Black Stone Minerals LP (BSM) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Blackstone Minerals Second Quarter 2025 Earnings Conference Call. (Operator Instructions)

感謝您的支持。我叫貝利，今天我將擔任您的會議主持人。現在，我歡迎大家參加黑石礦業 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Mark Meaux, Director of Finance. You may begin.

現在我想把電話轉給財務長 Mark Meaux。你可以開始了。

Thank you. Good morning to everyone. Thank you for joining us either by phone or online for Black Stone Minerals Second Quarter 2025 Earnings Conference Call. Today's call is being recorded and will be available on our website along with the earnings release, which was issued last night.

謝謝。大家早安。感謝您透過電話或線上參加 Black Stone Minerals 2025 年第二季財報電話會議。今天的電話會議已被錄音，並將與昨晚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 a 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 2024 10-K.

在我們開始之前，我想告訴大家，我們將在本次電話會議中就我們的計劃、期望和未來業績的假設做出前瞻性的陳述。這些聲明涉及的風險可能導致我們的實際結果與我們的前瞻性聲明中表達或暗示的結果有重大差異。有關這些風險的討論，您應該參考我們昨天的新聞稿中有關前瞻性陳述的警示信息以及我們 2024 年 10-K 中的風險因素部分。

We may refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliation of these measures to the most directly comparable GAAP measure 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 www.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。我們昨天發布的收益新聞稿中描述了這些指標與最直接可比較的 GAAP 指標的調節以及有關這些非 GAAP 指標的其他信息，您可以在我們的網站 www.blackstoneminerals.com 上找到該新聞稿。

Joining me from the call -- or on the call from the company are Tom Carter, Chairman, CEO and President; Taylor DeWalch, Senior Vice President and Chief Financial Officer; Steve Putman, Senior Vice President and General Counsel; Fowler Carter, Senior Vice President, Corporate Development; and Chris Bonner, Vice President and Chief Accounting Officer.

與我一起參加電話會議或代表公司參加電話會議的還有董事長、首席執行官兼總裁湯姆·卡特 (Tom Carter)、高級副總裁兼首席財務官泰勒·德瓦爾奇 (Taylor DeWalch)、高級副總裁兼總法律顧問史蒂夫·普特曼 (Steve Putman)、企業發展高級副總裁克里斯·福勒·卡特 (Fowler Carter) 以及副總裁兼首席會計官克里斯·納邦納 (Chris Bonner)。

I'll now turn the call over to Tom.

我現在將電話轉給湯姆。

Thank you, Mark. Good morning, and thanks to all for joining our quarterly earnings call. Before we discuss results for the second quarter, I'd like to highlight the excellent work done by the team over the last two years, which ultimately has led to the recent announcements -- announced development agreement with Revenant as well as ongoing marketing efforts in the Shelby Trough.

謝謝你，馬克。早安，感謝大家參加我們的季度財報電話會議。在我們討論第二季的業績之前，我想強調團隊在過去兩年中所做的出色工作，這最終促成了最近的公告——宣布與 Revenant 達成開發協議以及在 Shelby Trough 持續開展營銷工作。

Through our subsurface evaluation, we determined that the substantial expansion of the Shelby Trough and extension towards the Western Haynesville. We're excited for Revenant to begin development, and we're actively marketing an additional 180,000 gross acre area to well-known and well-capitalized operators.

透過地下評估，我們確定謝爾比海槽大幅擴張並向海恩斯維爾延伸。我們很高興 Revenant 開始開發，我們正在積極向知名且資金雄厚的營運商推銷另外 180,000 英畝的總面積。

These new developments, coupled with our existing agreements, are expected to more than double our drilling obligations in the area over the next five years, providing significant natural gas growth for the partnership, amid a strong demand outlook in the region. Our grass-roots acquisition program supporting these expansion areas also continues to progress well. We've added $31 million in minerals and royalty acquisitions during the quarter, bringing our total acquisitions since September of '23 to about $172 million.

這些新的發展加上我們現有的協議，預計將在未來五年內使我們在該地區的鑽探義務增加一倍以上，在該地區需求前景強勁的情況下，為合作夥伴帶來顯著的天然氣增長。我們支持這些擴張領域的基層收購計畫也持續進展順利。本季度，我們增加了 3,100 萬美元的礦產和特許權使用費收購，使我們自 2023 年 9 月以來的總收購額達到約 1.72 億美元。

During the second half of 2025, we're confident that we will continue to identify and execute on accretive opportunities, which enhance our existing asset position and add long-term value for our shareholders. We previously announced a distribution of $0.30 per unit for the quarter. The reduction was driven by slower natural gas production growth in 2025, primarily in the Haynesville/Bossier. However, we have line of sight to production growth in 2026 and beyond through our various development agreements and high interest activity growth as outlined in our earnings release.

在 2025 年下半年，我們有信心繼續發現和執行增值機會，從而增強我們現有的資產狀況並為股東增加長期價值。我們之前宣布本季每單位分配 0.30 美元。產量下降的原因是 2025 年天然氣產量成長放緩，主要是在海恩斯維爾/博西爾地區。然而，正如我們在收益報告中所概述的那樣，透過各種開發協議和高利息活動的成長，我們可以預見 2026 年及以後的產量成長。

Ultimately, our expectation for increased activity, combined with strong demand outlook, provide a clear path to future distribution increases. We remain encouraged about the outlook for the partnership, maintaining a clean balance sheet and ample liquidity enables us to continue our commercial strategy, including targeted grass-roots acquisitions and working with operators to achieve full field development across our assets.

最終，我們對活動增加的預期，加上強勁的需求前景，為未來分銷的成長提供了明確的道路。我們對合作夥伴關係的前景仍然充滿信心，保持乾淨的資產負債表和充足的流動性使我們能夠繼續我們的商業策略，包括有針對性的基層收購以及與營運商合作實現我們資產的全面開發。

The outlook for natural gas is constructive, reinforced by growing global demand for LNG. In addition, our robust oil portfolio across multiple basins provides a solid foundation for long term as well.

全球對液化天然氣的需求不斷增長，天然氣的前景看好。此外，我們遍佈多個盆地的強大石油投資組合也為長期發展奠定了堅實的基礎。

With that, I'll turn it over to Taylor to walk through the financial details of the quarter.

接下來，我將把時間交給泰勒來介紹本季的財務細節。

Thanks, Tom. Good morning, everyone.

謝謝，湯姆。大家早安。

Mineral royalty production was 33,200 BOE per day in the second quarter, and total production volumes were 34,600 BOE per day. Net income was $120 million for the second quarter with adjusted EBITDA coming in at $84.2 million. 55% of oil and gas revenue in the quarter came from oil and condensate production.

第二季礦產權利金產量為每天 33,200 桶油當量，總產量為每天 34,600 桶油當量。第二季淨收入為 1.2 億美元，調整後 EBITDA 為 8,420 萬美元。本季 55% 的石油和天然氣收入來自石油和凝析油生產。

As mentioned previously, we declared a distribution of $0.30 per unit for the quarter or $1.20 on an annualized basis. Distributable cash flow for the quarter was $74.8 million, which represents 1.18x coverage for the period. In conjunction with the earnings release, we provided a revised 2025 production guidance yesterday. As we look at realized production for the first half of 2025, combined with our forecast for the second half of the year, we expect production for the full year to average between 33,000 and 35,000 BOE per day.

如前所述，我們宣布本季每單位分配 0.30 美元或按年分配 1.20 美元。本季可分配現金流為 7,480 萬美元，相當於本期間覆蓋率的 1.18 倍。結合收益發布，我們昨天提供了修訂後的 2025 年生產指南。透過查看 2025 年上半年的實際產量，結合我們對下半年的預測，我們預計全年產量平均在每天 33,000 至 35,000 桶油當量之間。

Our new guidance reflects slower-than-expected natural gas production growth, particularly in the Shelby Trough and Haynesville/Bossier play. However, as Tom mentioned earlier, the outlook for natural gas remains robust and we remain confident that our diversified asset base, highlighted by our high-interest acreage and development agreements in the expanding Shelby Trough provides a path to increase production and distributions. Therefore, we forecast production growth in 2026 of an incremental 3,000 to 5,000 BOE per day over 2025 revised guidance.

我們的新指引反映出天然氣產量成長低於預期，特別是在謝爾比海槽和海恩斯維爾/博西爾地區。然而，正如湯姆之前提到的，天然氣的前景依然強勁，我們仍然相信，我們多元化的資產基礎，以我們在不斷擴大的謝爾比海槽中的高利息土地和開發協議為特色，為增加產量和分銷提供了途徑。因此，我們預測 2026 年產量將比 2025 年修訂後的指導值增加 3,000 至 5,000 桶油當量/天。

During the quarter, operators continue to actively develop our acreage through existing agreements and the accelerated drilling agreements. Additionally, the large project we're monitoring in the Permian Basin by Coterra remains on track to add meaningful oil volumes to our production base. These projects, in addition to our agreement with Revenant and the expanded Shelby Trough, provide BSM a pathway to increase production, ultimately enabling us to increase the distribution to its previous high watermark. Although slower gas production growth post challenges in the first half of the year, we remain confident that our commercial strategy positions us well to deliver sustainable long-term value for our shareholders.

本季度，營運商繼續透過現有協議和加速鑽井協議積極開發我們的油田。此外，我們正在監測的科特拉 (Coterra) 在二疊紀盆地的大型計畫仍有望為我們的生產基地增加可觀的石油產量。這些項目，加上我們與 Revenant 達成的協議和擴建的 Shelby Trough，為 BSM 提供了增加產量的途徑，最終使我們能夠將分銷量提高到之前的最高水位。儘管上半年面臨挑戰，天然氣產量成長放緩，但我們仍然相信，我們的商業策略使我們能夠為股東創造可持續的長期價值。

With that, I'd like to open the call for questions.

現在，我想開始提問。

(Operator Instructions)

（操作員指示）

John Annis, Texas Capital.

約翰‧安尼斯，德州首府。

Good morning all and thanks for taking my questions.

大家早安，感謝您回答我的問題。

For my first one, we have been surprised as well by the subdued activity response in the first half to higher natural gas prices. But with the recent pickup in gas-directed rigs, I wanted to ask if you could provide any color on any green shoots you're seeing in terms of activity increasing on your acreage and how you see this in the Revenant agreement starting in '26 and the Permian development coming online, setting up the production trajectory next year?

首先，我們對上半年天然氣價格上漲導致的經濟活動低迷感到驚訝。但是隨著最近天然氣導向鑽井數量的增加，我想問一下，您是否可以提供一些關於您所看到的油田活動增加的跡象的信息，以及您如何看待這一點，從 1926 年開始的 Revenant 協議和二疊紀開發項目的上線，為明年的生產軌跡奠定基礎？

Sure, John. Thanks for the question.

當然，約翰。謝謝你的提問。

I think the -- overall, we are seeing the same thing a lot of folks are seeing with some subdued activity. I think some of that's probably borne from the response we saw in '24 versus 2025. Of course, across the Haynesville and Bossier, we've seen some wells coming online kind of spread out throughout the basin.

我認為——總體而言，我們看到了與許多人看到的相同的情況，即一些活動有所減弱。我認為其中一些可能是從我們在「24 年與 2025 年」中看到的反應中得出的。當然，在海恩斯維爾和博西爾，我們已經看到一些油井開始投產，它們遍布整個盆地。

I think for us, we're most focused on the activity and the development agreements that we called out in our earnings release and talked about on the call a little bit earlier. So we're excited to see Revenant get to work with their first wells being spud likely at the beginning of 2026.

我認為，對我們來說，我們最關注的是我們在收益報告中提到的以及先前在電話會議上談到的活動和開發協議。因此，我們很高興看到 Revenant 開始工作，他們的第一口油井可能會在 2026 年初開鑽。

And those 6 wells that they're obligated to drill throughout 2026 as well as the ongoing activity from some of the other operators that we mentioned throughout the Shelby Trough and then also our agreements on some of the other acreage that we have line of sight to throughout the Haynesville and the Bossier. So excited about the activity that we see here in kind of the coming quarters and more to come from that.

他們有義務在 2026 年期間鑽探這 6 口井，以及我們提到的整個謝爾比海槽中其他一些運營商的持續活動，還有我們對整個海恩斯維爾和博西爾視線範圍內其他一些土地的協議。我們對未來幾季中看到的活動以及未來將出現的更多活動感到非常興奮。

Terrific. For my follow-up, I wanted to dig into your comments in the release on the subsurface work you've done to delineate new areas in the Shelby Trough. How does the geology compare to your understanding of what the Western Haynesville is today just in terms of depth, temperatures and EURs?

了不起。作為後續行動，我想深入了解您在新聞稿中關於您為劃定謝爾比海槽新區域而進行的地下工作的評論。就深度、溫度和 EUR 而言，這裡的地質情況與您對海恩斯維爾西部目前的了解有何不同？

Yes. Thanks, John. That's a great question. So as Tom mentioned, the team has spent the last couple of years really digging into how the Shelby Trough expands outside of some of our existing development areas. And we're getting excited about the really potential of that play to further expand kind of all around the Shelby Trough as well as westward towards the Western Haynesville.

是的。謝謝，約翰。這是一個很好的問題。正如湯姆所提到的，團隊在過去幾年裡一直在深入研究謝爾比海槽如何在我們現有的一些開發區域之外擴張。我們對該礦床的真正潛力感到非常興奮，它有望進一步擴展到謝爾比海槽周圍以及向西延伸至西海恩斯維爾。

We do see some analogous subsurface characteristics as we think about kind of the western part of the Shelby Trough and how that connects to some of the things that we're seeing going on in the Western Haynesville. The formations are getting thicker. They are getting a bit deeper.

當我們思考謝爾比海槽的西部以及它與我們在海恩斯維爾西部看到的一些事情的聯繫時，我們確實看到了一些類似的地下特徵。陣法越來越厚。他們正在變得更加深入。

But in the Shelby Trough, we have quite a few different places for development at different depths and different temperatures. So I think what we're most excited about is to see both the increasing productivity and EURs in the Western Haynesville as well as the operational efficiencies and results that are being gained in the Western Haynesville and how that can tie to further development of the Shelby Trough as we think about developing this expanded region within the area.

但在謝爾比海槽，我們在不同的深度和不同的溫度下有不少不同的開發地點。因此，我認為我們最興奮的是看到西部海恩斯維爾的生產力和 EUR 不斷提高，以及西部海恩斯維爾的營運效率和成果不斷提高，以及在我們考慮開發該地區的這個擴展區域時，這些如何與謝爾比海槽的進一步發展結合起來。

I'd like to add to that just a little industry color in some of the work that we're doing, talking with capital providers and operators in this area of the -- what I would call the Western Shelby Trough going towards the eastern part of the Western Haynesville. Sorry for all the geographic directions there. But people are moving the Western Haynesville to the East, and there's been activity out there and a lot of buying of acreage. And ours is -- our efforts have been moving the Shelby Trough to the West. And we're seeing a lot of commonality in subsurface.

我想補充一點我們正在做的一些工作中的行業色彩，與這個地區的資本提供者和運營商進行交談——我稱之為西謝爾比海槽，延伸至西海恩斯維爾的東部。抱歉，這裡所有的地理方向都是這樣的。但人們正在將海恩斯維爾西部遷移到東部，那裡的活動非常活躍，人們購買了大量土地。我們的努力是將謝爾比海槽向西移動。我們在地下發現了很多共同點。

And it's really hard to get people on the frontier edges of these things to talk much about what they're seeing in their step-out drilling. But one of the larger operators out there the other day, we were in a conversation with them, and we made some comments about what we're seeing moving west in the Shelby Trough relative to what they may have been seeing moving east in the Western Haynesville. And we were pleased to get a response that was something like this that they see the comparison of those two areas the same way we do. In other words, that they may bridge across that area and ultimately, be one and the same.

讓處於這些領域前沿的人們談論他們在邊緣鑽探中看到的情況確實很困難。但是前幾天，我們與其中一家較大的運營商進行了交談，並對他們看到的謝爾比海槽向西移動的現像以及他們在海恩斯維爾西部看到的向東移動的現象發表了一些評論。我們很高興收到這樣的回覆：他們和我們一樣對這兩個領域的比較有相同的看法。換句話說，它們可以跨越該區域並最終成為同一個區域。

I appreciate it. I'll leave it there. Thanks, guys.

我很感激。我就把它留在那裡。謝謝大家。

Timothy Resvan, KeyBanc Capital Markets.

Timothy Resvan，KeyBanc 資本市場。

Good morning, folks. Thank you for taking my question. I want to take a little different tact on one of the first questions.

大家早安。感謝您回答我的問題。我想對第一個問題採取稍微不同的策略。

Tom, you and the team have a pretty unique lens into broader Haynesville activity. We've seen the rig count increase steadily throughout the year and production is up about over Bcf a day from the recent trough. So we're trying to understand how to square that with the kind of updated production guide, which suggests even potentially another leg down in the back half of the year. So did something change further in your agreement with Aethon? Or -- I was wondering if you could help kind of understand why your acreage is not really participating in this uplift we're seeing.

湯姆，你和你的團隊對更廣泛的海恩斯維爾活動有著非常獨特的視角。我們看到鑽機數量全年穩定增加，日產量較近期低谷上升了約十億立方英尺。因此，我們試圖了解如何將其與更新後的生產指南相協調，該指南甚至表明今年下半年可能會再次下滑。那麼您與 Aethon 的協議有進一步改變嗎？或者—我想知道您是否可以幫助您理解為什麼您的土地並沒有真正參與我們所看到的這種提升。

Well, I'll be glad to answer that. Let's start with late '23. That is -- was a low stand, a recent low stand in gas prices and Aethon called for a time-out, which allowed them to slow down their drilling activity. That event takes about 18 to 24 months to show up in production volume declines, and that's what we saw in late '24 and '25. We have restructured our agreement with Aethon from mid-20s wells per year to high teens per year.

好吧，我很樂意回答這個問題。讓我們從 23 年末開始。那是——最近天然氣價格處於低位，Aethon 要求暫停，這讓他們能夠放慢鑽探活動的速度。這事件大約需要 18 到 24 個月才會反映出產量下降的現象，這就是我們在 24 年末和 25 年所看到的情況。我們已將與 Aethon 的協議從每年 20 多口井調整為每年 15 多口井。

But in addition to that, we also carved back some strategically important and close-in development acreage that we have packaged with other acreage and are working to place with another operator. And when you add all these things up from having Aethon as really a primary operator with drilling expectations of around mid-20s per year going to high teens and then you layer Revenant on top of that with a buildup to 20-plus per year.

但除此之外，我們還劃出了一些具有戰略意義且近在咫尺的開發土地，並將其與其他土地打包在一起，並正在與另一家營運商合作。如果你把所有這些因素加在一起，從 Aethon 作為真正的主要運營商，預計每年鑽探量約為 20 多顆到 15 多顆，然後在此基礎上再加上 Revenant，預計每年鑽探量將超過 20 顆。

And then you add on top of that another operator coming in with maybe 20 wells per year, it takes time to spool that activity up because you've got infrastructure issues, you've got all sorts of things. And these are projects that take 20-plus years to fully develop. And so we're very excited about -- yes, there is a little bit less coming from Aethon, but that's been by design.

然後，再加上另一個業者每年可能要打 20 口井，完成這項活動需要時間，因為你會遇到基礎設施問題，遇到各種各樣的事情。這些項目需要20多年才能完全開發。因此我們感到非常興奮——是的，來自 Aethon 的貢獻略少一些，但這是設計使然。

We are trying to have 4 or 5 active operators out there and a cumulative set of contractually required wells that are well north of the mid-20s that Aethon had 1.5 years ago. So we are constantly reshuffling and restructuring to add operators and capital and well count out there. And we see some really potentially staggering number of wells in '28, '29 and '30. And it's just going to take a while for it to build up.

我們正嘗試在那裡擁有 4 到 5 個活躍的運營商，並累計獲得合約要求的油井數量，這些油井數量將遠遠超過 Aethon 一年半前擁有的 20 多口油井數量。因此，我們不斷地改組和重組，以增加營運商和資本，並更好地發揮作用。我們發現 1928、1929 和 1930 年的油井數量確實可能非常驚人。但它的建立還需要一段時間。

If I might just add on to, when you're looking at the rest of the Haynesville and some of the activity I might just mention, we've seen some activity pick up, some rigs pick up from some of the private operators in the Haynesville and then also certainly have seen a number of deferred TILs or DUCs that have come online from expand.

如果我可以補充一點的話，當您查看 Haynesville 的其他部分以及我可能提到的一些活動時，我們已經看到一些活動在回升，一些鑽機從 Haynesville 的一些私人運營商那裡回升，然後當然也看到了一些延期的 TIL 或 DUC 已經上線擴展。

And so really, when you just look at where that activity is relative to some of our higher interest acreage, we're going to see some of that activity that comes through from production. Of course, there's always a little bit of a time delay, right, between first production and royalty company receiving that production. But really it comes back to our high-interest acreage and our line of sight to that development to all the things Tom was just speaking to.

因此，實際上，當您只查看該活動相對於我們一些較高興趣面積的位置時，我們將看到一些來自生產的活動。當然，從首次生產到版權公司收到產品之間總會有一點時間延遲。但實際上，這又回到了我們高度關注的土地面積以及我們對該開發案的關注，以及湯姆剛才談到的所有事情。

Okay, that's very helpful insight. I appreciate that.

好的，這是非常有用的見解。我很感激。

And my follow-up is sort of related to that. With the second acreage position being marketed, you did mention in the release more than doubling the development obligation. So you threw out some numbers here. Can you help us sort of understand in marketing? Are you trying to get to kind of a 40 to 50 per year cadence? I'm just trying to get some numbers around kind of how you're thinking about this ramp into the end of the decade. Thanks.

我的後續行動與此有關。隨著第二塊土地的銷售，您在新聞稿中確實提到開發義務增加了一倍以上。所以你在這裡拋出了一些數字。您能幫助我們了解一下行銷嗎？您是否想達到每年 40 到 50 次的節奏？我只是想透過一些數字來了解您如何看待本世紀末的成長勢頭。謝謝。

I'll answer that. And the answer is yes, and then some.

我會回答這個問題。答案是肯定的，而且不只這些。

Okay, and if I could just sneak a final one, housekeeping one. I did see you mentioned potential 2026 production outlook. Should we assume a similar skew to the -- natural gas skew to that production? I know you've talked a lot about this Coterra pad coming online. Just trying to understand how we can think about the SKU. And that's all I had. Thank you.

好的，如果我可以偷偷地做最後一個，家事。我確實看到您提到了 2026 年的潛在產量前景。我們是否應該假設天然氣產量也有類似的偏差？我知道您已經多次談論過這款 Coterra 平板上線的事情。只是想了解我們如何考慮 SKU。這就是我所擁有的一切。謝謝。

Yes. Thanks, Tim. That's a great question. And the Coterra volumes are certainly going to help from an oil standpoint, along with just the rest of our kind of oil-weighted activity. I really think that when you look at the rest of '25 going into '26, we're probably closer to kind of where we were in '24 as opposed to where we were in Q1 '25. So probably more like 25%, 26% oil volumes as we're looking out.

是的。謝謝，蒂姆。這是一個很好的問題。從石油角度來看，Coterra 的交易量以及我們其他的石油加權活動肯定會有所幫助。我真的認為，當你回顧 25 年剩餘時間進入 26 年的情況時，我們可能更接近 24 年的水平，而不是 25 年第一季的水平。因此，我們預計石油產量可能更接近 25% 或 26%。

Thank you.

謝謝。

And there are no further questions at this time. Tom Carter, I will turn the call back over to you.

目前沒有其他問題。湯姆卡特，我會把電話轉回給你。

All right. Thank you very much, and we really appreciate everyone joining us today for the call. And we look forward to speaking with you in the future as we move into these what we think are pretty exciting forward-looking times. Thank you.

好的。非常感謝，我們非常感謝今天參加電話會議的各位。當我們進入我們認為非常令人興奮的前瞻性時代時，我們期待著將來與您交談。謝謝。

This does conclude this conference call. You may now disconnect.

本次電話會議到此結束。您現在可以斷開連線。