a well-by-well basis.

我想在我們的資本支出計劃和工作興趣上添加一件事。隨著我們業務的這一部分隨著時間的推移而發揮作用，它通常是一種處理礦產生產波動性、我們無法控制的特許權使用費生產以及收購波動性的機制。一般來說，我們總是會推遲在有限意義上的收購上的資本支出，而不是工作興趣，但我們確實擁有非常好的工作興趣機會組合，我們可以逐一打開和關閉這些機會。

Very helpful. Thank you, Tom.

很有幫助。謝謝你，湯姆。

George Strake, Strake Foundation.

喬治‧斯特雷克，斯特雷克基金會。

Tom and the others, Wall Street, understanding Wall Street has always been a mystery to me but when you came out at [19 or 20], I thought sure you'd go up to [21, 22] or something like that but instead over time you dropped about [10.5 or 11]. Do you think the report that you're giving us today will be understood and appreciated by Wall Street?

湯姆和華爾街的其他人，了解華爾街對我來說一直是個謎，但當你在 [19 或 20] 出現時，我以為你肯定會上升到 [21, 22] 或類似的東西，但相反地隨著時間的推移，你下降了大約[10.5 或11]。您認為您今天向我們提供的報告會得到華爾街的理解和讚賞嗎？

George, I'll answer that this way. When we were at the [10], we put in effect a stock, a unit repurchase program where -- so that should answer that in some degree. But the market, I think general market perceptions were pretty dismal back then. It's not that they are rosy and robust today, but I think people generally see the future as a little bit more constructive as we had said. I hope so. The proof is to be seen. I hope so.

喬治，我這樣回答。當我們在[10]時，我們實施了股票、單位回購計畫——所以這應該在某種程度上回答這個問題。但我認為當時的市場整體看法相當慘淡。這並不是說它們今天很樂觀和強勁，但我認為人們普遍認為未來像我們所說的那樣更具建設性。但願如此。證據有待觀察。但願如此。

Yes. Okay. Thank you.

是的。好的。謝謝。

Jeff Robertson, Barclays.

傑夫羅伯遜，巴克萊銀行。

Thanks. I apologize if you covered this. I missed the first part of the call. On the Freeport and the Wattenberg acreage, did you all say how much of that has been leased and is under development?

謝謝。如果您報道了這一點，我深表歉意。我錯過了通話的第一部分。關於自由港和瓦滕貝格的土地，你們都說了其中有多少已經出租並正在開發嗎？

100% of the Wattenberg deal is leased and under development. On the Freeport, around, call it, 7% to 10% is leased and underdeveloped on that asset -- and under development on that asset.

Wattenberg 專案 100% 已出租且正在開發中。在自由港，大約有 7% 到 10% 的資產已出租且開發不足，並且該資產正在開發中。

Holbrook, is most of what's leased in the Freeport, did you say that's in the Permian?

霍爾布魯克，是自由港租賃的大部分東西，你是說那是在二疊紀嗎？

The Permian's a nice piece of that overall portfolio but there are tracts in that Permian portfolio that are unleased and we will look to move those to market. They're not big but there's still value there from a bonus perspective in the future. That kind of -- it's probably -- I would say Permian is more leased by far and away than the rest of the portfolio, arguably, even though the rest of the portfolio, it's in great oil and gas provinces. That position was put together by Mosbacher and North Central Oil back in the 1930s and 1940s where they went around and bought undivided interest in all the major oil and gas producing areas. Those areas are still great producing areas today.

二疊紀盆地是整個投資組合中不錯的一部分，但二疊紀盆地投資組合中有很多土地已釋放，我們將尋求將它們推向市場。它們雖然不大，但從未來的獎金角度來看仍然有價值。我想說，二疊紀盆地的租賃量遠遠超過了投資組合的其他部分，可以說，儘管投資組合的其他部分位於重要的石油和天然氣省份。這一立場是由 Mosbacher 和 North Central Oil 在 1930 年代和 1940 年代聯合起來的，他們四處購買了所有主要石油和天然氣產區的全部權益。這些地區至今仍是重要的產區。

Okay. Thank you very much.

好的。非常感謝。

Nick Raza, Citigroup.

尼克·拉扎，花旗集團。

Thanks. Sorry, guys. I just had a couple of other questions. In terms of the renegotiation with XTO in Haynesville, could you sort of comment on whether the royalty re-negotiations, assuming obviously that they were lower, are those permanent or do they sort of revert back to a normal level at a certain point in time?

謝謝。對不起大家。我還有其他幾個問題。關於在海恩斯維爾與 XTO 的重新談判，您能否評論一下特許權使用費重新談判（假設明顯較低）是永久性的還是在某個時間點恢復到正常水平？

Hi Nick, this is Brock. They have the right to continue to earn the incentive royalty with continued drilling. At some point they will earn a permanently reduced royalty but a higher level than during kind of this incentive period. There is somewhat of a permanent nature to the reduction, but it's still well within kind of what the market for royalties are.

嗨，尼克，我是布洛克。他們有權透過繼續鑽探繼續賺取激勵性特許權使用費。在某些時候，他們將獲得永久減少的特許權使用費，但水準高於此激勵期內的水準。這種減少在某種程度上具有永久性的性質，但仍然完全符合特許權使用費市場的情況。

It also -- it's not just a royalty reduction. It also allows them to earn additional acreage to the existing lease. The primary lease is around 31,000 net acres and they can add another, I think, 12,000 to 15,000 acres. So this is a very large long-term development program, especially when you think about not only just the Haynesville but the Bossier results coming in as strong as they have that you could have two zones out here across a huge position.

而且，這不僅僅是版稅的減少。它還允許他們在現有租賃的基礎上獲得額外的面積。主要租賃面積約為 31,000 英畝，我認為他們可以再增加 12,000 至 15,000 英畝。因此，這是一個非常龐大的長期發展計劃，尤其是當你不僅考慮到海恩斯維爾，而且考慮到波西爾的結果也非常強勁，以至於你可以在一個巨大的位置上擁有兩個區域。

The other thing I'd add on that is, on that transaction XTO can slow down their drilling anytime they want to but if they do, beyond a certain level, then the royalty goes back to the quarter royalty in the original lease and several other provisions of the lease like pad drilling wells not counting as continuous development wells go back into effect so there's really some -- while it is a variable program, there's a lot of alignment for them to want to continue to develop that and it reverts back to what it was if it slows down.

我要補充的另一件事是，在該交易中，XTO 可以隨時減慢他們的鑽探速度，但如果他們這樣做，超過一定水平，那麼特許權使用費將返回到原始租賃和其他幾個租賃中的季度特許權使用費租約中的固定鑽井等條款不計入持續開發井，因此確實有一些條款——雖然這是一個可變的計劃，但他們想要繼續開發這一項目有很多調整，並且它會恢復到如果它慢下來會怎樣。

Most importantly, the results have been great and it is a commercial program at today's prices, and so we're really excited about it.

最重要的是，結果非常好，而且以今天的價格來看，這是一個商業項目，所以我們對此感到非常興奮。

Okay, thanks for the color, guys. The other follow-up question I had was really the next 12 months for the Freeport assets that you guys acquired. I know in your press release you mentioned it was [850] a day. Is that sort of what we should expect over the next 12 months or --

好的，謝謝你們的顏色。我的另一個後續問題其實是你們收購的自​​由港資產未來 12 個月的情況。我知道您在新聞稿中提到這是每天 [850]。這是我們未來 12 個月應該期待的情況嗎？

That's how we have that modeled. Time will tell. It could be a little higher, it could be a little lower, but we shall see.

這就是我們建模的方式。時間會證明一切。它可能會高一點，也可能低一點，但我們拭目以待。

Fair enough. All right. Thank you very much, guys. That's all I had.

很公平。好的。非常感謝你們。這就是我所擁有的一切。

I am showing no further questions at this time. I would now like to turn the call over to Mr. Tom Carter for closing remarks.

我目前沒有提出任何進一步的問題。我現在請湯姆卡特先生致閉幕詞。

Well, I would just like to say that we feel pretty positive about where we are today. We're still in a pretty rocky environment in our business, but we feel positive and we are optimistic that the future looks good. We're glad to be able to put some acquisitions on the books. We're glad to see our volumes holding up and growing. We expect that bonus income will be there over time and we're just looking forward to being able to perform and exceed on our expectations. Thank you all for joining us today.

嗯，我只想說，我們對今天的處境感到非常積極。我們的業務仍然處於相當不穩定的環境中，但我們感到積極，並且對未來看起來很樂觀。我們很高興能夠將一些收購記錄在案。我們很高興看到我們的銷量保持成長。我們預計隨著時間的推移，獎金收入將會出現，我們只是期待能夠表現並超越我們的預期。感謝大家今天加入我們。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may all disconnect. Everyone, have a great day.

女士們、先生們，感謝你們參加今天的會議。程式到此結束。你們都可以斷開連線。大家，祝你有美好的一天。