SM Energy Co (SM) 2023 Q3 法說會逐字稿

Greetings. Welcome to SM Energy's Third Quarter 2023 Financial and Operating Results Q&A. (Operator Instructions) Please note that this call is being recorded. At this time, I'll turn the conference over to Jennifer Martin Samuels, Vice President, Investor Relations and ESG Stewardship. Jennifer, you may begin.

問候。歡迎閱讀 SM Energy 2023 年第三季財務與營運績效問答。 （操作員說明）請注意，此通話正在錄音。這次，我將把會議交給投資人關係和 ESG 管理副總裁 Jennifer Martin Samuels。詹妮弗，你可以開始了。

Thank you. Good morning, everyone. We are speaking to you today from a particularly beautiful day in Colorado, land of prime time events. So let's get started on our event today.

謝謝。大家，早安。今天，我們在黃金時段活動之地科羅拉多州一個特別美好的日子裡與您交談。那麼就讓我們開始今天的活動吧。

In today's call, we may reference the earnings release, IR presentation or prepared remarks, all of which are posted to our website. To answer your questions today, we have our President and CEO, Herb Vogel and CFO, Wade Pursell.

在今天的電話會議中，我們可能會參考收益發布、IR 演示或準備好的評論，所有這些都發佈在我們的網站上。今天請我們的總裁兼執行長 Herb Vogel 和財務長 Wade Pursell 來回答您的問題。

Before we get started, I need to remind you that our discussion today may include forward-looking statements and discussion of non-GAAP measures, I direct you to Slide 2 of the accompanying slide deck, Page 6 of the accompanying earnings release and the Risk Factors section of our most recently filed 10-K, which describe risks associated with forward-looking statements that could cause actual results to differ.

在我們開始之前，我需要提醒您，我們今天的討論可能包括前瞻性陳述和非公認會計原則措施的討論，我引導您查看隨附幻燈片的幻燈片2、隨附收益發布的第6 頁以及風險我們最近提交的 10-K 的因素部分描述了與可能導致實際結果不同的前瞻性陳述相關的風險。

Please see the slide deck appendix and earnings release for definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measures and discussion of forward-looking non-GAAP measures. Also look for our third quarter 10-Q filed this morning. With that, I will turn it over to Herb for a brief opening commentary. Herb?

請參閱投影片附錄與效益發布，以了解非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的定義與調整以及前瞻性非 GAAP 衡量標準的討論。也請查看我們今天早上提交的第三季 10-Q 報告。接下來，我將把它交給赫伯進行簡短的開場評論。草本植物？

Thank you, Jen. Good morning, and thank you for joining us. Let me start by reiterating a few key messages this quarter. Our return of capital program continues to be well received. We have repurchased approximately 6% of shares based on shares outstanding as of September 2022.

謝謝你，珍。早安，感謝您加入我們。讓我先重申本季的一些關鍵訊息。我們的資本返還計劃繼續受到好評。根據截至 2022 年 9 月的已發行股票，我們已回購約 6% 的股票。

We have increased the dividend twice, most recently a 20% increase while at the same time, we have maintained net debt to adjusted EBITDAX at 0.7x and increased our Midland acreage position by 35%. Execution has been outstanding in 2023, underscored by several third-party charts we presented in the slide deck, and we are excited to get out and demonstrate the value of our new assets with the fourth added rig in Midland.

我們已兩次增加股息，最近一次增加了 20%，同時我們將調整後 EBITDAX 的淨債務維持在 0.7 倍，並將我們的 Midland 面積頭寸增加了 35%。 2023 年的執行情況非常出色，我們在幻燈片中展示的幾張第三方圖表強調了這一點，我們很高興能夠透過米德蘭的第四個新增鑽機展示我們新資產的價值。

As you can see, we have increased the number of expected fourth quarter completions in Midland from 6 to 11 and will have added benefit in the first quarter from the higher working interest in wells gained through the asset exchange that we just reported, setting up for a more oily first quarter and stronger oil trajectory in 2024.

正如您所看到的，我們已將米德蘭第四季度的預計完工數量從6 座增加到11 座，並且透過我們剛剛報告的資產交換獲得的油井工作興趣增加，將在第一季度帶來更多收益，為第一季石油產量增加，2024 年石油軌跡更加強勁。

As we close 2023, SM Energy is very well positioned to deliver on the continuation of our core strategic objectives in 2024. With that, I'll turn it back to Rob to start taking your questions. Rob?

隨著 2023 年即將結束，SM Energy 完全有能力在 2024 年繼續實現我們的核心策略目標。接下來，我將把問題轉回給 Rob，開始回答大家的問題。搶？

(Operator Instructions) And our first question today is from the line of Gabe Daoud with Cowen.

（操作員說明）今天我們的第一個問題來自 Gabe Daoud 和 Cowen 的線路。

It's Gabe from Cowen. Guys, I was hoping we can maybe start with 4Q. Looks like oil is expected to decline quarter-over-quarter, but Midland (inaudible) have actually increased relative to your prior outlook. So just curious if you can maybe give us a bit more color on what's going on there.

我是來自考恩的加布。夥計們，我希望我們可以從第四季開始。看起來石油價格預計將環比下降，但米德蘭（聽不清楚）相對於您之前的預期實際上有所增加。所以只是好奇你能否給我們更多關於那裡發生的事情的資訊。

Yes, Gabe, this is Herb. So yes, we're really not really focused on that quarterly cadence bringing on a large new pad earlier later by a month can have an impact on quarterly rates, but it's really not material at all from a valuation or a cash flow perspective. So we're not really focused on that.

是的，加布，這是赫伯。所以，是的，我們確實並不真正關注季度節奏，在一個月後提前推出一個大型新墊可能會對季度費率產生影響，但從估值或現金流的角度來看，這實際上根本不重要。所以我們並沒有真正關注這一點。

Okay. Got it, got it. So just timing related to a large pad, okay. And then as a follow-up, I was hoping we could maybe get some more color on the asset exchange. And specifically, how the 9 DUCs and the increase in working interest there set you up for a strong 1Q, any way that you can maybe quantify oil volumes for 1Q?

好的。明白了，明白了。所以只是與大墊相關的時間，好吧。然後作為後續行動，我希望我們可以在資產交換上獲得更多的色彩。具體來說，9 個 DUC 和那裡工作興趣的增加如何為您帶來強勁的第一季業績，您是否可以量化第一季的石油量？

So Gabe, first of all, I'm just really excited we were able to do that asset exchange. So getting a substantial increase in wells we've already drilled in our working interest through an exchange was just great value for us and it really boost what we'll be able to produce in the first quarter, but we haven't put any numbers out there yet for 2024. But you can see how it positions us well for an oily first quarter. How oily it is, will depend on exactly how early they come on in the first quarter, but it's just in the right direction for what we're trying to do strategically.

所以，加布，首先，我真的很興奮我們能夠進行資產交換。因此，透過交易所大幅增加我們已經鑽探的油井對我們來說非常有價值，它確實提高了我們第一季的產量，但我們還沒有提供任何數字2024 年的情況尚未確定。但您可以看到，這為我們在油膩的第一季做好了準備。它有多油膩，將取決於它們在第一季的出現時間，但這對於我們在策略上嘗試做的事情來說是正確的方向。

Our next question is from the line of Zach Parham with JPMorgan.

我們的下一個問題來自摩根大通的 Zach Parham。

Wade, maybe one for you on the buyback. It stepped up pretty significantly this quarter. Just any thoughts on the future pace of buybacks? And I'm also wondering if you plan to ask the Board to increase the size of the authorization because if you ran at the 3Q pace for another couple of quarters, you would finish up that authorization. So just curious on that as well.

韋德，也許在回購時適合你。本季這數字顯著上升。對未來回購步伐有什麼想法嗎？我還想知道您是否計劃要求董事會增加授權規模，因為如果您再以第三季度的速度運行幾個季度，您將完成授權。所以對此也很好奇。

Yes. Thanks, Zach. Good questions and we spoke about this in the prepared remarks and gave some nice pie charts on our capital allocation. You're right, we do have -- we do still have a ways to go on our authorization. I think we still have another $237 million to go on that. So all I can say is we really -- I think we've been showing and we talked about it in our prepared remarks that we clearly prioritize return to stockholders within our capital allocation, and there's no reason to believe that, that would change. So I guess that's all I can say on that. As far as the pace by quarter, we said that we're going to be methodical and some quarters lean in more. That's really all I can say at this point. We'll continue that strategy on the current authorization. And then when we get to the end of it, we'll consider what to do from there.

是的。謝謝，扎克。好問題，我們在準備好的發言中談到了這一點，並給出了一些關於我們的資本配置的漂亮餅圖。你是對的，我們確實有──我們確實還有很長的路要走我們的授權。我認為我們還有另外 2.37 億美元的資金用於此目的。所以我能說的是，我們確實 - 我認為我們已經在準備好的發言中表明並討論了這一點，我們在資本配置中明確優先考慮股東回報，並且沒有理由相信這一點會改變。所以我想這就是我能說的。就季度進度而言，我們表示我們將有條不紊，有些季度會更加傾斜。此時我能說的就是這些。我們將在當前授權的基礎上繼續該策略。然後當我們結束時，我們會考慮從那裡開始做什麼。

Got it. And then also just had a question on the tax credit that was mentioned in the prepared remarks you posted on the website. Maybe could you give investors some detail on why exactly you received that tax credit? And maybe talk about if there's potential that the credit could increase in size over time?

知道了。然後還有一個關於您在網站上發布的準備好的評論中提到的稅收抵免的問題。也許您可以向投資者提供一些詳細信息，說明您為何獲得稅收抵免？也許可以談談信貸規模是否有可能隨著時間的推移而增加？

Yes. Great -- I appreciate you asking that. We -- as we said in the remarks, and as we've been saying for years, being a premier operator is constantly pushing the envelope with innovation and technology and a lot of what we do just kind of hits right down the fairway of what the R&D tax credit provides for us. So we did a lot of work, and the team did a ton of work qualifying for that credit and quantifying the amounts that we believe fit that -- those criteria and put back several years, and that's the reason for the size of it. You might -- somebody might ask why now? We haven't been a cash taxpayer until recently. And that's obviously part of it because it is a ton of work to quantify these amounts and build the position to take the credits. But that's the primary point. Your question about will it continue? It absolutely should. We continue to do similar things operationally. So we kind of set up the processes and the procedures to hopefully continue to quantify those R&D tax credits going forward. So beyond the amount that we disclosed, I think $77 million as far as the amount from the past that we're able to use in the coming years, significantly offsetting cash taxes in the next few years. So thanks for asking.

是的。太好了——我很感激你這麼問。正如我們在發言中所說，也正如我們多年來一直所說的那樣，作為一家一流的運營商，我們不斷挑戰創新和技術的極限，我們所做的很多事情都恰到好處地擊中了目標的正軌。研發稅收抵免為我們提供。因此，我們做了很多工作，團隊也做了大量工作來獲得該積分，並量化了我們認為符合這些標準的金額，並回溯了幾年，這就是其規模的原因。你可能——有人可能會問為什麼現在？直到最近我們才成為現金納稅人。這顯然是其中的一部分，因為量化這些金額並建立獲得學分的位置需要大量工作。但這是最主要的一點。你的問題是它會繼續嗎？絕對應該。我們在操作上繼續做類似的事情。因此，我們建立了流程和程序，希望能夠繼續量化未來的研發稅收抵免。因此，除了我們披露的金額之外，我認為我們在未來幾年可以使用過去的金額 7700 萬美元，這將大大抵消未來幾年的現金稅。謝謝你的提問。

Our next question is from the line of Oliver Huang with TPH.

我們的下一個問題來自 TPH 的 Oliver Huang。

Just one on the extra rig that got added in the Midland in early October on a 6-month contract. Anything you all are kind of able to offer up in terms of the thought process on what would dictate keeping that rig on for the remainder of next year? Or is it pretty firm at this point in terms of just once Q2 kind of rolls around, you all are going to go back to that 3 Midland rig program you all have been running? And also, is this going to necessitate the need for bringing on a spot crew to help get these wells done in that (inaudible) area?

十月初在米德蘭增加了一個額外的鑽孔機，合約為期 6 個月。你們能就什麼決定在明年剩餘時間內保持該設備的思考過程提供一些建議嗎？還是說，在第二季度到來之際，你們所有人都會回到你們一直在運行的 3 Midland 鑽機計劃？而且，這是否需要聘請現場工作人員來幫助在該（聽不清楚）區域完成這些油井？

Oliver, this is Herb. Yes. Thanks for asking the question. Yes, you're right that fourth rig has a 6-month term and it's got an excellent rate. We haven't decided whether to extend it or not yet. We haven't set our budget for 2024 yet. It's certainly possible that we could extend it and we haven't made the decision yet. In terms of the completions crew, it's a pretty rigorous scheduling process we undergo really -- well, almost continuously, but for 2024 right now, so will determine what the schedule will be for the frac spreads. You're probably aware, we're running Simul-Frac crew, and that's led to some of those great numbers that we showed in the deck in terms of execution. So it will just be part of our schedule when we have to pick up a spot crew or not. We don't do that very often. We really drive for those capital efficiencies, but I never rule it out because sometimes, there's one freed up from another operator really cheap for a pad, and we'll take advantage of those situations.

奧利佛，這是赫伯。是的。感謝您提出問題。是的，你說得對，第四台鑽孔機的期限為 6 個月，而且利率很高。我們還沒有決定是否延長它。我們尚未制定 2024 年的預算。我們當然有可能延長它，但我們還沒有做出決定。就完井人員而言，這是一個相當嚴格的調度過程，我們確實——嗯，幾乎連續不斷地經歷，但現在到 2024 年，因此將決定壓裂差價的時間表。您可能知道，我們正在運行 Simul-Frac 人員，這導致了我們在甲板上展示的執行方面的一些出色數字。因此，無論是否需要聘請現場工作人員，這都將成為我們日程的一部分。我們不常這樣做。我們確實致力於提高資本效率，但我從不排除這種可能性，因為有時，從另一家運營商那裡解放出來的資金對於一個墊來說非常便宜，我們會利用這些情況。

Okay. That's helpful color. And maybe just a follow-up to Zach's earlier question on the tax credit. Any sort of updates with respect to how that might impact cash taxes for next year? I think previously, you all kind of talked about that $16 million or so run rate. Just wanted to see if we could get maybe an update there.

好的。這是有用的顏色。也許只是紮克之前關於稅收抵免問題的後續。關於這可能如何影響明年的現金稅有任何更新嗎？我想之前你們都談到 1600 萬美元左右的運行率。只是想看看我們是否可以在那裡獲得更新。

Sure, thanks for asking it. That's a good point. So next year, if you think in terms of $60 million, 6 0, I think that's what we've talked about and kind of what our model shows right now. The tax credit will enable us to offset 75% of that. So that -- so the number will be more like [$15, 1 5, million] next year. There is a limitation each year that you can only offset up to 75% of your cash tax liability. So that will be the result next year. And it will be -- frankly, it will be similar, I think, in 2025.

當然，謝謝你的提問。那是個很好的觀點。所以明年，如果你考慮 6000 萬美元，6 0，我認為這就是我們討論過的，也是我們的模型現在所顯示的。稅收抵免將使我們能夠抵消其中的 75%。所以明年這個數字會更像是[15, 1 5, 百萬]。每年有一個限制，您最多只能抵銷現金稅額的 75%。這就是明年的結果。坦白說，我認為到 2025 年，情況也會類似。

Our next question is from the line of Tim Rezvan with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Tim Rezvan。

Wade, I wanted to dig back in on the repurchases a little bit following up on Zach's question. If you look at your history, you all did about 2.6 million shares in the second quarter at about $27 and you did about the same amount this quarter at a higher price. So I know you can't show your cards too much, but is it safe to say that you and the Board see shares extremely undervalued at that $40 level and that we would assume you all would continue leaning in if the share price stays here?

韋德，我想在札克的問題之後再深入探討回購問題。如果你看看你的歷史記錄，你會發現，你們在第二季度以大約 27 美元的價格買入了大約 260 萬股，而本季度你們以更高的價格買入了大約相同數量的股票。所以我知道你不能太多地亮牌，但是可以肯定地說，你和董事會認為股價在40 美元的水平上被極度低估，並且我們假設如果股價保持在這個水平，你們所有人都會繼續傾向於這一水平嗎？

I think you can -- I think generally, you can assume that. I mean, we clearly have a view on what we think the stock price is worth our own internal NAV. And the fact that we leaned in, as you said, this quarter at prices averaging around $40, I think, confirms our belief that our -- that it's undervalued.

我認為你可以——我認為一般來說，你可以這樣假設。我的意思是，我們顯然對我們認為的股價與我們自己的內部資產淨值的價值有自己的看法。正如您所說，本季度我們以平均 40 美元左右的價格傾斜，這一事實證實了我們的信念，即它被低估了。

Okay, okay. That's helpful. And then as my final question, maybe more for Herb on (inaudible). You talked about Dean in the Middle Spraberry as your targets. I was under the impression that, that was underwritten solely on the Dean. So I was wondering if you could refresh our memory on the intervals you used to underwrite the acquisition? And then maybe what you're going to be targeting with that fourth rig on your first few wells up there?

好吧好吧。這很有幫助。然後作為我的最後一個問題，也許更多關於赫伯（聽不清楚）。你談到中斯普拉伯里的迪恩是你的目標。我的印像是，這是完全由院長承保的。所以我想知道您能否讓我們回想一下您用於承保收購的時間間隔？那麼，也許您的前幾口井的第四台鑽孔機的目標是什麼？

Yes, Tim. Yes, we are very excited about (inaudible). We look at some of the offset wells in that area and our experience (inaudible) Dean wells and Middle Spraberry sand is lesser portion of the value up there, but it's still great value contributor, and we are initially going to pad to exploit the Dean. So that's our plan there. But yes, we are excited to get up there and show what the wells can do up there.

是的，提姆。是的，我們非常興奮（聽不清楚）。我們研究了該地區的一些補償井，我們的經驗（聽不清）Dean 井和 Middle Spraberry 砂只佔那裡價值的較小部分，但它仍然是巨大的價值貢獻者，我們最初打算開發 Dean 井。這就是我們的計劃。但是，是的，我們很高興能夠到達那裡並展示油井在那裡可以做什麼。

Okay. So those initial wells will be targeting the [Dean?]

好的。所以那些最初的井將瞄準[Dean？]

Yes, they will.

是他們會。

(Operator Instructions) We have a follow-up from the line of Oliver Huang with TPH.

（操作員說明）我們有來自 Oliver Huang 與 TPH 的後續行動。

Yes, I just had one more follow-up guys. Just with respect to lateral lengths, just kind of with the 9,000, 15,000-foot DUCs in the Sweetie Peck, looks like you all are kind of extending laterals a little bit. I think you all did 15 of those longer laterals this year. But just wondering, any sort of trends that we should be kind of aware of as you're pulling together the 2024 plan in terms of this lateral length migrating higher in either of your two areas relative to this year?

是的，我剛剛又多了一個跟進者。就橫向長度而言，就像 Sweetie Peck 中 9,000 英尺、15,000 英尺的 DUC 一樣，看起來你們都在稍微延長橫向長度。我想你們今年都完成了 15 次較長的側向訓練。但我只是想知道，當你們在製定 2024 年計劃時，我們應該注意到任何一種趨勢，即你們兩個區域中的任何一個區域的橫向長度相對於今年會更高？

Oliver, this is Herb. It's pretty straightforward just when we get into a year. We look at the pads that we're going to develop, and we look at the acreage position and how contiguous of acreages, in general, it's quite good for us. And you're probably aware, we hold the record in Texas for the longest lateral of anyone at 4 miles. So we can do that if we want to. So it's really an economic optimization question for us. And generally, 15,000-foot laterals will get a benefit in terms of rate of return, as you can expect. So we'll put 15,000-foot laterals in wherever it makes sense. How it turned out for the year on the average lateral length, we've been bouncing in between the 11,000 and 12,000 on average. I kind of anticipate that's sort of where things will be. So -- but we don't have our 2024 program outlined with a planned lateral length yet. But in general, you can bet that we're going to be optimizing the economics here.

奧利佛，這是赫伯。當我們進入一年時，這非常簡單。我們著眼於我們將要開發的土地，我們著眼於面積位置以及面積的連續性，總的來說，這對我們來說非常有利。您可能知道，我們保持著德克薩斯州 4 英里最長橫向記錄。所以如果我們願意的話我們可以這樣做。所以這對我們來說確實是一個經濟優化問題。一般來說，正如您所期望的那樣，15,000 英尺的支線將在回報率方面獲得優勢。因此，我們將在任何有意義的地方放置 15,000 英尺的支線。從今年的平均橫向長度來看，我們的平均橫向長度一直在 11,000 到 12,000 之間波動。我有點預計事情會是這樣。所以，但我們還沒有製定 2024 年計劃以及計劃的橫向長度。但總的來說，你可以打賭我們將優化這裡的經濟狀況。

Our next question is a follow-up from the line of Tim Rezvan with KeyBanc Capital Markets.

我們的下一個問題是來自 KeyBanc Capital Markets 的 Tim Rezvan 的後續問題。

I wanted to circle back on the asset exchange a little more. Just trying to understand, essentially, you're adding 5.2 net wells, if we think about 58% working interest in 9 wells. So I'm trying to understand that the $50 million in CapEx, is that the completion costs for those wells? Or is that -- are you kind of buying into the whole working interest, the whole D&C side? And then I guess as a follow-up, are there more opportunities like that? Or was that really a unique kind of one-off event?

我想再回顧一下資產交換。只是想了解，本質上，如果我們考慮 9 口井的 58% 工作權益，那麼您將增加 5.2 口淨井。所以我想了解 5000 萬美元的資本支出是這些油井的完井成本嗎？或者說——你是否認同整個工作利益、整個 D&C 面向？然後我想作為後續，還會有更多這樣的機會嗎？或者這真的是一種獨特的一次性事件嗎？

So it's a great question, Tim. It's really -- they're DUCs now. So they've been drilled. We spent the capital. And then for the fourth quarter will be completing the wells. And so that's largely what that incremental CapEx is.

所以這是一個很好的問題，提姆。確實——他們現在是 DUC。所以他們已經被鑽了。我們花了資本。然後第四季將完成油井工作。這很大程度上就是增量資本支出。

Essentially $9 million per well as the completion cost for the 3 miles?

3 英哩的完井成本基本上是每口井 900 萬美元？

No, because there's some additional where we had to basically cover the cost that we already had in the wells.

不，因為還有一些額外的費用，我們基本上必須覆蓋油井中已有的成本。

I think there were third quarter costs associated with the completions that as well as fourth quarter costs associated with the completions. So that $50 million is representative of the net completion cost added for the 5 net additional wells.

我認為第三季的成本與竣工相關，以及第四季的成本與竣工相關。因此，5,000 萬美元代表淨增加 5 口井的淨完井成本。

Yes.

是的。

Okay. Okay. And then the second piece of the question, are there more opportunities? Like I know ideally, 100% working interest is where you want to be, but are there more meaningful opportunities like that? Or was that sort of a unique one-off?

好的。好的。那麼第二個問題，還有更多的機會嗎？就我所知，理想情況下，100% 的工作興趣是你想要的，但還有像這樣更有意義的機會嗎？或者說這是一種獨特的性行為？

That's a great question. You never can quite anticipate what happens. You'll see working interest change. The way to look at it is when we first acquired, for example, the RockStar acreage, we were around a 60% working interest and we worked our way up to an average of over 80% on that acreage. So there are opportunities just arise all the time as operators adjust their or nonoperators adjust their interest in wells. So we're very opportunistic on that. We're in the land game daily and we'll do what we can to increase working interest that generate quite high returns for us. So I look at it that way, it's very hard to predict. We've never put it in a plan. But when the opportunity comes in front of you, you grab it when it has much value as, for example, this one did.

這是一個很好的問題。你永遠無法完全預料到會發生什麼事。你會看到工作興趣改變。看待這個問題的方式是，當我們第一次收購 RockStar 土地時，我們擁有大約 60% 的工作權益，我們努力將該土地的平均權益提高到 80% 以上。因此，當營運商調整他們或非營運商調整他們對油井的興趣時，機會總是會出現。所以我們對此非常投機。我們每天都在進行土地遊戲，我們將盡我們所能增加工作興趣，從而為我們帶來相當高的回報。所以我是這樣看的，很難預測。我們從來沒有把它放在計劃中。但當機會出現在你面前時，你就會抓住它，因為它很有價值，就像這個機會一樣。

We've reached the end of the question-and-answer session. And I'll turn the call over to Herb Vogel for closing remarks.

我們的問答環節已經結束了。我將把電話轉給赫伯·沃格爾做總結發言。

Okay. Thank you all for joining. We're very pleased with our performance in 2023, and we're well positioned to continue this trajectory to build value and deliver returns going forward. Thank you for your interest, and we look forward to seeing a number of you at upcoming events.

好的。感謝大家的加入。我們對 2023 年的業績感到非常滿意，我們有能力繼續沿著這一軌跡繼續創造價值並帶來回報。感謝您的關注，我們期待在即將舉行的活動中見到您。

Thank you. This will conclude today's conference. You may now disconnect your lines at this time. We thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。我們感謝您的參與。