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Executives

Alyson Gilbert - IR

Mike Stice - CEO

Dave Shiels - CFO

Bob Purgason - COO

Analysts

Paul Jacob - Raymond James

James Spicer - Wells Fargo

Thomas Schultz - RBC Capital Markets

Sharon Lui - Wells Fargo

Helen Ryoo - Barclays

Brett Reilly - Credit Suisse

Access Midstream Partners, L.P. (ACMP) Q4 2012 Earnings Call February 20, 2013 9:00 AM ET

Operator

Good morning and welcome to the Access Midstream Partners 2012 Fourth Quarter Earnings Conference Call. Today’s conference is being recorded. At this time, I'll turn the conference over to Alyson Gilbert, ACMP Investor Relations. Please go ahead

Alyson Gilbert

Thank you, Operator. Good morning to everyone. Thanks for being with us this morning as we discuss our fourth quarter results. With me today are Mike Stice, Chief Executive Officer; Dave Shiels, Chief Financial Officer; and Bob Purgason, Chief Operating Officer. Please note that if you do not have a copy of the press release issued yesterday, please visit www.accessmidstream.com where you'll find it in the News section.

Today's discussion will include information regarding non-GAAP financial measures, such as adjusted EBITDA and distributable cash flow. Please refer to the Investor Relations section of our website for SEC required reconciliations of these measures. Finally, today we will discuss forward-looking statements that give our current expectations or forecast of future events. They may include, but are not limited to, estimates of expected volumes, future operating expenses, planned capital expenditures and anticipated asset acquisitions and sales. It may also include statements concerning anticipated cash flow, liquidity, business strategy, and other plans and objectives for future operations.

Although we believe the expectations and forecasts reflected in these forward-looking statements are reasonable, we can give no assurance they will prove to be correct. Please see our 2011 annual report on Form 10-K and our other SEC filings for a listing of factors that could cause actual results to differ materially from expected results.

With that, we'll get started. And I'll turn the call over to Mike

.

Mike Stice

Thanks, Allison, and good morning, everyone. We appreciate you being with us again today. As usual, Dave and I will provide some color on the fourth quarter and the 2012 full year, as well as discuss the outlook for 2013 and 2014. Bob will then join us in answering any questions you may have.

We had a very successful fourth quarter and a number of run. First, as most of you know, on December 20th we completed the acquisition of Chesapeake Midstream Operating, which added natural gas gathering and processing assets in the Eagle Ford, Utica, and Niobrara liquids-rich play and expanded our existing position in the Haynesville and Marcellus. We are very excited about this acquisition as we are now the leading gatherer and processing MLP in the United States measured by both invested capital and throughput volume.

The extension of our services in the gas processing, fractionation, and NGL pipeline will vastly enhance our capabilities to serve our producer customers. A critical aspect of this acquisition was that the assets came with long term market based cost of service contract structures consistent with the existing assets in our portfolio. This 100% fee based structure provides protection for capital, inflation and re-contracting risk resulting in a highly visible and predictable cash flows over the 10-20 year contract terms. As a result, we are affirming our 2013 and 2014 financial outlook of $800-850 million in EBITDA and $1.6-1.7 billion in growth capital for 2013 and $1 billion to $1.1 billion in both EBITDA and growth capital for 2014. Our growth capital investments and resulting EBITDA is expected to allow for sustained 15% annual distribution growth for years to come.

This acquisition also allows our very talented mid-stream organization to remain together, something that I couldn't be more thrilled about. As of the end of 2012 we are a company of over 1,250 employees and by the end of 2013, we will expand to over 1,450 employees, all these working in our new Access Midstream. We have a great team that is committed to executing our business plan and delivering superior growth for our investors.

Another highlight in 2012 was the introduction of a new strategic sponsor. Williams acquired 50% of the general partner and 34.5 million limited partner units of Access Midstream from Global Infrastructure Partners. Williams brings leading midstream operational and asset development capabilities as well as deep expertise across the Midstream value chain, which complement our already strong business. We now have two great sponsors who have substantial commitment to Access and a strong belief in our assets, our business model and our people.

Additionally three new board members were added to our Board of Directors, Alan Armstrong, President and CEO of Williams, Don Chappel, Senior Vice President and CFO of Williams, and Jim Shield, Senior Vice President of Williams. With these additions reinforcing our best in class governance model the board is now comprised of three directors from GIP, three directors from Williams, three independent directors, two directors representing management and one director representing our primary customer Chesbick Energy. We continue to be guided by an independent Chairman Dave Dabaco, and both our audit and conflicts committee are solely made up by our three independent directors.

Although I've left the financial details for Dave to discuss I'd like to spend a minute talking about our fourth quarter results. We continue to deliver very strong operational performance. The partnership connected a 104 new wells to its gathering systems during the quarter. The majority of the well connects were in the Mid-Continent and Marcellus region. Over the course of 2012, we connected 264 wells in the Mid-Continent region and 227 wells in the Marcellus Shale.

These areas will continue to acquire significant growth capital throughout 2013 and 2014. For the full year 2012 we connected a remarkable 659 wells across all basins. Our fourth quarter and full year results are confirmation of the strengths of our business and reinforce our belief that we offer the best risk adjusted growth platform in the industry. We continue to deliver on our commitment to our customers and to our unit holders.

The financial results from the fourth quarter further demonstrate our ability to generate the steady growth in cash flow and distributions that our investors have come to expect. With regard to core values, Access continues to be committed to conducting our business in the safest and most environmentally sound manner possible. We ended 2012 with no loss time incidents for the year, an accomplishment I am very proud of. We have now completed three consecutive calendars years without a loss time incident. We did however incurred seven OSHA recordable incidents during 2012 resulting in a total recordable incident rate of 0.63; one of the safest companies in the industry. We continue to utilize industry leading, operational practices when it comes to areas such as water use, air quality, waste management and other matters that are central to our business model.

We require our contractors and vendors comply with the same high standards. Our goal at Access Midstream is to achieve zero recordable and zero environmental incidents. Our commitment to this objective is unwavering.

Before we take questions, Dave has some commentary on the fourth quarter financial results. Dave?

Dave Shiels

Thank you Mike, good morning everyone. We had another outstanding quarter from both an operating and financial perspective to close out 2012. We continue to generate consistently strong financial results.

Fourth quarter 2012 adjusted EBITDA was $119 million, that’s an increase of $9 million or 8% compared to the 2011 fourth quarter. Full year 2012, adjusted EBITDA was $478 million, an increase of $128 million or a 37% compared to 2011.

Adjusted bcf was $82 million in 2012 fourth quarter, up 4% compared to the 2011 fourth quarter. The 2012 fourth quarter finance results did not include any minimum volume commitment revenue as Chesapeake met their minimum volume commitment levels for the year. These fourth quarter 2012 results produced a distribution coverage ratio of 0.98 times.

The coverage ratio was impacted by the new outstanding common units and the class C subordinated units issued in December. The class B subordinated units are not included in the calculation of coverage as they do not receive a cash distribution.

Adjusted bcf for the 2012 full year was $340 million and resulted in a full year coverage ratio of 1.23 times. Gathering volumes for the fourth quarter were 2.78 bcf per day, an increase of 20% over the 2011 fourth quarter including the. newly acquired CMO assets our net gathering volumes exit rate as of the end of December with over 3.5 bcf per day.

While the throughput amounts I'll discuss here include Marcellus volume, 2012 revenue does not include Marcellus results. All of the revenue and expense impacts from the Marcellus are included in the income from unconsolidated affiliate line on the income statement because we account for our ownership interest in Marcellus assets as an equity investment.

Revenue for the fourth quarter was $148 million, a decrease of 12% over last year’s fourth quarter. Fourth quarter revenue decreased due to declines in both, Barnett and Haynesville as well as no MVC revenue was recognized compared to the $17 million recognized in the fourth quarter 2011.

After eliminating revenue attributable to MVC in 2011 fourth quarter revenue was down 5%. If we included revenue from equity method joint ventures in the revenue line on the income statement, our consolidated revenue would have increased 13% or 22% when adjusting for prior year MVC impact.

Marcellus throughput averaged $859 million cubic feet per day for the fourth quarter net TCMPs interest. while we don’t have comparison to prior year as we acquired the Marcellus assets in December 2011, throughput was up 168 million cubic feet per day compared to 2012 third quarter of 691 million cubic feet per day.

Since the beginning of the year the average quarterly volume has increased nearly 300 million cubic feet per day. Marcellus EBITDA was $37 million in the fourth quarter of 2012 compared to Chesapeake's EBITDA commitment of $38 million for the quarter. For the full year, Marcellus generated a $104 million of EBITDA which exceeded Chesapeake’s commitment by $4 million.

In the Barnett Shale, throughput average just over 1 bcf per day in the fourth quarter, a decrease of 19% compared to 2011 fourth quarter. The decrease was due to Chesapeake volume curtailment during the months of November and December as they managed full year volumes to MVC levels. However, Chesapeake lifted the volume curtailment in late December and volumes have returned to near pre-curtailment levels. For the full year, Barnett volume averaged 1.195 bcf per day, a 10% increase over 2011.

As you may recall in May, we completed an agreement with Chesapeake in total for the initial Barnett redetermination period. The Barnett shale fee increased $0.05 effective July 1, and this had a $4 million favorable impact on the fourth quarter Barnett revenue results.

Excluding the 2011 fourth quarter MVC revenue, fourth quarter 2012 revenue was down $17 million or 16%. For the full year 2012, Barnett revenue was up $34 million or 9% over the full year 2011.

Haynesville throughput averaged 346 million cubic feet per day in the fourth quarter, a decrease of 35% compared to the 2011 fourth quarter. Volume in this area has decreased as Chesapeake has reduced drilling activity. As I mentioned on past calls, we planned on these lower volumes when we affirmed our 2012 EBITDA outlook earlier this year. The operating team is very focused on cost management in the Haynesville to ensure profitability of our operations remain strong.

Mid-Continent average throughput was 570 mcf per day, a 4% increase compared to the fourth quarter 2011. A combination of 2.5% annual rate increase and rate redetermination effective January 1st, 2012, generated a 24% revenue increase in the Mid-Continent. For the full year, Mid-Continent revenue was over a $136 million and throughput average 564 mcf per day. For the 12 days the CMO assets were part of Access, the combined throughput was 861 mcf per day. The majority of the volume came from Mansfield at approximately 580 mcf per day and Eagle Ford at approximately 180 mcf per day.

Absolute operating costs were up $8 million verses fourth quarter 2011, but decreased about 3% on a volumetric basis as we continue to take advantage of our improving scale.

General and administrative expenses were up about $16 million in the fourth quarter compared to the fourth quarter 2011. This increase is entirely attributable to costs associated with the CMO transaction, specifically legal fees and employee compensation. Total growth CapEx spending was $213 million during the fourth quarter with a 104 wells connected. The primary drivers of capital spending were in the Marcellus where we spent $94 million and in the Mid-Continent where we spent $70 million. Total organic CapEx spending for the full year was $735 million with 659 wells connected. Marcellus accounted for over half of the total capital spending for 2012. CMO assets contributed approximately $17 million to the fourth quarter and full year totals.

On January 25th we announced another increase to our quarterly distribution from $0.435 per unit to $0.45 per unit, which represents an increase of 15.4% versus the fourth quarter last year and 3.4% increase versus the third quarter this year. The partnership continues to deliver best in class distribution growth with a low risk business model. The distribution was paid on February 13.

Operator, we would like to open the call for any questions, thank you.

Question-and-Answer Session

Operator

(Operator Instructions) And we'll go first to Paul Jacob at Raymond James.

Paul Jacob - Raymond James

Hey given the March 1st deadline as it relates to the exclusivity period for Chesapeake's Mid-Con assets. Is it fair to say that negotiation's wrapping up? Are you looking at extending that period possibly further out?

Mike Stice

Well I think it's very possible that that date will get strung out a little bit further into the second quarter, the negotiations as you know were somewhat distracted by our large transaction at the end of the year with CMO. So we are actively engaged in those conversations, Paul but I think it's clear to me that it's going to be difficult for us to close that by March 1.

Paul Jacob - Raymond James

Okay that's helpful and then in terms of your third party exposure, recognizing what you guys had outlined before that 50% target. Would it be fair to say that given the CMD asset acquisition, you are in the range of 20 to 25% right now and how do you see working towards that target in terms of timing over the next several years.

Mike Stice

Yes, we are very committed to that diversification of our producer base. As you know, we were running around 75% prior to the Permian deal that worked us back down to the 72. And the CMO transaction, actually took us in the wrong direction with that goal. And so we are now at 80% with the CMO transaction but that has not changed out resolve or commitment to try to get down to the 50% level by 2015. Obviously we are going to be the benefactor of whatever sales Chesapeake's engages in and will ultimately change who our producer customer is in those areas.

Paul Jacob- Raymond James

Okay and then last question from me is other relates to the CapEx budget that you have outlined, can you give us a sense for the timing for deploying those investments for the next few years?

Mike Stice

So, you are referring to the two years being the $1.6 billion to $1.7 billion in 2013 and the $1.1 billion in 2014?

Paul Jacob- Raymond James

Yes, that’s correct.

Mike Stice

Are you wanting more granularity?

Paul Jacob- Raymond James

Yes, if you could just give me a sense, is that going to hit in the first half of the year or back half of the year, or do you think that’s going to be pretty steady throughout the year for 2013 and 2014?

Bob Purgason

Paul, as on balance, I’d just look at it ratably, that’s basic, we have ups and downs based on each region but on balance for us is its ratable this year and we expect the same in '14.

Dave Shiels

Paul as we've said; this is Dave, as we have said before when you look at 2012 when you combine the two entities ACMP and CMO, we were on that run rate anyway in 2012. So there is no spike in terms of the growth CapEx. We are on that pace today.

Operator

And we go next to James Spicer, Wells Fargo.

James Spicer - Wells Fargo

Another couple of questions related to the CapEx; the spend this year is pretty heavy. Just wondering if you can talk a little bit about funding the spending gap.

Mike Stice

So when we talk about the 1.6 to 1.7 billion of growth capital James, as you know we have with our strong coverage, some excess cash that will reduce the funding requirement there but fundamentally you’re left with what 1.5 billion or so that we need to fund and we’ll do that with the combination of debt and equity and will be opportunistic on the markets.

Right now when you look at our leverage on a pro forma CMO basis at the end of 2012 it's about 4.5 times as we talked about in the transaction. We plan to de-lever overtime so it will be a combination of how quickly we de-lever, what the markets look like in terms of the timing and the composition of how we fund the roughly 1.5 billion we need to fund in 2013, but it’s no different than what we said all along in terms of managing the balance sheet and funding with the combination of debt and equity.

James Spicer - Wells Fargo

Okay when you talk about the managing the balance sheet and reducing leverage, is your target or your longer term targets still that 3.5 times range?

Mike Stice

Yes that’s the longer term target.

James Spicer - Wells Fargo

Okay and can you tell us what the last full year 2012 EBITDA was for the acquired CMO assets?

Mike Stice

All we report, James, is the $6 million for the 12 days.

James Spicer - Wells Fargo

Okay. Is there any guidance that you can give as to how we might extrapolate that for the full year?

Mike Stice

Actually honestly you can do a per day calculation and get pretty close to what the actual run rate is, so I'll save you some time if you take the $6 million on per day basis and then extrapolate it for 365, it’s just shy of $200 million and when you look at our guidance, we show some granularity between the ACMP base business in the CMO transaction in 2013 of roughly 250 million, so we’re on that kind of 200 million run rate today and obviously there is going to be escalation as we go through 2013 and that’s how you get to the 250 guidance for full year 2013.

Operator

And we’ll go next to the Thomas Schultz at RBC Capital Markets.

Thomas Schultz - RBC Capital Markets

Just on Barnet volumes, I guess Chesapeake managed to the MVC during the fourth quarter, I guess just how quickly can those volumes come back? I think you said they were back to three fourth quarter volumes and then I guess what would your expectation being 2013 as well. But you expect them to kind of continue managing to the MVC this year.

Bob Purgason

Yes TJ, this is Bob and the volumes have come back, where they kind of pre-war or pre-curtailment war, the MVC for 2013 is 1.2 bcf per day, and we expect that they will manage just in 2013, just as they did in 12 to the MVC level.

Thomas Schultz - RBC Capital Markets

I guess, just kind of back to the growth CapEx, with your spending over the next couple of years, maybe just kind of high level as we look, regionally across your portfolio, can you try to kind of bucket the amount or percent of that CapEx on a regional basis, just kind of look into for where you’re really focused?

Mike Stice

Well we don’t give regional guidance in breaking that out. But I think it’s obvious that a lot of the activity is in the liquid-rich play so you can see quite a bit of capital, portion of that capital in the Eagle Ford, the Marcellus in the Mid-Continent continue to be very active region as you saw in 2013. So, although we don’t give guidance on specifics by region, I think it’s just fair to say that the activity level is very low to none in the dry gas areas, moderated by current gas prices and the activity level is quite high in the liquid-rich plays. The one exception to the dry gas concept is the Marcellus North, where the activity continues to be quite robust.

Operator

Our next question comes from Sharon Lui with Wells Fargo.

Sharon Lui - Wells Fargo

Just a couple of quick questions on the guidance; for 2013 and 2014 EBITDA forecast, does that include any benefit from the pending transaction from Chesapeake, the additional system that you plan to acquire?

Mike Stice

No Sharon, we did not include any of that, it’s just the business that we've already purchased in CMO, transactions like the Mid-Continent and any work that we're doing on third party type M&A stuff, none of that’s included in any of our guidance.

Sharon Lui - Wells Fargo

Okay, and then just looking at your interest expense guidance, are you assuming any capitalized interest or equity offerings in that number because it seems a bit high?

Mike Stice

Well Sharon we provide a range there. It does include capitalized interest because that’s still an accounting for us but the range there is driven by of course the markets, how much debt, how much equity, what the interest rates are. How much interest we capitalize? What the timing of the CapEx is by quarter so there's a fairly broad range there understand that, but it's driven by all those factors.

Sharon Lui - Wells Fargo

Okay so it does assume equity offerings in there?

Mike Stice

At one end of the range it does, yes.

Operator

And we'll go to next to Helen Ryoo at Barclays.

Helen Ryoo - Barclays

Just a question, I guess I'll start with a question on your third party business, you've mentioned many times that you're going to grow that piece, but just stepping back. I guess if you look at your current contracts they're pretty much protected by cost of service, minimum volume commitment features all these CapEx protection agreement, and just to clarify, does this apply to your all your non-Chesapeake volume as well and also, as you add more third party business, has there been any pushback in getting them to accept this kind of contracts?

Mike Stice

So Helen, kind of give you a little sense, it varies by basin. I mean several of our larger third party customers, (inaudible), Mitsui and Statoil are all under like contracts as Chesapeake, they are cost of service arrangements and so on. I was just counting up, we had about 13 new third parties added in the third quarter in our new contracts and about six of them happened to be under cost to service agreements. The others are fixed fee. Often as you get into a system and you have a smaller customer. You'd rather have a fixed fee agreement with them because you don't want to go through all the administrative burden of having a cost to service contract. So we can see what the rates are going to look like and enter into those in a fixed fee base, so we managed the risk in that way and have a mix going forward.

Dave Shiels

And Helen, I just might add, it's important to note that these costs of service arrangements are the vehicle for developing early basins. And so it’s prior to knowing what the capital infrastructure needs to be, what the volumes are going to be. It creates a win-win between the producer customer and the midstream service provider, and so it gives you mid-teens return for the midstream service provider to provide the producer what all he might need to get his gas or in some cases, liquids to market. So that is a common industry phenomenon that you are seeing a lot of parties developing especially these new unconventional basins. Bob is right that it does vary by basin when you get into the Mid-Continent, for example, where there is lot of pre-existing infrastructure. It’s more likely and more common frankly for fixed fees, to take advantage of some of that backbone that already exists. So it is a conversation that has to be had in context with the basin that you are talking about.

Helen Ryoo- Barclays Capital

I really appreciate the color, and then just another big picture question, as you reiterated your guidance, your distribution guidance for the next two years, 15% per year; just wanted to understand, what's the risk of not being able to achieve that? I guess given your contracts you have little volume exposure price risk so would you say operationally it is just any risk associated with that number would probably just come from any delays in getting new projects up and running, is that fair?

Mike Stice

I think it is important, Helen, just appreciate that. Yes our contract do provide us with the kind of predictability and understanding and the protections that we have but the execution of the capital is where we have to deliver. We've got to put this capital to work in the timeframe that we've described and that's what triggers the return and ultimately the cash flows that we will realize from that investment. So, when you think in terms of risk, I believe that it’s the execution of the capital deployment is where the risk lies in our business.

Bob Purgason

And Helen let me just kind of note that, that was last year's conversation we bought the Marcellus and you can look that we were able to deploy that capital in Marcellus last year on ACMP basis and then as Dave commented earlier, last year this enterprise between ACMP and CMD assets deployed $2 billion in capital. So we have the capacity, we have the organizational capability to do it, our projects are on track and we're very comfortable that we will be able to deploy this capital as described.

Operator

(Operator Instructions). We will go next to Brett Reilly at Credit Suisse.

Brett Reilly - Credit Suisse

Could we, just get maybe an update on the wells waiting on pipes, that you have still have in the backlog today?

Mike Stice

Sure, I think the number, Bob is 478 in total if I'm not mistaken on WOPLs. As you add the CMO combined, ACMP itself was about 255 so we’ve added not quite double that, to add about another 200 wells in our inventory as you go forward and look at it, so still a substantial inventory. I’ll tell you, one of the things I was really excited about though was just the way our rig count now that we have all the additional assets in the portfolio has really increased as we’ve added the Eagle Ford and Utica and those plays and just demonstrates the growth that’s going on the activity around our asset base.

Brett Reilly Credit Suisse - Analyst

Got you, any color you might be able to add to that 478 number so we can breakdown between Marcellus, Eagle Ford any of the operating areas?

Mike Stice

Yes, I’ll give you a quick breakdown, so we had 478 total WOPLs, 257 of those are in the Marcellus so that’s our largest areas so that’s what we’re saying is a large component of our capital spend and it will go towards hooking those up. I anticipate maybe exiting 2013 with somewhere in the 50 to 60 range, so we have a significant there, the second largest is the Eagle Ford and that number is frankly growing because there is quite a bit of activity in the liquid rich area of the Eagle Ford.

There is 109 WOPLs in the Eagle Ford today and then the rest of the areas for example the Utica would be our third largest WOPL area and it too is growing, it's a fairly new, young immature development and it's at 68 and the rest of the numbers are kind of scattered. As you can imagine WOPLs are being added every day in the liquids rich plays and they’re being declined in the areas where there is dry gas plays, so we’re catching up and making progress in the dry gas areas where there is WOPL inventory and we’re still being outpaced if you will by the upstream producers in the liquid rich areas. So that’s just a normal trend that we see across these basins, is that helpful Brett.

Brett Reilly - Credit Suisse

Yes, I know it’s very helpful. And then maybe any color you might be able to provide on sort of an exit rate, you guys are modeling for the CMO assets toward the end of the 2013?

Mike Stice

You said 2013 or 2012?

Brett Reilly - Credit Suisse

Yes the end of 2012 was roughly bcf a day so then the ’13.

Mike Stice

We’re not projecting or providing guidance on a regional basis. Those numbers really vary depending on the capital deployment we have and the upstream variability and what they’re going to do and so we really just would be difficult to give that kind of data out. It sounds like you have already got a handle on where we are today in the CMO asset so I am glad to give you some exit rates for 2012.

Brett Reilly - Credit Suisse

And then I guess, lastly, you guys have put out guidance of 15% distribution growth for '13 and '14; how do you think about managing that growth rate in the context of coverage? Would you consider potentially accelerating that growth rate, maybe if you get into the back after '13 and then potentially '14 as your capital needs decline?

Bob Purgason

Well I think, Brett, all we can say at the moment is that we have, we are getting a lot of flexibility right, so our coverage is going to continue to be very strong. We got tremendous capability to deliver the sustained 15% distribution growth that Mike mentioned in his comments upfront. And that’s a great position to be in. So our EBITDA guidance as you can tell is growing substantially over the next couple of years. It’s going to give us a lot of horsepower to grow the distribution and a lot of flexibility to fund the business and to deliver returns to the investors. So that’s a good position to be in and we will give you more information down the road as we make decisions on distribution policy.

Operator

And that does conclude today’s question-and-answer session. At this time I would like to turn the conference back over to Mike Stice for final comments.

Mike Stice

Thank you, I appreciate it operator, and thanks everyone for coming and joining us. Obviously we were very excited about our fourth quarter and our full year 2012 results. But we are even more excited looking forward to the 2013 and 2014 and what this brings for both our employees and obviously our investors. There are some unique opportunities for us looking forward in 2013 and 14; we kind of control our own destiny in executing the capital programs that we have described to you. And of course once this capital programs are deployed, we have got very predictable cash flows coming our way. So we do appreciate the time and the questions today and we look forward to next quarter. Thank you very much.

Operator

And that does conclude today’s conference. Again, thank you for your participation.

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