西方石油 (OXY) 2002 Q2 法說會逐字稿

Welcome to Vintage Petroleum second quarter 2002 year earnings results conference call.

This call is for the benefit of Vintage shareholders and other interested parties and any re-broadcast of this call for commercial purpose is prohibited without the permission of Vintage.

As we indicated to you earlier, people such as the press and Bloomberg can listen to the conference, but cannot ask questions.

I would like now to turn the program over to Mr. Rob Phaneuf.

Go ahead sir.

Thanks very much everyone for joining us for the second quarter conference call.

By way of introductions, we have on the Vintage side today;

Charles Stephenson, our Chairman, Craig George our CEO, Bill Abernathy, our COO, Bill Barnes, and our CFO.

We have Micky Meimerstorf our treasurer, Larry Shepherd our VP of New Ventures, Garry Watson, our VP of Canada, David Wilkins Manager of South American operations, and Julie Smith, my colleague, and for today what we would like to do is to give you an outline of the agenda and for those of you who are listening and also watching via web cast, we have something up there as well for you.

Today, we will start, I will do a brief highlight of the results.

So, I will turn it over to Bill Abernathy who will talk about production variances and revised '02 targets.

We will then turn it over to Craig George to talk about progress on our delevering plan and kick off our operational outlook.

We will then have Larry Shepherd speak about US exploration and new ventures exploration.

We will then have Garry Watson give you a brief update on Canada, David Wilkins will then join in with an update on Bolivia and Argentina followed by Bill Barnes who will also talk about Argentina and wrap up some of the financial aspects.

So with no further due let us jump in a little quickly.

From a total standpoint, we had a good quarter I think considering the current nasty prices, which most of you are aware by now.

Certainly, our second quarter results ended up above expectations with regards to First Call consensus.

Production for the quarter was flat on a total basis at about eight and a half million BOEs, despite asset sales that we had in the fourth quarter of 01, which made comparison a little more difficult.

On the oil side, we were flat with last year's second quarter at 5.4 million barrels and similarly on the gas side, we were even at about 19 BCF for the quarter with last year.

If you are on the web cast, if you turn to page 3, you will see the average prices that we had for the quarter and you can see we took a beading on both oil and gas prices.

Oil was down 10 percent to 21 dollars and 36 cents, and gas was down a pretty substantial 47 percent for the quarter-over-quarter to 2 dollars and 29 cents.

As a result, oil and gas revenues dropped to 158 to 159 million dollars for the quarter versus 208 million dollars for the quarter last year and this is on page four of the webcast.

Similarly, basically that pushed our net income down for the quarter to 22.4 million dollars versus 50 dollars last year.

We reported 35 cents a share inclusive of special items versus 81 cents last year.

Cash flow for the quarter similarly was 60 million dollars versus a 102 million dollars last year or 94 cents a share for the second quarter this year versus a dollar sixty last year before special items.

And what I would like to do now is to go through, and this is web cast page five, that goes to special items and reconciles our cash flow as we reported and income for the second quarter taking out the special items to basically an operating income and cash flow as you are used to seeing.

As I said, we reported net income of 22.4 million or 35 cents a share and cash flow of 60 million or 94 cents a share.

We had two special items in the quarter affecting the income statement.

One was the gain on the sale of assets.

The after-tax effect of that special item was 9.2 million dollars or 14 cents a share.

Similarly, the second special item was the early extinguishments of debt in conjunction with our recent 350 million dollars of note offering.

There it was 4.3 million dollar after-tax effect or 7 cents a share.

So, net income excluding the special items would have been 17 and half million dollars instead of the 22.4 million dollars or 27 cents a share, still a robust number compared to what was being estimated out there on the Street for us.

Cash flow similarly, given the after-tax effect on the special items, was 64.5 million dollars or a dollar one and this would again compare to the quarter last year of a dollar sixty.

EBITDAX for the quarter was 91.1 million dollars or a dollar forty-two per share.

That concludes my remarks and I will now turn it over to Bill Abernathy.

Thank you Rob.

I must be little bit talking about production benefits for the quarter and then adjusted targets through out current 2002.

Production for the second quarter was 5.4 million barrels of oil at 18.6 BCF at 5.5 million BOE, about 3 percent higher than what we have been expecting for the quarter, that has been about five million barrels of oil 19.5 BCF or 8.3 million BOE.

The most significant cost of variance was in Argentina where oil production was about 300,000 barrels over expectations, somewhat offset by 700 million cubic feet less gas than we had expected.

Increased oil production primarily resulted from drilling of several additional wells early in the quarter that we have not planned continued to work over activity during the quarter in positive inventory adjustments.

Smaller gas volumes were result of less aggressive marketing of gas, which is now serving under reduced dollar equivalent price, a result of the Peso devaluation.

Canadian volumes were also higher than expected by about half a BCF, for the most part result of lower relative rates than anticipated on our gas production.

Bolivian gas volumes were below expectation by about 600 million cubic feet, the result of lower takes into the Bolivian

pipeline.

Later in the call of Gary Watson and David Wilkins will discuss these items in a little bit more detail.

As the result of production to-date, some revised expectations going forward, and the sale of our heavy oil productions in Santa Barbara County, California, in June, we have revised our production targets from the year to 32.1 million BOE versus the earlier 33.8 million BOE.

This will be shown up in a little bit more detail on page six of the web cast.

In the US, the sale of the heavy oil properties results in the reduction of the target just under 300,000 barrels although that will be offset by an equal increase in production than other areas of the US.

Canada will be revised downward by just under two BCF of about 300 MBOE largely resulted in adjustment and expectations from capital programs for the year.

Argentina although will be revised upward by just under 400,000 barrels of oil and gas will be revised downward by about 1.4 BCF resulting in an overall positive adjustment of about 150,000 BOEs for the reasons that I mentioned earlier, and Bolivia's gas production will be revised downward by about 2.5 BCF also for the reasons that I mentioned earlier.

All together, oil is targeted to increase by about 250,000 barrels gas target to decline by 5.9 BCF for an overall reduction estimated at about 700,000 BOEs.

That again almost 300,000 this reduction was from the sale of properties in California.

So the real adjustment is more like 400,000 BOEs or just over 1 percent.

I guess, I should also point out that before we were of the 5.9 BCF reduction in the gas production is in Argentina and Bolivia where gas process were significantly lower than North America.

So any revenue adjustment resulting from the revised production target is much less than it tried to appear in the first quarter.

Another

is lease offering expenses.

First I want to point out that the newly imposed oil export tax in Argentina as reported as a lease operating expense much like severence or other production factors are.

Second quarter LOE was 56.1 million dollars of which 10.1 million was the Argentina export pack.

This equates to 6 dollars and 58 cents for BOE including the tax of 5 dollars and 40 cents per BOE if you are excluding.

These numbers compared to what we had been expecting for the quarter of 54 million dollars of which 7.8 million dollars was being export tax.

This equates to 650 per BOE as we include the tax and 556 without.

So although in total, LOE per BOE increased marginally for the quarter.

The increase was a fraction of increased oil price on the export tax and LOE could be only excluding the tax was actually below our expectation.

The most significant reason for reduction was in the US were cost were lower and quite a number of categories and also in Argentina where the Peso evaluation expected US dollar

.

Looking at the year, we expect total LOE per BOE to be 670 versus the earlier target of 650 again a fraction of increased oil prices on the export tax and excluding that tax LOE per BOE would be effectively flat as above 585.

With these adjustments to volumes and LOE and with adjustments to expect that oil prices and realizations for oil and gas, we have also revised our financial targets for the year.

These are highlighted on page 7 of the web cast.

We have raised our average NYMEX reference price for oil to 25 dollars per barrel with realization increase to 80 percent on the reference price.

Gas reference price remains 3 dollars per MMBtu and the realization has been marginally increased to 72 percent.

So, with revised production and LOE forecast that I had just mentioned, an unchanged capital budget of 144 million dollars.

EBITDAX is now estimated to be 349 million dollars for the year and cash flow 197 million for the year.

Let me add that for a one dollar per barrel change in the reference price for oil that EBITDAX and cash flow will change by 5.1 million and 3.8 million dollars respectively and for 10 cent per MMBtu change in the reference price for gas EBITDAX and cash flow will change about 1.7 million and 1.3 million dollars respectively and I will also add that these figures include the impact of oil hedges that we have in placed as well as the sales of properties in California

.

At this point, I am going to turn the call over to Craig George who will began an update on status of our 2002 game plan.

Thanks Bill.

For our web cast audience, my comments will relate slides number 8,9, and 10.

As most of you follow Vintage know our 2002 game plan has two key elements.

The first is our 200-million dollar leverage reduction plan and the second is enhancing our ability to grow organically and we have made solid progress on both fronts.

For our 200-million dollar debt reduction plan, we are about half way there.

We sold our California heavy oil properties for 15.5 million dollars.

We sold our Trinidad properties for 40 million dollars and then with our new cash flow target of a 197 million dollars that Bill talked about just a moment ago, compared with our CAPEX budget of a 144 million, we have 53 million dollars of excess cash flow that we can apply to paying down debt.

The other property sale that we have in progress should need or hopefully should exceed the 200-million dollar target is Ecuador.

Currently, we have data rooms opened in both Houston and London.

We are seeing a very strong interest by big group of potential buyers and expect to close before the end of the year.

On the operating side in US, we have made good progress towards building and starting to drill our exploration inventory and Larry Shepard will talk more about that in just a moment.

Otherwise in the US, we have taken significant steps to clean up our portfolio over the last couple of years and we are in the process of re-focusing on exploitation under

properties that we have with outside potential and at the same time we are improving our operating efficiency.

In Canada, we have made good progress, but we still have work to do.

We are continuing to apply significant portion of Vintage's capital budget to develop reserves in Canada that we have previously identified, constantly trying to high-grade those opportunities.

At the same time, we are building our organization and our inventory of exploitation and exploration projects for 2003 and beyond.

In Argentina, despite the economic turmoil, our business remains strong and profitable.

The effect of the export tax net at devaluation is in line with our projections as we continue to explore a very large percentage of our crude.

I hope we are seeing a bottom in the Argentine situation.

We are starting to consider resuming drilling perhaps on a limited scale in 2003.

In our frontier exploration effort, we will start our drilling campaign in Yemen soon.

Our Northwest Territories program will start after the ground freezes in Canada and we have some other

potential ideas that are on the drawing board right now.

We will be able to talk about this later and of course we are always on to look after acquisitions, but we are very careful and won't do anything at the expense of our balance sheet.

Next I will turn it over to Larry to talk about our exploration program.

Thanks Craig.

As a part of our

to enhance our organic growth facilities I would say that we have undertaken an effort to move exploration from what I would call prospect driven to the point that it would become a sustainable program.

Our goal is that by the end of this year that we will have transition our exploration and labor for we were in the past we will generally prospect focus to where in the future we will be working at a balance portfolio programs.

The program strategy is to build, as I said portfolio that is based on a consistent rigorous risk-reward analysis, of all the prospects will process program.

Generally what we will focus on North America is gas and the gas would be in the classical exploration established place.

Internationally we will be focused primarily on oil that are significantly impact opportunities that have the opportunity to be transforming gas and as you have probably had seen in our release and it is shown also in summary format on page 11 of the webcast presentation, we have a brief update on where we stand in the United States.

We have further

for we have three prospects that are toward the

temple has been drilled and completed in its being connected to market and hopefully it is to commence production in October south with Abby Will is being completed and tested as we speak and then we were short prospect in what we called our Tiger value area of mutual interest.

Here is our to the growing stage and we will hope here within the next month or so the drilling will commence on that significant gas prospect.

Also moving along quite nicely at this point is our efforts in west Texas probably the largest of which is our leather wood prospect in the

, we have over 3900 acres assembled in that area and we are working with a couple of other large acrage holders in the area and we will anticipate beginning to drill here in the next 2 to 3 months and would have a, we hope a multi well program of course on the wells attempting to commercialize type gas carbonates.

And in the Texas Gulf coast area we are true to point now that we are beginning to take leases and would not expect drilling this year but would be in a position that we should be seeing global prospects by this early part of next year.

It is our goal that by the end of the year we will have achieved a point to where we clearly have a sustainable program such that we just not looking from prospect to prospect but we are looking at

and that we would have exploration prospect being drilled basically continuous so that that we have some continuity and sustainability there.

On page12 of the webcast is an update on Newman.

We are in the process of mobilizing the rig for second exploration drilling campaign, the 2 prospects that will be drilled first are shown on this slide.

The first one is

which is on trend with 2 very significant fields in the adjoining block operated by

officer and the

we are quite excited about this prospect, this could be one of those significant impact transforming events that I was speaking about and also an idea is profit to the south-east again on trend with also long and

expected we will get drilling mid September and we are targeting right now to drill 4 wells during this drilling campaign.

With that I will turn it over to Mr. Watson

Thanks Larry.

The majority of the first year after the acquisition of Genesis, we've invested our broad cross section of opportunities from the West Canadian Base.

As a result of this experience, we are now focused on projects that offered the most attractive economic returns, we are in the process of generating new opportunities.

The minor adjustments in our 2002 production targets reflects the continuing process of learning and understanding of our Canadian assets.

Certainly in first half, couple of projects are not performing up to our expectations and as a result we will redirect our investment program within Canada accordingly.

We have very attractive opportunities within our excitingly

and we continue to build momentum in our process acquiring prospective acreage with the new exploitation and extension growing on.

For those of you on our web cast, page 13 outlines on operations outlook.

During the second half of 2002, our growing focus will be in the Grouard area with more plans, you know with wells in the searching light with our Dhahab infield program, and additional Leduc wells.

We have propacious gas objectives in the West Central area and in the Wymark field located in Saskatchewan and we have various other projects that are in stages of crude oil.

Our new ventures group continues to build material inventory of drill bit opportunities, and we are targeting this drilling and evaluation of one to twohigh-impact wells during the fourth quarter of this year.

I will now turn it over to David Wilkins for some comments on Bolivia and Argentina.

Thank you Gary.

We are in the second quarter.

Our net production for Bolivia totaled 1.3 BCF or 22,000 barrels over approximately 343,000 barrels of oil equivalent.

The gas sales were lower than expected due to the softer end-market gas demand in Brazil.

Key reasons for the softened market for Bolivian gas includes: One, Brazil's weakened economy and weakened local currency.

Two, the availability in Brazil of the inexpensive near-term hydroelectric power, and third is the delays in the planned developments of the natural gas-fired power generating capacity in Brazil.

Our company exports gas to Brazil on the Bolivia to Brazil, and we referred to it as a B-T-B pipeline under take-or-pay contract, which we use to forecast gas sales for the year.

However, due to the market conditions in Brazil and anticipated lower volume of gas likely to be taken under this contract as mentioned earlier by

.The company has revised its target for 2002 Bolivian gas production 6.4 BCF from the previous estimate of 8.9 BCF.

Including our oil sales, this total of production is now 1.2 million barrels equivalent versus the previous target of 1.6 million barrels equivalent.

We anticipate that we will continue to receive the take-or-pay payments based on the larger forecast as long as the gas takes remains below the minimum take-or-pay levels.

Our focus will continue in Bolivia to establish new gas markets in addition to the contract B-T-B volumes in order to help monetize our gas reserves in the country.

Now, we will give a quick update on Argentina operations.

In Argentina, during the second quarter, our operations focused in the Gulf of

basin where we successfully drilled and completed three development wells and completed 17 work overs with 16 successes, dig well are 100 percent operated by Vintage and due to the decline in economic conditions of the country and following the decision made by the government to have a 20 percent tax on all exports which went into effect on March 1st.

We decided to reduce our work over activities from 4 ways to 2 ways in mid April and we stopped our drilling activity completely in early May.

We are closely monitoring the critical and economic conditions in Argentina to determine the opportune time to resume our drilling programs in Argentina.

Our key component of our activity in Argentina is the ability to export crude oil and receive payment in US dollars.

On May 24th President

issued to create 67 in Ecuador state of the emergency for the domestic supply hydrocarbons and response to this declaration the Secretary of Energy issued Resolution 140 establishing limit on all exports to 36 percent for 4 months beginning in June 2002.

However on June 21st of 2002, the Secretary of Energy relaxed these limits declaring that the 36 percent export limit would be for average for the 4 months from June to 1st September.

After determining that these limits were not needed, the Secretary of Energy finally on July 26th of this year completely eliminated the 36 percent of limit with Resolution 341.

Therefore, we are currently not restricted on volume of crude oil that we can export.

In Argentina, all of our natural gas sales are due to domestic market.

On February 3rd of this year, the government under decree 214 required in all domestic contracts that were previously payable in US dollars to be payable on Argentina Pesos.

The results of this what we call opacification, our gas contracts in the subsequent devaluation of the Peso reduced our gas sales products and equivalent price at approximately 35 cents US for

.

They had just taken the position that we will order all volume commitments with our existing purchase shares but we are not aggressively pursuing new spot or turn gas sales under these low price conditions.

Net gas sales for the second quarter added 27 million cubic feet per day or 22 percent lower than expected rate.

Based on our current committed volumes, we estimate the net gas sales of 2002 in Argentina to be 8.6 Bcf or approximately 30.5 percent and below previous estimates.

Now I would turn it over to Bill Barnes for some additional comments on Argentina.

Thank you Dave.

I would

2002 targets that Bill Abernathy talked about earlier, we've included the expected impact of the Argentina oil export tax and Peso devaluation.

Refresh to page 14 of the web cast, it summarizes our expectations.

For the second quarter, our oil export tax totaled about 10 million dollars and in addition to the tax itself, our domestic sales values for Argentina crude sold domestically in country were reduced by about 3 million dollars as domestic sales realizations approximated parity with the export realizations net of the export tax.

A combined effect of the export tax on both export and domestic was a combined total of 13 million dollars during the second quarter.

The impact of the devaluation was a net positive of 6 million dollars and this was driven by the fact that our Peso denominated costs benefit from the devaluation on those exceeded the impact on our gas revenues, which are Peso denominated, and net result was a 7 million dollar reduction in EBITDAX and 4 million reduction in cash flow for the second quarter.

Our expectations for the second half of the year are approximately double the second quarter rate, and we continue to target export levels of 70 percent throughout the remainder of the year.

On page 15 of the web cast reflects our long-term debt positioned at the end of July.

This is after we closed the sale of the Trinity of assets referred to earlier.

Bank debt stands at about 100 million dollars giving us 180 million of unused availability under our bank facility.

Total long-term debt at 950 million reflects the reduction of about 60 million since the beginning of the year moving us toward our 2002 goal of 200 million dollars of debt reduction.

As you will turn to page 16 of the webcast, here we detail our current hedge positions of both oil and gas.

For the second half of 2002 we have about 2.6 million barrels hedged at an average NYMEX reference price of 26 dollars and 28 cents per barrel.

This represents about 27 percent of our targeted second half oil production.

In calendar 2003, we have 2.7 million barrel hedged at an average NYMEX reference price of 24 dollars and 58 cents per barrel.

On the natural gas price in the US for the second half of 2002, we got a 3.4 million MMBtu hedged at a NYMEX price of 2 dollars and 79 cents.

We got 800,000 MMBtu during the period of July through October that's covered by a cost of

with a 350 floor and a four dollar

and 1.2 million MMBtu in November and December under a cost of

with a NYMEX prices again at 350 floor merit and those later two months for the year at a five dollar and 10 cents cap.

Bulk and buying, we have about 5.4 million MMBtu of US gas in the second half of 2002 protected at an average NYMEX reference price at three dollar and six cents per MMBtu.

This represents about 42 percent of our target at US production in the second half.

In Canada we have about 4.3 million MMBtu hedged at acre reference price, 3 dollars and 71 cents Canadian for about 30 percent of our second half targeted production in Canada.

At this point I will turn it back to you Rob.

Thanks Bill.

Earlier in the conversation I mentioned a number of special items.

We had one or other special items that I neglected to mention and that was goodwill.

The statement of Financial Accounting Standards # 142 came out at deals with goodwill.

As many of you know, its focus was to eliminate amortization of goodwill and requires an annual assessment which we in fact undertook.

We adopted SFAS 142 recording a charge of 60 million dollars as the cumulative effect of accounting principle and it was retroactive back to January 1st of this year.

It's non-cash.

It has no...

I am sorry, it is not a

cash.

It has no relevance to cash flow and has no impact on our credit covenants.

With that, I think that concludes our prepared remarks.

We will turn it back to the moderator to open it up for Q&A.

If you would like to ask a question, please enter the queue by pressing one on your touch-tone phone.

In the interest of allowing all questioners to have an opportunity to ask questions.

Vintage has asked that each participant limit themselves to one question and one follow-up.

If you have additional questions, you may return to the queue to ask them.

If a question you intended to ask has already been asked, and you don't have another question to ask, please press the pound sign on your touch-tone phone to remove yourself from the queue.

Once again if you would like to register for a question, please press the one on your touch-tone phone now.

We will take our first question from the side of John Herrlin with Merrill Lynch.

Go ahead sir.

Yeah.

Hi.

Regarding the goodwill impairment, could you be a little bit more specific to what assets you did charge or recognize, was it Canadian, you know, somewhere else?

Yes.

The goodwill that we have got from the

acquisitions back in May of last year, and under the

required to evaluate the segments as attributed here, all of the impairments was on

that's the only thing what we have.

We had approximately 167 million at the end of the year and with the impairment of 60 million and and with changes in Canadian exchange rates, we had about 104 million that remains on our

at this time.

Do you feel that was enough given the comments about your first half program, not being quite at the par?

Yes.

I think, the assessment was down and basically by an independent of

looking at the segments in various ways and coming to, and assess value important segment.

I think, it considers, you know, scope of our reserves and the additional projects and possibilities that we have in that segments.

Okay.

Thanks

John, one thing, the initial assessment is retracted to January 1st.

So, that is a calculation as of year-end.

Great.

We will require to do additional assessment at least annually.

So we will have another assessment sometime during this year and to extend if there is any impact, there would be a correct P&L impact as supposed to a

doesn't affect on the adoptions.

I think also, just to add.

I think while performance is certainly a part of that, I think, with respect to this prices, effective prices came down substantially from the time that we purchased the properties back in May last year to year-end, had a great deal to do with that.

That is fair statement.

Okay.

Thank you.

Once again, if you would like to ask a question please press the one on your touch-tone phone and you may withdraw your question at any time by pressing the pound key.

Our next question comes from the side of Van Levy with CIBC.

Go ahead please.

Good afternoon, gentlemen.

Good afternoon Van.

Congratulation on the progress, I know it has been difficult.

Couple of simple questions.

Rob, could you breakout the EBITDA by you know, in rough terms by country so that I can get an impact of that and secondly, I am hoping that I can get some working interest numbers and pre

grow of type reserve estimates on the Yemen projects and also on the Louisiana exploratory wells that are close.

I think, we have always said in, Larry correct me if wrong that are, so its on all the projects that we have under taken in Yemen to enter that in first have all been, kind of a caliber of potentially 50 million barrels or more.

Is that a fair statement Larry?

Yeah.

On average what we look at is somewhere in the 50 million barrel range, what I can say, and that is all an average and since we planned in drill 4 wells at probably good to use cost program.

We have a 75 percent working interest, but since this is a cost recovery contract, what the

is on barrel crisis would be a little difficult until we knew.

But what is cost for well, Larry?

Yes.

They are going to be about 4 million dollars goes for wells and it will be about 3 million dollars and our net budget is right at 12 million dollars for the 4 wells this year.

What I would say though and provide little color to this is also on the

classical Arab type project, although, we think it is larger.

The field is very attractive, this is probably an excess of 100 million barrels and looking at, I guess, internally blocked our geological expectations, this prospect works, it could be of that types.

So, it might be a little larger than the average, and

is really kind of exciting one because it would be entirely new clay discovery sub salt

.

It could be several 100 million barrels potentially in the line that we see in fact at 3 days that we took this last year.

Felt that we have drilling in the Southwest Abbeville, we have 25 percent work made use in that probably at own average of 75 percent net revenue against that, and in short, we have a 38 percent working in for some again, net revenue is probably 70 to 75 percent against that, and in both of those areas, certainly what we are looking at is upwards to a 100 Bcf.

Okay, and then on one of those costs?

I will give you the, I don't remember the net, I'll give you the gross, most

time working interesting.

Southwest

completed cost was about 6 million dollars and in short, the dry hole cost is probably going to be around 7 to 8 million and completed will be nearly 10 million.

Okay.

With respect to your other question, Van about EBITDA by country, I don't think we've really released that, and as you know, so much of it depends on what kind of price targets you use and other kinds of costs, kinds of assumptions.

I guess I'd rather see someone take a step added on the revenue side , I am sorry, production side, and we can talk to you about production and how that looks compared to country-by-country with respect to respect to the second half.

Okay.

Once again, if you would like to ask a question, please press the one on your touch-tone phone now.

At this time, there are no further questions.

I would like to turn the call back over to moderator Mr. Rob Phabeuf.

Go ahead please.

Thank you very much for joining us.

I appreciate the time.

I know we've taken up a lot of your time this afternoon, hope it's been a good detailed review.

If there are any questions that we haven't answered that you'd like to touch on, please give us a call.

Our telephone number is 9188785451.

Thanks.

Bye.

That concludes today's conference call.

Thank you all for participating.

You may now disconnect.