Epsilon Energy Ltd (EPSN) 2022 Q4 法說會逐字稿

Good morning and welcome to the Epsilon Energy 2022 year-end conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Andrew Williamson, Chief Financial Officer. Please go ahead.

早上好，歡迎來到 Epsilon Energy 2022 年終電話會議。 （操作員說明）請注意正在記錄此事件。我現在想將會議轉交給首席財務官 Andrew Williamson。請繼續。

Thank you, operator. And on behalf of the management team, I would like to welcome all of you to today's conference call to review Epsilon's fourth quarter and full year 2022 financial and operational results.

謝謝你，運營商。我謹代表管理團隊歡迎大家參加今天的電話會議，回顧 Epsilon 第四季度和 2022 年全年的財務和運營業績。

Before we begin, I would like to remind you that our comments may include forward-looking statements. It should be noted that a variety of factors could cause Epsilon's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements.

在我們開始之前，我想提醒您，我們的評論可能包含前瞻性陳述。應該注意的是，多種因素可能導致 Epsilon 的實際結果與這些前瞻性陳述中表達的預期結果或預期存在重大差異。

Today's call may also contain certain non-GAAP financial measures. Please refer to the earnings release that we issued yesterday for disclosures on forward-looking statements and reconciliations of non-GAAP measures.

今天的電話會議還可能包含某些非 GAAP 財務措施。請參閱我們昨天發布的收益報告，了解前瞻性報表的披露和非 GAAP 措施的對賬。

With that, I'd like to turn the call over to Jason Stabell, our Chief Executive Officer.

有了這個，我想把電話轉給我們的首席執行官 Jason Stabell。

Thank you, Andrew. Good morning to everyone, and thank you for participating in our conference call. Joining me today are Andrew Williamson, our CFO; and Henry Clanton, our COO, will be available to answer questions later in the call. I'm pleased to report that we delivered record profitability in 2022. And the company sits on a very solid foundation moving forward. Our positive results are largely due to the hard work of our team; and I want to thank them for all their contributions.

謝謝你，安德魯。大家早上好，感謝您參加我們的電話會議。今天加入我的是我們的首席財務官 Andrew Williamson；我們的首席運營官 Henry Clanton 將在稍後的電話會議中回答問題。我很高興地向大家報告，我們在 2022 年實現了創紀錄的盈利能力。公司在向前發展的基礎上奠定了非常堅實的基礎。我們的積極成果很大程度上歸功於我們團隊的辛勤工作；我要感謝他們所做的所有貢獻。

Here's some key highlights from 2022. Net revenue interest production was 27.3 MMcfe per day, down 6% year over year. We generated net income of $35.4 million, representing $1.51 per diluted share. Adjusted EBITDA grew 120% year over year to $53.1 million. Free cash flow before changes in working capital increased by 139% year over year to $35 million. We increased our cash balance year over year by 69% to $45.8 million, including restricted cash, representing $1.96 per diluted share.

以下是 2022 年的一些主要亮點。淨收入利息生產為每天 27.3 MMcfe，同比下降 6%。我們產生了 3540 萬美元的淨收入，相當於每股攤薄收益 1.51 美元。調整後的 EBITDA 同比增長 120% 至 5310 萬美元。營運資本變動前的自由現金流同比增長 139% 至 3500 萬美元。我們的現金餘額同比增長 69% 至 4580 萬美元，其中包括受限制的現金，相當於每股攤薄 1.96 美元。

We returned $12.1 million to shareholders during the year through our quarterly dividend and share repurchases. We have a debt-free balance sheet with a growing cash position. Currently, we have available liquidity of approximately $75 million, comprised of $45 million in cash as of yearend and $30 million of undrawn borrowing availability under our revolving credit facility as of February of this year.

年內，我們通過季度股息和股票回購向股東返還了 1210 萬美元。我們擁有無債務資產負債表，現金狀況不斷增長。目前，我們擁有大約 7500 萬美元的可用流動資金，包括截至年底的 4500 萬美元現金和截至今年 2 月我們的循環信貸額度下的 3000 萬美元未動用借款。

In 2022, we were largely unhedged. And as a result we were able to capitalize on higher commodity prices during the year. Our average realized price for the year including hedges was $6.09 per Mcfe. Realized prices were significantly higher year over year with natural gas realizations nearly doubling.

2022 年，我們基本上沒有對沖。因此，我們能夠在這一年中利用較高的商品價格。我們當年的平均實現價格（包括對沖）為每 Mcfe 6.09 美元。實現價格同比大幅上漲，天然氣實現價格幾乎翻了一番。

The combination of sustained production and increased pricing resulted in our record adjusted EBITDA and free cash flow. This year's $53 million of adjusted EBITDA compares to $40 million for the full years of 2021 and 2020 combined. We generated over $20 million in incremental free cash flow before changes in working capital over last year.

持續生產和價格上漲相結合，使我們的調整後 EBITDA 和自由現金流量創下歷史新高。今年調整後的 EBITDA 為 5300 萬美元，而 2021 年和 2020 年全年的總和為 4000 萬美元。在去年營運資本發生變化之前，我們產生了超過 2000 萬美元的增量自由現金流。

Moving on to our assets. In Pennsylvania, five gross wells, 0.05 net were drilled and four gross wells, 0.21 net were completed during the year. The most notable was the Koromlan 107HC, which came online in August 2022. The well has produced strongly with cumulative production of 5.9 Bcf in just over four months in 2022. We have a 16% net revenue interest in the well. The Koromlan is a long lateral, nearly 14,000 feet completed in the Lower Marcellus and demonstrates the potential of our remaining drilling inventory in Alberta.

繼續我們的資產。在賓夕法尼亞州，全年鑽探了 5 口井，淨鑽了 0.05 口井，完成了 4 口井，淨鑽了 0.21 口。最引人注目的是 Koromlan 107HC，它於 2022 年 8 月上線。該井產量強勁，2022 年僅四個多月的累計產量就達到 5.9 Bcf。我們對該井的淨收入權益為 16%。 Koromlan 是一條長長的橫向井，近 14,000 英尺，在 Lower Marcellus 完工，展示了我們在艾伯塔省剩餘鑽井庫存的潛力。

We incurred $3 million in capital expenditures related to our Marcellus upstream assets primarily attributable to the Koromlan well. While we do not operate, we will continue to work with the operator to develop the substantial remaining inventory.

我們發生了 300 萬美元與我們的 Marcellus 上游資產相關的資本支出，這主要歸因於 Koromlan 油井。雖然我們不運營，但我們將繼續與運營商合作開發大量剩餘庫存。

In Oklahoma, production was up to 2.6 MMcfe per day, a 30% increase over last year as we participated in the drilling of two gross wells, 0.26 net; and the completion of three gross wells, 0.7 net; for a total capital cost of $4 million net to Epsilon. One of the wells drilled in 2022 is awaiting completion in the first half of this year.

在俄克拉荷馬州，產量高達每天 2.6 MMcfe，比去年增加 30%，因為我們參與了兩口毛井的鑽探，淨產量為 0.26；以及三口毛井的完井，淨值0.7； Epsilon 的總資本成本淨額為 400 萬美元。 2022 年鑽探的一口井正在等待今年上半年完工。

Our Oklahoma assets accounted for 13% of our upstream revenues during the year. These assets remain solid contributors with a mix of natural gas, oil, and natural gas liquids. Our Auburn gas gathering system provides us with a steady stream of revenue and cash flow. Throughput in the system was up 5% compared to the prior year, which contributed to higher midstream revenues, up 3% year over year. Our midstream earnings growth potential is highly leveraged to incremental development in the Auburn area.

年內，我們在俄克拉荷馬州的資產占我們上游收入的 13%。這些資產仍然是可靠的貢獻者，混合了天然氣、石油和天然氣液體。我們的奧本天然氣收集系統為我們提供了穩定的收入和現金流。系統吞吐量比上年增長 5%，這有助於提高中游收入，同比增長 3%。我們的中游收益增長潛力高度依賴於奧本地區的增量開發。

Turning to our year-end reserve results. I would like to point out that we do not operate our upstream assets. And as a result, we often have limited visibility on future development plans. We use best estimates based on the information from operators and our team's view on the optimized development plan for returns.

轉向我們的年終儲備結果。我想指出，我們不經營我們的上游資產。因此，我們對未來的發展計劃往往知之甚少。我們根據運營商提供的信息和我們團隊對回報優化發展計劃的看法使用最佳估計。

In the latest reserve report, we reduced estimated near-term capital expenditures based on discussions with our operators. This change resulted in a portion of our prior PUDs shifting outside the five-year SEC window required for proved classification. However, our total resource estimates did not change. We believe the current assumed pace of development will likely eliminate the need for any similar downward adjustments in future years.

在最新的儲備報告中，我們根據與運營商的討論減少了估計的近期資本支出。這一變化導致我們之前的部分 PUD 超出了證明分類所需的五年 SEC 窗口。然而，我們的總資源估計沒有改變。我們認為，目前假定的發展速度可能會消除未來幾年進行任何類似向下調整的需要。

We continue to believe that our acreage is the highest quality as demonstrated by our 2022 results. And we will continue to work constructively with our partners to best realize the value of our assets. For year-end 2022, we reported SEC proved reserves of 94.3 Bcfe, which included an increase of 7.2 Bcfe in proved developed producing reserves comprised of 9.9 Bcfe of positive performance revisions and an increase of 7.3 Bcfe due to the new wells completed. These additions were partially offset by 10 Bcfe of production.

我們仍然相信，我們的種植面積是我們 2022 年結果所證明的最高質量。我們將繼續與我們的合作夥伴建設性地合作，以最好地實現我們資產的價值。到 2022 年底，我們報告的 SEC 探明儲量為 94.3 Bcfe，其中已探明的已開發生產儲量增加了 7.2 Bcfe，其中包括 9.9 Bcfe 的積極業績修正和由於新井完工而增加的 7.3 Bcfe。這些增加部分被 10 Bcfe 的產量所抵消。

We saw the impact of the five-year SEC booking rule in our PUD reserves. We had a 23.5 Bcfe reduction from previous estimates due to the aforementioned change in our development timing assumptions. We anticipate reclassifying these reserves back to proved once we have line of sight on development timing.

我們看到了五年 SEC 預訂規則對我們的 PUD 儲備的影響。由於我們開發時間假設的上述變化，我們比之前的估計減少了 23.5 Bcfe。一旦我們確定了開發時間，我們預計會將這些儲量重新分類為探明儲量。

Despite the reclassification of these PUD reserves, we saw a significant increase in our overall PV-10 value driven by higher SEC pricing. The PV-10 value of our SEC proved reserves at year end 2022 increased by $85 million to $193 million. Approximately 95% of year end 2022 SEC proved reserves were natural gas, 3% NGLs, and 2% crude oil.

儘管對這些 PUD 儲量進行了重新分類，但我們發現我們的整體 PV-10 價值在 SEC 定價上漲的推動下顯著增加。截至 2022 年底，我們 SEC 探明儲量的 PV-10 價值增加了 8500 萬美元，達到 1.93 億美元。到 2022 年底，SEC 已探明儲量的大約 95% 是天然氣、3% 的天然氣液體和 2% 的原油。

The reserves were classified as 86% proved developed producing and 14% proved undeveloped. We have a solid asset base that will continue to provide meaningful cash flow to our shareholders for many years. As we look ahead in 2023, we are focused on continuing to deliver strong results. We believe that Epsilon is well positioned for continued success in a variety of commodity price environments.

儲量被歸類為 86% 已探明的已開發生產區和 14% 已探明未開發區。我們擁有穩固的資產基礎，將在多年內繼續為我們的股東提供有意義的現金流。展望 2023 年，我們專注於繼續取得強勁的業績。我們相信 Epsilon 處於有利地位，可以在各種商品價格環境中持續取得成功。

In late December, we hedged over 1 Bcf of 2023 production for the April to October period at a net realized price of $3.96 an Mcf. We remain focused on returning capital to our shareholders through our dividend and share buyback programs. To that end, yesterday, we announced a new buyback program which will run for 12 months. We have increased the cap to 10% of shares outstanding or 2.3 million shares, our regulatory limit.

12 月下旬，我們以每千立方英尺 3.96 美元的淨實現價格對沖了 2023 年 4 月至 10 月期間超過 1 Bcf 的產量。我們仍然專注於通過股息和股票回購計劃向股東返還資本。為此，我們昨天宣布了一項為期 12 個月的新回購計劃。我們已將上限提高到已發行股票的 10% 或 230 萬股，這是我們的監管限制。

Finally, our strong balance sheet positions us to actively pursue accretive business development opportunities. Our initial focus has been in Appalachia where our deep knowledge and long history in the basin distinguish us from other small to midsize companies.

最後，我們強大的資產負債表使我們能夠積極尋求增值業務發展機會。我們最初的重點是阿巴拉契亞地區，我們在該盆地的深厚知識和悠久歷史使我們有別於其他中小型公司。

However, we will also consider opportunities in other basins if attractive and consistent with our strategy. We believe that the recent volatility in commodity prices could help augment the number of attractive opportunities in the A&D and farm-out markets. We believe that our ability to quickly evaluate and execute on opportunities makes us an attractive counterparty.

但是，如果有吸引力且符合我們的戰略，我們也會考慮其他流域的機會。我們認為，近期大宗商品價格的波動可能有助於增加 A&D 和外包市場中有吸引力的機會。我們相信，我們快速評估和執行機會的能力使我們成為一個有吸引力的交易對手。

We are excited about the future and remain focused on creating value for our shareholders. This includes working closely with our operators on our existing assets, ongoing BD efforts, and better highlighting the attractive value proposition of our shares to the investment community.

我們對未來感到興奮，並將繼續專注於為股東創造價值。這包括與我們的運營商就我們的現有資產密切合作，持續開展 BD 工作，以及更好地強調我們股票對投資界具有吸引力的價值主張。

Operator, we can now open the lines for questions.

接線員，我們現在可以打開問題熱線了。

(Operator Instructions) [Thomas McIntyre, NHF].

（操作員說明）[Thomas McIntyre，NHF]。

Good morning, fellows. Thank you for the update. I have two things. You mentioned looking at basins in the Marcellus, and I think you talked about on the last call, but given the price of natural gas and obviously your hedging move was, was it good one? What's your thinking about the -- I just don't see how you you're going to be, and if you're not the operator how you would want to risk more capital into this sort of market at this time? And that's one thing.

早上好，伙計們。謝謝你的更新。我有兩件事。你提到了看馬塞勒斯的盆地，我想你在上次電話會議上談到了，但考慮到天然氣的價格，顯然你的對沖舉措是好事嗎？你是怎麼想的——我只是不知道你會怎樣，如果你不是運營商，你怎麼會想在這個時候冒更多的資金進入這種市場？那是一回事。

And it leads me to my second question would be, last year, as you reported, you spent $6 million or $7 million buying back stock, but the number of shares really didn't fall hardly at all. This year is a larger buyback.

這引出了我的第二個問題，去年，正如你所報告的那樣，你花了 600 萬或 700 萬美元回購股票，但股票數量實際上並沒有下降多少。今年是更大的回購。

And as a shareholder, I'm interested in seeing that share count fall. So maybe you could address that obviously had something to do with option expiration or I don't know what the level and pace for that might be in the new year but the two in terms of capital allocation, whether investing in basins or buying your own shares seem to be somewhat related, while we have natural gas at these prices. Thank you.

作為股東，我有興趣看到股票數量下降。所以也許你可以解決這個問題，這顯然與期權到期有關，或者我不知道新的一年的水平和速度可能是多少，但兩者在資本配置方面，無論是投資盆地還是購買自己的盆地股票似乎有點相關，而我們以這些價格擁有天然氣。謝謝。

Hi, Tom, thanks for joining, and I appreciate the questions. So for your first question on Marcellus investment opportunity, it's clearly the rollover in that gas prices has challenged a lot of different investment opportunities there. I think our view is we've got a pretty disciplined approach on our cost of capital. We're looking at stuff there. And if the opportunity set meets those criteria, then I think we would consider it for sure.

嗨，湯姆，感謝您的加入，感謝您提出問題。因此，對於您關於 Marcellus 投資機會的第一個問題，很明顯，天然氣價格的滾動已經挑戰了那里許多不同的投資機會。我認為我們的觀點是我們對資本成本採取了非常嚴格的方法。我們正在那裡看東西。如果機會集符合這些標準，那麼我認為我們肯定會考慮它。

There are less people probably out looking to move assets, so opportunities that may come to the fore for us probably are more on the [farm-out] side. I mean, that's a bit of speculation, but people that want to keep drilling rigs going, I think everybody is of the view or a consensus view is we're in a meddling period here on nat gas, but the medium to long term picture is still quite strong. So we're going to keep looking.

尋求轉移資產的人可能更少，因此可能出現在我們面前的機會可能更多地出現在 [外包] 方面。我的意思是，這有點猜測，但想要讓鑽井平台繼續運轉的人，我認為每個人都認為或一致認為我們正處於天然氣的干預期，但從中長期來看還是蠻強的。所以我們會繼續尋找。

And as we mentioned on today's call, we're also considering inbound investments. I think our balance sheet and the ability to move pretty quickly, we get quite a few inbounds from other basins of investment for possible investment opportunities. So we're staying busy. But you're right, it's a more challenged environment on the nat gas side.

正如我們在今天的電話會議上提到的，我們也在考慮入境投資。我認為我們的資產負債表和快速移動的能力，我們從其他投資盆地獲得了相當多的投資機會。所以我們一直很忙。但你是對的，在天然氣方面，這是一個更具挑戰性的環境。

On your buyback, I think first to address the year-over-year share count, I'd say probably the big driver last year on that is the management transition. There were a number of shares that accelerated, so that drove the issuance there. Otherwise I think we would have had a more meaningful year-over-year drop. And with the buyback in place for this year, yes, we'd expect if we find attractive opportunities to buy the stock that we would drive down the overall shares outstanding.

關於你的回購，我認為首先要解決同比份額數量問題，我想說去年的主要推動因素可能是管理層的轉變。有一些股票加速，因此推動了那裡的發行。否則我認為我們會有更有意義的同比下降。並且隨著今年的回購，是的，我們預計如果我們找到有吸引力的機會來購買我們將壓低整體流通股的股票。

Thanks. Could I also ask, I think I was waiting, I don't know if anybody else wants to see would the new management continue or change the dividend policy? And in your press release, A, you did do that. And B, in the press release, you've trumpeted it a little bit as if it was part of your steady outlook in terms of company's going forward, in terms of your capital allocation, is that a fair reading of the point you were trying to get across in the press release?

謝謝。我還可以問一下，我想我在等，我不知道是否還有人想看看新管理層會繼續還是改變股息政策？在你的新聞稿中，A，你確實做到了。 B，在新聞稿中，你有點吹噓它，就好像它是你對公司未來發展的穩定展望的一部分，就你的資本配置而言，是對你正在嘗試的觀點的公平解讀在新聞稿中傳達？

I'd say this the Board is very comfortable with the dividend where it is. And obviously that's something we continue to evaluate. But we feel real strong about where we are on the dividend going forward.

我要說的是，董事會對目前的股息感到非常滿意。顯然，這是我們繼續評估的事情。但我們對未來的紅利狀況感到非常強烈。

Thanks very much.

非常感謝。

Tom. This is Andrew. That dividend is underwritten by our earnings from the midstream system. That's how we think about it.

湯姆。這是安德魯。該股息由我們從中游系統獲得的收益承保。我們就是這麼想的。

Yeah, I just didn't know (multiple speakers) -- would revisit the whole concept of a company like you folks paying a dividend. But -- so I was curious as to what you're -- and then you trumpeted I guess in the press release. So I thought [of putting but I just wanted to ask].

是的，我只是不知道（多位發言者）——會重新審視像你們這些支付股息的公司的整個概念。但是——所以我很好奇你是什麼——然後我猜你在新聞稿中吹噓了。所以我想到了[放，但我只是想問]。

(Operator Instructions) Nat Stewart, NAS Capital.

（操作員說明）Nat Stewart，NAS Capital。

Good morning, guys. I just had a few questions. One is just a little accounting, a little accounting change I noticed on the gathering system. I was curious why you did that. It looks like you've allocated some of the costs that nets out from the upstream to the gathering system, is that correct? I mean, I think I saw that. I was just curious if there's a reason for that or what that was about?

早上好傢伙。我只是有幾個問題。一個只是一點會計，我在收集系統上註意到的一點會計變化。我很好奇你為什麼這麼做。看起來您已經將從上游扣除的一些成本分配給了收集系統，對嗎？我的意思是，我想我看到了。我只是好奇這是否有原因或那是什麼？

Yeah, Nat, thank you for the question. This is Andrew. Yeah, that's correct. We changed the way we do that elimination for the gathering fees that we pay to Epsilon's ownership in the gathering system. The appropriate way to do that is it's a net of gathering system revenue and it's upstream operating costs because it's a gathering. Previously that had been netted out of upstream operating costs rather than gathering system operating costs. So it's a new mechanism, the appropriate way to do it.

是的，納特，謝謝你的提問。這是安德魯。是的，這是正確的。我們改變了消除我們支付給 Epsilon 在收集系統中的所有權的收集費用的方式。這樣做的正確方法是它是收集系統收入和上游運營成本的淨額，因為它是一個收集。以前，這是從上游運營成本中扣除的，而不是收集系統運營成本。所以這是一種新的機制，是一種合適的方法。

Okay. So if I was just considering it, let's say you own like -- let's say, you didn't have the upstream, right, and it was just our partial ownership in this pipeline. How would I think about the revenue and cost attached to that absent kind of the various netting effects. Well if I'm correct, it would be -- the revenue would be $9.6 million. And then you did that, I'm not sure some amount for the expenses attached to that.

好的。因此，如果我只是在考慮它，假設您擁有 - 假設您沒有上游，對吧，這只是我們對該管道的部分所有權。我將如何考慮與這種不存在的各種淨額結算效應相關的收入和成本。好吧，如果我是正確的，那就是——收入將是 960 萬美元。然後你就這樣做了，我不確定與之相關的費用有多少。

Yes, there's $1.5 million in additional gathering revenue.

是的，還有 150 萬美元的額外收入。

Okay. And on the cost side (multiple speakers) --

好的。在成本方面（多個揚聲器）——

-- go on to the [9.6], as you point out.

-- 正如您所指出的，繼續 [9.6]。

And then what would the cost part look like?

然後成本部分會是什麼樣子？

The cost part would be the same because we're now netting that out of upstream costs.

成本部分將是相同的，因為我們現在從上游成本中扣除。

Okay. All right.

好的。好的。

On the gathering system, OpEx would be the same.

在收集系統上，OpEx 是一樣的。

Okay. Now in terms of your investment outlook, I guess I had that pretty well covered. Are you looking at all size deals because you have a pretty substantial capacity here? I assume if something substantial came up, you could have a pretty good capacity relative to your current asset base to buy something. Are you looking at kind of all size deals or you're looking at -- how does the ability to put a decent amount of money to work look?

好的。現在就您的投資前景而言，我想我已經很好地涵蓋了這一點。您是否正在尋找所有規模的交易，因為您在這裡有相當大的容量？我假設如果有實質性的事情發生，相對於你目前的資產基礎，你可能有相當好的購買能力。你是在看各種規模的交易，還是在看——投入大量資金的能力如何？

It will depend on the opportunity. But yeah, I think there aren't many advantages to being a small-cap energy company. But for us that balance sheet and having the flexibility that it provides, I think, is an advantage for us in considering a variety of different opportunities, large and small. Small things move the needle for us. But we're certainly open to larger opportunities that makes sense for the shareholders.

這將取決於機會。但是，是的，我認為成為一家小型能源公司並沒有太多優勢。但對我們來說，資產負債表和它提供的靈活性，我認為，是我們考慮各種不同機會的優勢，無論大小。小事為我們動針。但我們當然願意接受對股東有意義的更大機會。

Yes, I agree with that. And I think really to succeed as a public company, building that kind of operating leverage with some substantial investments would make a big difference. In terms of hedging, is there anything you've done since December that wasn't mentioned or is that your full hedge position?

是的，我同意這一點。我認為，作為一家上市公司，要想真正取得成功，通過大量投資建立這種經營槓桿會產生很大的不同。在對沖方面，自 12 月以來您是否做過任何未提及的事情，或者這是您的全部對沖頭寸？

That's the full hedge position. We back in December thought there was some softness potentially over the summer. It's hard when you've got our balance sheet, you think aggressively about hedging but we thought the risk reward it was about a [525 Henry Hub], the risk reward versus what we saw as some of the downside potential on price made sense to put the hedges on. In retrospect, we would have loved if we'd done more. But things fell apart pretty fast, right.

這就是完整的對沖頭寸。早在 12 月，我們就認為夏季可能會出現一些疲軟。當你有我們的資產負債表時很難，你積極考慮對沖，但我們認為風險回報是關於 [525 Henry Hub]，風險回報與我們認為價格的一些下行潛力是有意義的放上樹籬。回想起來，如果我們做得更多，我們會很高興。但是事情很快就崩潰了，對吧。

But I think that must have caught a lot of people by surprise, obviously. So yeah, that sounds great. Keep it up; and I look forward to seeing what you guys come up with. Thanks for answering my questions.

但我認為這顯然讓很多人感到意外。是的，這聽起來不錯。繼續努力吧;我期待看到你們的想法。謝謝回答我的問題。

Thanks, Nat.

謝謝，奈特。

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

女士們先生們，我們的問答環節到此結束。我想將會議轉回 Jason Stabell 的閉幕詞。

Thanks, [Chad]. On behalf of the company, I want to thank everybody for their interest in Epsilon. If you have any additional questions, feel free to contact us. And I'd also like to highlight we have a refreshed website that we launched today. And we expect in the early part of the second quarter to be posting an updated corporate presentation on the website as well, so lookout for that. And again, everybody have a great weekend.

謝謝，[乍得]。我謹代表公司感謝大家對 Epsilon 的關注。如果您有任何其他問題，請隨時與我們聯繫。我還想強調一下，我們今天推出了一個煥然一新的網站。我們預計在第二季度初期也會在網站上發布更新的公司介紹，所以請留意。再一次，大家週末愉快。

And thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝你，先生。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。