Harvest Natural Resources' CEO Discusses Q1 2013 Results - Earnings Call Transcript

Jun. 5.13 | About: Harvest Natural (HNR)

Harvest Natural Resources, Inc. (NYSE:HNR)

Q1 2013 Earnings Conference Call

June 5, 2013 11:00 a.m. ET

Executives

Keith Head – Vice President and General Counsel

James Edmiston – President and Chief Executive Officer

Stephen Haynes –Vice President, Chief Financial Officer and Treasurer

Analysts

Matthew Mark - Jet Capital Management

David Floren - DCF Capital

Anthony Polak - Aegis Capital

Operator

Good morning and welcome to the Harvest Natural Resources earnings conference for the first quarter 2013. As a remainder this conference is being recorded. I will now turn the conference over to Vice President and General Counsel for Harvest Natural Resources, Mr. Keith Head. Please go ahead, sir.

Keith Head

Thank you. Good morning and welcome to Harvest Natural Resources 2013 first quarter results conference call. This morning our press release was broadcasted to company’s fax and email list. If you would like to be on one of those lists or you did not receive yours due to a technical difficulty, please call our office at 281-899-5700. In a few hours, a replay of today’s call will be available in the Investor Relations portion of our website at www.harvestnr.com. Additionally, a telephonic replay will be available this afternoon by dialing 719-457-0820, pass code 7050198.

This conference call will contain various forward-looking statements and information including management’s expectations regarding financial, operating and other results. These statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from the company’s expectations due to changes in operating performance, project or drilling schedules, oil and gas prices, as well as other technical, political and economic factors. Additional detailed information concerning a number of factors that could cause actual results to differ materially from today’s information is readily available in the company’s SEC filings under the heading Risk Factors and disclosure regarding our reserves. Investors are urged to consider closely the disclosure in our Form 10-K, which is available from the SEC or on our website.

At this time, I would like to turn the call over to James Edmiston, Harvest Natural Resources’ President and Chief Executive Officer.

James Edmiston

Thanks, Keith, and good morning. Thanks for joining us today. I hope you had a chance to review the earnings release this morning. It's been only a month since we had the year-end call so I am going to briefly go through the operations and the business summary and then Steve can walk you through the financials for the quarter.

We are going to start with Petrodelta. Petrodelta delivered about 3.4 million barrels of oil or 37,346 barrels of oil per day in the first quarter, at 13% above the same quarter last year about flat with the fourth quarter of 2012. Current production is running about 40,000 barrels of oil per day with only half of that amount now produced from the giant El Salto field alone. Petrodelta operated three drilling rigs throughout the quarter and drilling completed two development wells. We are currently running five rigs in the field at this time albeit at varying degrees of efficiency as Petrodelta works to regain scale efficiencies as they had in the past. Furthermore, Petrodelta has significant works underway in the infrastructure area especially in El Salto.

The key to exceeding this year's production target, aside from improvements in the drilling efficiency, is having the infrastructure in place, especially treating vessels and pipelines to deliver the spec crude from El Salto. Petrodelta's production target for the year is approximately 42,000 barrels per day average based on a capital budget of approximately $210 million. Petrodelta expects to drill 31 oil wells this year and two water-injection wells. Despite the delays and the cash constraints that affected performance particularly in 2012, we have noticed recent efforts to better support the business. So stay tuned to this. We have five rigs running which we should be in a position to see an increase in the rate of growth of production trend throughout the rest of the year.

Moving on to the other aspects, just very quickly. In Indonesia we would continue to do the detailed well planning and starting to procure long lead items for a well that should spud in late fourth quarter early 2014. We can talk more about that later. In Gabon, having completed the drilling on our Tortue discovery, where in the first quarter we were well advanced with our program of subsurface and development planning studies. The subsurface studies are focused on reconciling our seismic model to what we saw in the well, both in the vertical and sidetrack well bores. And we have been performing dynamic reservoir simulation to evaluate development options as we discussed in the last call.

You may also recall from the last call, we discussed the large velocity variations in the sidetrack compared to the vertical well. And to be honest, this work indicates we are still looking at a pretty substantial P90 to P10 range of oil in place in the Gamba and Dentale, pretty similar to the 44 million to 167 million barrels which I reported in the last call. So I think that is pretty big range. The good news is that we are confident that we believe we have met the threshold to move forward our cluster development plan that includes Tortue and the other discovery like Ruche and Walt Whitman. This development plan is flexible enough to incorporate the uncertainty on the upside potential of the existing discoveries as well as future discoveries which could become additional satellite developments with minimal cycle times [to additional] [ph] production.

Since the last call, we continue to receive data and analysis from the Tortue well. The Dentale and Gamba fluid samples recovered in the Tortue well are good quality oil of 30 and 27 degrees API, with lower than expected oil viscosities, and that’s very important. That’s a good thing. Also the Gamba core descriptions and analysis show the reservoir to have a higher proportion of better quality channel (inaudible). Both of these have contributed to our confidence in the results of the dynamic simulation modeling. We still await results from the water well displacement core studies to further improve predictions of recovery under an active water drive. Those results will directly impact our views on recovery factor.

Having said that, again, given the ranges of uncertainty, we are confident that we are ready to move forward. For the block, our internal estimates indicate around 45 million barrels in mean contingent resources. Given that that’s quite a range to the P10-P90. The P10 moves up to about 80 million barrels but for a mean of about 45 -- discovered contingent resources. About 37 million barrels of that total are in Tortue and Ruche structure, those two structures alone. Which lend themselves to a cluster development tied back to a central FPSO. In parallel with the subsurface studies our engineering team has been evaluating development options and drilling configurations to optimize development of the existing contingent resources, but to also accommodate the development of as yet undiscovered future potential particularly in the outboard Dentale.

We are evaluating options involving existing potential FPSO solutions together with conversion of other vessels. We have identified availability of key equipment including trees, well heads, flowlines subsea equipment and multilateral completion technology. So as I said before, we are making progress and have a degree of certainty around at least a phased cluster development has improved dramatically. In other work on the block you may remember that we shot the inboard 3D with Valco at year end 2011. We expect completion of that depth migration in July and we should be able to define inboard prospects in the third quarter. From what we are seeing so far as I mentioned before, we have seen evidence that the [Cintra] [ph] section we are looking for, so we are pretty optimistic we will be generating some prospects in the shallower water.

In addition, we commenced the focused 3D seismic pre-stack depth migration reprocessing package over Tortue and Ruche to integrate the experience of the significant velocity variations we saw in the -- particularly in the Tortue well. We expect that as well to be completed in third quarter. And finally, and especially given the results that we saw in the Tortue well regarding the Dentale sands, we are focused on the Dentale prospectivity across the outer half of the block especially given the potential for larger outboard Dentale structures that we have mapped of the existing 2D. We are planning for the acquisition of 3D seismic over the outboard portion of the block and have just received proposals and tenders for the acquisition and processing which are currently under evaluation.

So overall, we are well pleased with this. If anything the block is too rich in prospectivity. Having proven our exploration model through the drilling of two discoveries and given the large inventory of upside we have identified, it's time that we seek out industry partners in order to more aggressively move towards both development of the currently discovered resources and equally importantly, the significant exploration potential remaining on the block. To that end we engaged Tudor, Pickering and Holt in a competitive process to farm out a portion of HNR's interest in the Dussafu block. That team is working very hard in the process, it's well advanced. We have received significant interest from a number of parties and those parties will be attending data rooms this month in both London and Houston. We expect to process to wrap up sometime in the second half of July.

With that let me turn it over to Steve to discuss the financials.

Stephen Haynes

Thanks, James, and good morning everyone. Our 10-Q we filed today and posted on your website at www.harvestnr.com. Harvest reported first quarter net income of approximately $36.1 million and $0.91 per diluted share compared to the net loss of $1 million or $0.03 per diluted share for the same period last year. First quarter results included exploration charges of $1.9 million or $0.05 per diluted share, unrealized gain on warrant derivates of $3.8 million or $0.10 per diluted share.

Petrodelta reported a net income during the quarter of $187.7 million, $60.1 million to Harvest's 32% interest under IFRS. Included in Petrodelta's IFRS first quarter earnings is a gain on exchange rate resulting from a revaluation of assets and liabilities recorded by Petrodelta due to the Venezuela Bolivar/U.S. Dollar currency exchange rate devaluation announced by the Venezuelan government on February 8, 2013. After adjustments to Petrodelta's IFRS earnings, primarily to conform to U.S. GAAP, Harvest's 32% share of Petrodelta's earnings was $39.6 million.

Excluding the effects of the Venezuelan devaluation, exploration charges, unrealized gain on warrant derivatives, we estimate net income for Harvest for the first quarter of 2013 would have been approximately $4.3 million or $0.11 per diluted share. I will now discuss Petrodelta. Included in Petrodelta's net income for the quarter is the gain on exchange rate which I will go into more detail. On February 8, 2013, the Venezuelan government announced a devaluation of the Bolivar against the U.S. dollar. This became effective February 9. The new exchange rate is 6.3 Bolivars to one U.S. dollar. As a result, Petrodelta recorded a gain on the exchange rate of a $186.7 million during the first quarter of 2013. This had no impact on Petrodelta's revenues since its sales contracts for the sale of crude oil is based in U.S. dollar. There is also minimal impact on capital expenditures.

In March 2013, PDVSA requested an exemption from MENPET for the Windfall Profits Tax under the provision in the April 2011 Windfall Profits Tax law. The exemption was applied to several new oil development projects, including Petrodelta. The exemption is allowable under the same law dated April 2011. To date, MENPET has neither defined the projects qualifying for exemption, nor provided guidance to how to use it to calculate the exemption. PDVSA issued to Petrodelta its share of the exemption credit which is $55.2 million, $36.4 million net of tax, or $11.6 million net of tax net to our 32% interest based on PDVSA’s calculation and projects PDVSA deemed to be qualified for the exemption.

Neither Petrodelta nor Harvest have been provided with supporting documentation indicating the properties qualified for exemption by MENPET. Until MENPET either issues guidance on the exemption provision in the 2011 April Windfall Tax law or issues payment forms including the exemption credit, or written approval from MENPET for this exemption credit is received by Petrodelta, we will continue to exclude the exemption from our equity earnings of Petrodelta. If Harvest Vinccler had increased -- it would have increased to approximately $11.6 million or $0.29 per diluted share if we had included the effect of the credit of the exemption in our equity earnings pickup of Petrodelta's income.

That concludes my remarks. I will turn the call back over to James.

James Edmiston

Thanks, Steve. As always, Steve will be available to answer questions particularly around that Windfall Profits Tax and the large devaluation gain that we had in the quarter. Let me just sum up pretty quickly. Coming back to Gabon. There are usually three reasons why companies farm out an interest in a block like this. One of them is they don’t -- after they drilled a while they don’t like what they saw, or it could be that they liked what they saw and it's a bit too big for them. For three, they just simply don’t have the balance sheet to move forward.

Let me emphatically state that it's more the latter two for this company. Had we closed the Venezuela deal, I am fairly certain that this company would be moving full speed ahead on Gabon in a very very aggressive manner. We liked what we saw. We have been very successful, we think that block has huge potential going forward. Having said that, in order to move as aggressively as we would like to, it is time for us to bring on a partner so that’s what we are doing. I really don’t have a whole lot more to say on that, so let's open for questions at this time.

Question-and-Answer Session

Operator

(Operator Instructions) And we will take our first question from Matthew Mark with Jet Capital.

Matthew Mark - Jet Capital Management

I have three questions. First, I noticed that the G&A number was down for the first quarter. Could you speak to that and speak to what investors should expect the run rate to be going forward?

Stephen Haynes

Yes, this is Steve. The G&A went down primarily because of the drop in the stock price and the impact on the compensation expense from equity units of the officers of the company. It was basically a non-cash item. And we expect the G&A to be at around 1.7 per quarter going forward.

Matthew Mark - Jet Capital Management

Could you address, from an operating cash flow standpoint, what investors can expect going forward in the absence of there being a new source of cash flow into the company?

James Edmiston

I think -- let me ask more detail, Matt. What are you asking again?

Matthew Mark - Jet Capital Management

What's the run rate for burn of cash that the company sort of post the audits being completed?

James Edmiston

Well, post the audits being completed we don’t have any. The capital commitments we're out there required to make are fairly low. We are going to run the process; until we get through this process, particularly on Gabon, and we have a process also going on on Budong that’s going to run a little bit behind the Gabon process. That will actually determine what kind of capital needs we are going to have going forward and near term. As far as G&A, pretty much like I said in last call. We expect to reduce G&A run rate about a quarter.

Matthew Mark - Jet Capital Management

Okay. The second question was around Indonesia. Can you just provide some more color around the plan? You mentioned briefly what the contingencies are in and around that? And could you, to the extent you can, if you could elaborate on that process you mentioned? That would be helpful.

James Edmiston

Yeah, we have got a location. We are ready to go. I think we have reviewed that before the Miocene prospect, fairly shallow. Oil has been produced out of the structure in old ancient well. It's a follow up to our prior drilling. So it's fairly shallow. Not very high cost. It is an oil prospect. We have begun the land work, the field work, getting ready to drill probably late first quarter, more than likely first quarter. Late fourth quarter but more likely first quarter next year. As far as the process, you know we have got a fairly high working interest there. In parallel to the Gabon process Tudor, Pickering is also going to market Budong as well. That has a little bit longer timeframe, so we will see how that goes.

Matthew Mark - Jet Capital Management

Last question, just with regard to the Windfall Profits disclosure, just so I understand it. There's a line in the press release where you discuss that, where you say that PDVSA's requesting an exemption from MENPET and then the next sentence says, the exemption was applied to several oil development projects including Petrodelta. And then there's some language about how it's allowable and how you haven't yet booked it because you haven't been appropriately qualified or they haven't issued the documentation. Could you just, to the extent that you can, talk about it? Can you talk about what you mean by the sentence, the exemption was applied to several projects, including Petrodelta? Kind of applied by who? I found that confusing, I just didn't get it. And then also one other piece of that is, to the extent, do you think it's fair for an investor to get any encouragement from the fact that this exemption has been applied to some projects, including potentially ours with regard to what the regulatory position of the new government is there? Any comment you could make on that I think would be helpful.

James Edmiston

Yeah, Matt, let me go back to -- I quite frankly find the wording is -- while the wording is very specific and accurate, it is a bit, it can be a little bit confusing. But let's take a step back. The Windfall Profits Tax law from day one had laid out the possibility of exemptions for new production and new discoveries etcetera. And that was in there to foster investment for bringing on new reserves. And other than primarily some of the Orinoco basin, the heavy oil stuff, heavy, heavy oil stuff, has really hadn’t -- there's been a lag in its application. Now we were of the opinion, and I think our partner as well, PDVSA was of the opinion that certainly El Salto would qualify under that definition. And there have been conversations ongoing for sometime about qualifying El Salto for that.

You know the previously developed fields like the Uracoa, to a certain extent Temblador, Bombai, Tucupita probably wouldn't fall under the definition. So the application at this point or the conversation about the uptake is not a surprise. It's nothing terribly new because it was under the law. Our position was simply that we didn’t have the statutory documentation to make us comfortable with booking that at this point in time. Once we get that, we will book it and basically that difference would be recurring. With regard to your second comment about how our investor should take that, I think the perspective here is that if you look over the last say six months, you know what you have seen is, first we saw a change in the threshold for the windfall profits tax calculation that moved the threshold up, which basically pruned the windfall profits tax to all the projects in a way. And then if you look at this potential credit, I think directionally what you would say is those type actions in addition to putting great rigs out there, would seem to indicate that the government is getting more aggressive on development and hopefully investment in the oil and gas field.

I can't give you -- my lawyers would shoot me and I can't give you anything specific as to whether or not you should include it in your spreadsheet, for instance. But I think the point that Steve made was, if you did include it, it would have a significant impact on earnings or would have had a significant impact on earnings. And that type impact would be recurring in the out months and as El Salto production grows which is the exempted production, that number could grow. But one step at a time. When we get the documentation required to book it, we will let you know.

Matthew Mark - Jet Capital Management

Any movement that you can talk about with regard to dividend payments being made, kind of pursuant to the same line of thinking?

James Edmiston

There is really no color I can add at this point in time. I am going down to Venezuela mid-month. That topic of conversation is always there but one doesn’t need to read far into the newspaper that there is some issued down there in terms of capital constraint. So in the near term, I guess, to be perfectly honest, in the near term I am not highly optimistic about dividends being paid out and I am talking about in the context of months. Having said that, directionally there is some things going on that certainly lead us to feel more positively and I think probably more so as we have five rigs out there. If we can get the drilling down to where we can, we can really unleash the productive capacity of El Salto. And you are looking at same financials we are looking at. The business generates a lot of cash. El Salto production hit that top line in a huge way. So that’s what we are focused on, I would say, in the near to medium term.

Operator

And we will move next to David Floren with DCF Capital.

David Floren - DCF Capital

I just had a couple quick questions. In the K, it was talking about El Salto production. You made it sound like you were not billing for those oil sales and I didn't know if Petrodelta was getting paid for them, because it was falling under a different price, basically, a different price point and one that hadn't been established yet in the sales contract.

Stephen Haynes

Yeah, this is Steve. What has occurred is since the crude oil is coming out of El Salto, there is a different pricing point than what is actually in sales contract right now between Petrodelta and PDVSA. We basically had to go back and get an amendment to include that type of oil and the form of use so we can compete with the price. That took some time to get that amendment approved. We now have that amendment done. What I will say is that those crudes, that crude oil has been delivered to PDVSA. They had accepted it and they are getting paid. So this is basically some housekeeping issue that we had to get resolved. Get the contract amended. And now we can go ahead and invoice it. But PDVSA did take the delivery, it was sold. And Petrodelta will eventually get the proceeds. So it was just basically amending the original sales contract to include this type of crude being produced out of the El Salto fields.

James Edmiston

David, just a little background. The pricing formula under the Petrodelta PDVSA contract basically was a (inaudible) type formula, which was the mix we produced prior from Uracoa or Tucupita etcetera, around 15, 16 gravity. El Salto has heavied up our mix pretty substantially and that formula really doesn’t fit that particular crude. The good part is, there is plenty of that crude down in Venezuela. So, for instance, (inaudible). And so the formula that will apply to the El Salto crude to account for it being heavier is -- the formulas are out there, it's market based, much more similar to (inaudible). So it's really just a matter of getting it amended and those amendments have been agreed at the Petrodelta level and at the shareholder level. And it's just a matter of getting the paperwork done.

David Floren - DCF Capital

All right. So PDVSA is getting paid but is Petrodelta currently getting paid?

James Edmiston

Well, the way Petrodelta gets their money and has them for quite some time is netting out of the op cost out of PDVSA, out of revenue. So as we report cash surpluses etcetera, cash surplus is just basically netting out the cost against the revenues payable to Petrodelta. So the accounting reflects that.

David Floren - DCF Capital

All right. Because I couldn’t get the....

James Edmiston

The accounting -- yeah, the accounting reflects full sales of the crude.

David Floren - DCF Capital

Yeah. I don’t know if -- because it seemed like receivables were starting to balloon and I think that if you weren’t getting paid for El Salto which is roughly half you production right now and growing, I was basically trying to get my hands around whether or not there is going to be greater working capital issue, especially running five rigs. It would -- be certain helpful.

James Edmiston

There has consistently been a working capital issue now for two years, that has really been brought about by scarcity of cash on the part of our partner. So that’s not an issue related to pricings on track on El Salto. That’s a much bigger macro issue.

Stephen Haynes

But let me just follow up one more issue. If you are looking at the Petrodelta balance sheet, you will see the crude oil receivables going up but you also see the payables of PDVSA going up. Because a lot of these services are actually contracted by PDVSA and then billed down to Petrodelta, let's say for drilling rigs. So, periodically during the year they net those two together and if you are seeing that increase in receivables, there is also an increase in the payables as well.

David Floren - DCF Capital

So is that an issue where you are worse off because you have a higher percentage of oil coming from El Salto than the other....?

James Edmiston

No, no. (Inaudible) As a matter of fact if you go back to the Windfalls Profits Tax conversation, if one were to assume that that credit does go through and we get to documentation as it is standardized. I mean, obviously, the El Salto production in that case would be highest margin production out there. El Salto is the major part of the productive growth run rate of the business. It pretty much over shadows everything.

David Floren - DCF Capital

And just the attachments in the K read, you made it sound like you still needed some approvals to get the different pricing formula put into place for El Salto production.

Stephen Haynes

Well, let me just follow up on that. Petrodelta has been using the correct formula that will be used for that crude and internally recording to revenues. It's just that the original contract didn’t allow provision for that type of crude, so we had to go back and amend the contract. So Petrodelta all along has been calculating the crude oil properly based on the price of (inaudible) crude. But this is really now additional paper exercise of following up with the invoicing from Petrodelta to PDVSA. So the deliveries have been made. The proceeds have been collected and eventually Petrodelta will be credited for that.

James Edmiston

And there is no disagreement on the method of pricing between the parties at all.

David Floren - DCF Capital

And this amount that you were credited, there was no cash that changed hands, right?

Stephen Haynes

As James said, the proceeds, the money is collected at the PDVSA level. They net out the intercompany receivables at Petrodelta and PDVSA. And when Petrodelta needs funds it is passed down to them. James did point out there has been a working capital issue for some time. But PDVSA is pushing money down to Petrodelta to pay its contractors.

James Edmiston

And we think the payables are -- they are out of line, I guess. Having said that, the payables have been going down. There are some past dues there and that's, this isn’t any new, this has gone on for the last year and half. But what we have seen is that the trend is downward on the payables being paid out to the contractors.

David Floren - DCF Capital

All right. And do you think the business can support the five rigs or at least you will keep the five rigs working for Petrodelta?

James Edmiston

There is certainly not a lack of wells to be drilled. We have a lot of oil out there to be developed. So there is not going to be any problem at all finding locations for the rigs. The big issue is whether five rigs drill 20 wells or whether they drill 50 wells. And that’s just strictly a matter of efficiency. Five rigs, going back to 2010 type efficiency and again be at a little bit more scale, we are hitting on a little bit more, all cylinders, you are looking at 20 days, let's say per well. You are up to almost 60 something wells for five rigs under that scenario. Right now we are predicting 30. So you can see that there is a lot of leverage in getting five rigs drilling and efficiency. Having said that, if we drill 60 wells and don’t complete some of the infrastructure and pipeline work, you have more capacity than you would sell. So it's a bit of both.

The infrastructure work is going forward. I know that we have a very large [free] water [knockout] treater being set. That should be commissioned this month. That will bump up export capacity at El Salto. Probably the next critical pass item is a 30-inch pipeline, tied in El Salto central facilities over to PDVSA's large integrated facility. So this is significant infrastructure work for a very large, significant field.

David Floren - DCF Capital

All right. And if you are looking at the balance sheet at the end of March, if you net out or pull out to remove the receivables, payables associated with Petrodelta, what does the working capital picture look like?

James Edmiston

Well, we are not going to get into a conversation about where we are in cash right now, David. As I said in the last call and I will say again here, we will raise some capital this year whether it's through the asset processes we had going on or otherwise. And that’s going to happen here in the coming months.

David Floren - DCF Capital

All right. And then last thing. I have....

James Edmiston

Yes, last thing to two last things...

David Floren - DCF Capital

Yeah, I know. The Feb 20 announcement in Venezuela, it sounded like that was working against the changes to the exorbitant and extraordinary prices. Those sounded like they were going to have a negative impact. It was hard to get my answer on that too.

James Edmiston

Are you talking about the Windfall Profit tax announcement or the -- are you talking about the divestiture...?

David Floren - DCF Capital

February 20 of this year, announcement on changing the extraordinary and exorbitant prices.

James Edmiston

Well, it seems the threshold -- that they increased the threshold over which you pay windfall profits tax. So it actually has a positive effect. There is a threshold for oil prices below which no windfall profits tax is due and then it ratchets up. And that’s what they changed. So that was a positive change.

David Floren - DCF Capital

I thought that was, the differential was reduced. All right thanks for your time guys.

Operator

(Operator Instructions) We will go next to Tony Polak at Aegis. Please go ahead.

Anthony Polak - Aegis Capital

Has there been any talks between China and I guess Vietnam about the Chinese properties which [you have]?

James Edmiston

Tony, I have no doubt they are going doing conversation but it's certainly not at a Harvest kind of level, it's more likely a foreign ministry level between the two countries. You know there have been various conferences where they came together here recently but nothing that’s impactful that I am aware of.

Operator

And unfortunately this is all the time we had for questions. We will turn the call back to today's presenters for any additional or closing remarks.

James Edmiston

Well, thank you again for joining us on the call. As always we will be here available to answer your questions. Steve will be here to walk you through the devaluation issue, windfall profits tax, whatever questions you might have. And till next time, thanks again.

Operator

And this does conclude today's presentation. We thank everyone for their participation.

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