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Executives

Jill McMillan - Director of Public & Industry Affairs

Barry E. Davis - Chairman, Chief Executive Officer, President, Chief Executive Officer of Crosstex Energy GP LLC, President of Crosstex Energy GP LLC and Director of Crosstex Energy GP LLC

Michael J. Garberding - Chief Financial Officer, Chief Accounting Officer and Executive Vice President

William W. Davis - Chief Operating Officer of Crosstex Energy GP LLC and Executive Vice President of Crosstex Energy GP LLC

Analysts

Darren Horowitz - Raymond James & Associates, Inc., Research Division

Paul Jacob

Crosstex Energy LP (XTEX) Q2 2013 Earnings Call August 8, 2013 11:00 AM ET

Operator

Good day, ladies and gentlemen, and welcome to the Crosstex Energy 2013 Earnings Conference Call. My name is Matthew, and I will be your operator for today. [Operator Instructions] As a reminder, this call is being recorded for replay purposes. And now I would like to turn the call over to Jill McMillan, Director of Public & Industry Affairs. Please proceed, ma'am.

Jill McMillan

Thank you, Matthew, and good morning, everyone. Thank you for joining us today to discuss Crosstex's second quarter 2013 results. On the call today are: Barry Davis, President and Chief Executive Officer; Mike Garberding, Executive Vice President and Chief Financial Officer; and Bill Davis, Executive Vice President and Chief Operating Officer.

We issued our second quarter 2013 earnings release yesterday evening, and the 10-Q will be filed this morning. For those of you who didn't receive the release, it is available on our website at crosstexenergy.com. If you want to listen to a recording of today's call, you have 90 days to access the replay by phone or webcast on our website.

I will remind you that any statements that include our expectations or predictions should be considered forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are subject to a number of assumptions and uncertainties that may cause our actual results to differ materially from those expressed in these statements. And we undertake no obligation to update or revise any forward-looking statements. We will discuss reconciliations of certain non-GAAP items, and you'll find the non-GAAP reconciliations in our earnings release. We encourage you to review the cautionary statements and other disclosures made in our SEC filings, specifically those under the heading Risk Factors.

I will now turn the call to Barry Davis.

Barry E. Davis

Thank you, Jill. Good morning, everyone, and thank you for joining us on the call today. In the second quarter, we continued to execute our strategic plan, focused on expanding fee-based businesses with reliable cash flows. We are pleased to report that our growth projects are progressing as planned, which will continue to transform Crosstex by expanding our scale and diversity, both geographically and by product. We are able to do this because we are in a great industry environment, and we've been able to define and develop the right opportunities.

The shale oil and natural gas revolution is nothing short of a game changer for our industry. In the last 5 years, domestic crude production has grown approximately 40%. Natural gas production has grown over 20%. And NGL production has grown approximately 30%. NGL extraction capacity is expected to increase an additional 50% by 2020 to handle the increased production. And the increases in supplies are driving demand growth, particularly for liquids used by the petrochemical industry.

Crosstex has the right platform to take advantage of this dynamic and robust energy market by utilizing our strategically positioned asset base and the growth projects we've announced. We span the energy value chain with services and infrastructure that link energy production with consumption. Our presence in 6 of the top shale plays position us to develop deliver strong growth in both the near and long term.

In Louisiana, our NGL assets are perfectly positioned to take advantage of this robust environment by linking supply with growing demand. In the past, the Louisiana industrial market depended on Gulf of Mexico gas and NGL production, which in recent years has declined from about 12 Bcf a day to 4 Bcf a day. Our customers rely on us to make up the difference.

As you know, 4 years ago, we were one of the first movers to bring Haynesville gas to our South Louisiana industrial customers. On the NGL front, the Louisiana petrochemical market consumes up to 300,000 barrels a day of ethane. But less than 100,000 barrels a day of ethane is produced in Louisiana. And the demand is expected to grow significantly in the future. Our Cajun-Sibon expansion project is built to meet a portion of the current shortfall. And we believe that the increasing market demand will lead to additional growth opportunities from our expanded platform. I'm pleased to announce that construction of Cajun-Sibon Phase 1 is near completion. And we expect volumes to ramp up to full capacity in the fourth quarter.

In the Utica, the wells that have been drilled to date are producing large volumes of condensate. The aggregate condensate volumes currently produced from the Utica is approximately 15,000 barrels per day. We anticipate this will increase to 40,000 to 50,000 barrels per day by the end of the year. Local refining markets can only absorb about 50,000 to 60,000 barrels per day of condensate from the Utica and Marcellus. Anything produced in the region beyond that has to be moved outside of these local markets. Our assets provide our customers the optionality to move the product via truck, rail or barge to premium-priced markets outside the region.

We expect to see progress in the Utica region ramp dramatically in the coming months as midstream infrastructure projects come online. Drilling permits are up approximately 44% from the first quarter, which indicates continued interest from our producer customers. This is driving a strong need for midstream condensate solutions as the wells that are currently shut-in come online and future wells are completed. We expect this growth will lead to many additional opportunities to grow our business in the region. We are also working on additional complementary growth projects across our existing asset base that could lead to the next billion dollars of investment opportunity. We are uniquely positioned to take advantage of opportunities we see in the market beyond our organic growth projects that could further enhance our scale and diversity.

I am pleased to report that we achieved solid financial performance. Our second quarter adjusted EBITDA was $50.7 million compared with adjusted EBITDA of $48.7 million in the second quarter of last year. Distributable cash flow was $29.9 million compared with $23.4 million for the year-ago period.

As we look to the second half of the year, we are confident we will meet the goals we laid out. We will focus on executing the $1 billion of growth projects that will be completed by the end of 2014. We project to end the year within the range of our 2013 guidance and to increase our distributions in the second half of this year.

Now I will turn the call over to Mike Gerberding, who will discuss our second quarter results in more detail.

Michael J. Garberding

Thanks, Barry. Good morning, everyone. As Barry mentioned, our platform continues to produce solid results as we transform our business, focusing on fee-based margins in the NGL, including condensate businesses. For the quarter, our fee-based business accounted for approximately 86% of gross operating margin, which continues to provide a solid base of cash flows.

The partnership realized adjusted EBITDA of $50.7 million for the second quarter of 2013, a decrease of approximately 12% from the first quarter 2013 adjusted EBITDA of $57.7 million. Gross operating margin for the second quarter of 2013 was $95.5 million, down 10% from gross margin in the first quarter of 2013.

Key drivers of the second quarter results include, first, margins driven by seasonal NGL demand were lower in our PNGL segment, which follows the pattern of reduced demand versus the traditionally stronger winter months. You may recall that we saw a similar relationship last year between the first and second quarters. We have also continued to be impacted by low NGL prices, which have impacted our processing volumes and margins. Total gross operating margin from processing was down around $4 million between the first and second quarter of this year, but has also decreased by an additional $6 million from a year ago.

Second, we saw flat crude and condensate volumes in the ORV segment in the second quarter as compared to the first quarter. Producer activity has been limited by the startup of gathering and processing infrastructure. Bill will talk more about this later.

Third, we received another distribution from Howard Energy Partners of approximately $4.4 million, which is in line with the distribution we received in the first quarter. We currently project Howard distributions to continue at similar levels in the second half of the year.

And fourth, we saw a decline in our North Texas and LIG segments. As we mentioned last quarter, we have been able to capitalize on a variety of near-term opportunities in North Texas to offset underlying declines in volumes. But we saw fewer such opportunities in the second quarter.

Distributable cash flow was $29.9 million for the second quarter of 2013, a decrease of approximately 6% from the first quarter of 2013. With the distribution at $0.33 per unit for the quarter, distribution coverage was 0.95x for the quarter and was 1.03x for the first 6 months of the year.

In last quarter's call, we discussed the potential impact of lower commodity prices being about $10 million from the midpoint of 2013 guidance. We have continued to see low commodity prices, similar to what we saw in the first quarter, and do not see anything that indicates improvement of these prices for the rest of the year. Ethane and propane prices averaged $0.29 per gallon and $0.94 per gallon, respectively, for the second quarter. We were not able to offset the low prices with additional seasonal NGL demand opportunities in the second quarter as we did in the first quarter.

We also see the completion of the Cajun-Sibon Phase 1 to be a little bit slower than we originally expected and don't really expect any meaningful contribution from this project until the fourth quarter. Bill will walk through the update schedule for Cajun-Sibon, which will likely push full commercial operations to the fourth quarter of the year.

If we are able to offset these challenges through the optimization of our assets or by taking advantage of opportunities in the marketplace, we'd expect to end the year toward the lower end of guidance. This means that third quarter results for this year will likely look consistent with second quarter results. However, as Barry mentioned, we still expect distribution growth in the second half of the year based on our current schedule for Phase 1 of the Cajun-Sibon expansion project.

We made important progress in financing our growth projects in the second quarter, raising more than $175 million in equity. We executed a successful overnight equity offering that raised approximately $162 million in net proceeds. And we've continued to utilize our at-the-market equity issuance program with net proceeds of approximately $15.5 million for the quarter. We've raised over $360 million in equity so far this year, which gives us flexibility in financing our growth projects. Based on our current project expectations, we do not anticipate the need for any additional equity offerings this year, other than the sales under our ATM program.

Consistent with our report in the first quarter, we expect gross capital expenditures for the year to fall within the $500 million to $550 million range. We continue to maintain our strong liquidity position and currently have no borrowings under our $635 million credit facility. We ended the quarter with a 4x debt-to-EBITDA ratio. We expect our leverage to temporarily increase as construction continues on the Cajun-Sibon expansions, but we then expect that ratio to moderate as the project is complete.

Given the continued low commodity price environment we do not see improving in the near future, we plan to shut down the Eunice processing plant during the fourth quarter of 2013. The plant has not been a significant contributor to cash flow this year. And we expect to realize operating cost savings by shutting it down. However, during the third quarter, we expect to record an impairment expense related to intangible assets in the amount of $72.6 million. This impairment will have no impact on the partnership's EBITDA or distributable cash flow. We expect to realize operating cost savings by shutting down the plant. And this, in no way, affects the expansion of the Eunice fractionator, which is part of the Cajun-Sibon expansion.

Turning to Crosstex Energy, Inc. On a stand-alone basis, the corporation had cash on hand of approximately $1 million and $26 million of borrowings outstanding under the corporation's credit facility at the end of the second quarter of 2013. We've been using the corporation's cash and credit facility to fund our E2 growth capital for our Utica-focused development company. This cash balance excludes cash held by E2.

We continue to remain excited about the development project of E2, and we will consider dropping our interest into the partnership in 2014 after they are operational. This will give us financial capability at the corporation to develop additional projects. As we have said previously, we don't currently expect that the corporation will pay any significant income taxes in the near future.

With that, I'll turn the call over to Bill, who will provide an asset update and take you through our exciting growth projects.

William W. Davis

Thanks, Mike. Good morning, everyone. As you've heard several times from us in the last several quarters, we continue to be focused on completing our $1 billion of growth projects to enhance our size and scale, allowing us to capitalize on the substantial opportunities in this industry environment.

The biggest single piece of that growth is our Cajun-Sibon pipeline and fractionation expansion project. As Barry stated, we're nearing completion of Phase 1 construction, which includes the 139-mile pipeline from Mont Belvieu to Eunice and the expansion of the Eunice fractionation plant. We expect mechanical completion of the pipeline in September and the expanded fractionation facilities to begin commissioning in October, which is approximately 1 month behind what I communicated last quarter. Once operational, we expect to ramp up to full volumes during the fourth quarter. Even though we are a little behind in getting this completed, I'm really proud of the team and their ability to overcome lots of challenges in a very complex and difficult project.

We look forward to continuing this expansion with Phase 2, which will increase total capacity on the pipeline to 120,000 barrels per day. Similar to Phase 1, Phase 2 will help meet the needs of the expanding South Louisiana petrochemical refining and other industrial markets. Phase 2 consists of a new 100,000 barrel per day fractionator at our Plaquemine complex and expanding pipeline capacity from Eunice to the new Plaquemine fractionators. We have purchased the fractionator and have broken ground on the facility last month. And we're well into the process of acquiring necessary permits and right of way. We have also ordered other major equipment and materials, including pump and pump station modifications. We expect Phase 2, which will generate approximately twice the cash flow of Phase 1, to be complete in the second half of 2014.

We've seen modest upward cost pressures on our projects and expect the capital costs of combined projects to be about $750 million when we're complete. Once the final phase of the Cajun-Sibon expansions come online in 2014, we will be a significant supplier to the U.S. petrochemical industry in Louisiana. We continue to expect that approximately 50% of our consolidated run rate and cash flow will come from mostly fee-based liquids and crude businesses by the end of 2013.

As we've stated previously, we are pleased to have secured a 5-year ethane sales agreement with Williams Olefins, LLC and a 10-year sales agreement for ethane and propane with Dow Hydrocarbons to support these expansion projects. Addressing the Williams Geismar plant incident that took place during the quarter, despite this incident, the North and the Southeastern Louisiana NGL market remains very robust. We have not seen disruption of our commercial relationships and we do not expect any impact on our Cajun-Sibon expansion.

We were pleased to announce in June that we completed the Phase 2 expansion of our Riverside crude oil import facility. The facility, which includes 100,000 barrels of aboveground tank storage, a rail spur with a 26-spot crude railcar and loading rack and crude offloading capabilities, offers a gateway for our customers to bring stranded or discounted crude oil into the premium-priced Louisiana market. With the completion of this expansion, the facility's capacity to transload crude oil from railcars to our barge facility has increased to approximately 15,000 barrels per day. This project provides us with enhanced product diversity and approximately $10 million in minimum annual margins.

Processing and NGL marketing margins continue to be under pressure in the second quarter but were offset in the PNGL segment by additional NGL rail and truck handling volumes. Because of the strong unit margins available, we're maximizing our PNGL assets' ability to increase rail and truck imports. We're currently bringing in approximately 15,000 barrels per day of NGLs from a variety of locations around the country.

At our PNGL segment, we're excited about the strong and stable long-term cash flows from our Cajun-Sibon, Riverside and other expansion projects. LIG and PNGL have an integrated business model, where they can bring rich gas into PNGL for processing. And we're constantly looking for these types of opportunities.

LIG continues to benefit from long-term transportation agreements for 365 million cubic feet a day in the Haynesville, which average over 4 years remaining on a volume-weighted basis. With access to several other developing plays, including the Austin Chalk, the TMS, the Cotton Valley and the Miocene/Wilcox, we're confident that LIG can provide great additional transportation, processing and fractionation volumes for both our LIG and PNGL facilities over the long term. We're continuing to monitor producer activity in these developing plays for opportunities that will benefit both our systems.

As a reminder, our 36-inch pipeline near Napoleonville remains out of service due to the sinkhole that formed near Bayou Corne last summer. We expect to complete the construction of the project and restore service to the pipeline this winter, subject to permitting. We continue to execute on our expansion plans in the Utica region, and we're excited about this area's potential. There have been over 400 Utica wells drilled as of July and over 800 Utica permits have been issued to date. According to a recent study, output from the Marcellus and Utica Shale play will account for 60% of domestic gas production growth through 2020. And analysts estimate that the gas liquids production in the area could lead to more than 950,000 barrels per day by 2018, a nearly five-fold increase over the 210,000 barrels per day last year.

However, as Mike mentioned earlier, activity by producers in the region has materialized slower than expected in the first half of the year. As producers continue to get more familiar with the area, they will be able to crack the code on completion and production techniques. We continue to transport condensate into Utica by truck. Given the activity levels in the region, volumes will continue to increase and we have begun to consider construction of a condensate pipeline for the region. Given the improvement we've seen in the gas and wet condensate windows recently and because of the midstream infrastructure coming online that Barry mentioned, we're confident this region will produce substantial condensate and natural gas liquids volumes in the near future.

In late June, we reactivated our Black Run rail loading terminal, which is a state-of-the-art, 20-car rail rack designed to top-load multiple products, including condensate and various grades of crude oil at a rate of 24,000 barrels per day. By reactivating Black Run, we're able to offer producer customers in the Utica Shale an immediate midstream solution to send their products to out-of-region markets, maximizing value for our customers. We believe this project will serve as a growth opportunity as more wells come online in the Utica Shale.

We remain on track with several growth projects in place, which are nearing completion. These include additional increases in storage capacity and condensate handling capabilities at the Bells Run Barge Terminal. Once these enhancements are complete, we expect Bells Run to become a leading market hub and provide many opportunities in the ORV.

As announced last quarter, we've made an investment in E2, a company we established in March, with the former management of energy -- Enerven Compression Services. Currently, E2 has commitments to build 3 compression and stabilization facilities. These facilities are supported by long-term, fee-based contracts. At the producer's request, we have already expanded the plant capacity at one of these stations. The investment in E2 is being made by Crosstex Energy, Inc., the owner of our general partner, and represents ownership of approximately 93% in E2. Using the corporation to facilitate this investment provides us with an additional source of growth capital. Once those assets are operational, we expect they'll be dropped down into the partnership.

We think this will be the first of many similar transactions as we expand our footprint in the Utica and Marcellus shales. Given our expensive footprint in the Ohio River Valley, we think we are well positioned to take advantage of the significant growth we see coming from this exciting and developing region. Overall, we remain on track and continue to execute on our plan.

In North Texas, our gathering, processing and transmission volumes in the Barnett Shale remained strong through the quarter. Our plants remained full and we have connected several new wells drilled by producers, focusing on liquids-rich gas. We project rich gas volumes will remain strong throughout the balance of the year. However, we do expect the decline in overall gathered and processed volumes during the second half of the year primarily due to volumes that we have benefited from temporarily while third-party infrastructure was being completed.

In the Permian Basin, our Deadwood gas plant remains full, with inlet volumes of approximately 52 million per day. In light of the level of drilling activity around the Deadwood plant, we are evaluating a project to install a new gathering system and a second processing plant to serve several producers. Additionally, we are evaluating the development of crude oil gathering infrastructure as part of the strategy to drive value and enhance growth across our asset footprint.

In South Texas, we continue to see strong results from our investment in Howard Energy. The Eagle Ford continues to be a terrific play that provides abundant growth opportunities across the platform. The management team at Howard is strong and experienced. And our active involvement in this business has positioned Crosstex well to take advantage of the significant opportunities that are currently being explored. In the near term, we look to Howard's Reveille plant becoming operational around the end of the year. We're very pleased with our investment in Howard and have tremendous confidence in their management team and growth prospects. The relationship has provided Crosstex with a great platform in the highly attractive Eagle Ford region, and we look forward to continuing to support Howard's activity in the region.

With that, I'll turn the call back to Barry.

Barry E. Davis

Thank you, Bill. In conclusion, we're excited about what lies ahead. The dynamics of the market support our strategy to enhance our scale and diversity. And with successful execution, we can provide our customers with tailored solutions they need to succeed, while driving value for our shareholders through growing cash flows.

We've talked a lot about the right energy market, the right platform and the right opportunities to drive growth. None of this would be possible without the right people, our more than 800 employees, who are each dedicated to executing our plan with excellence and serving our customers. We have worked hard to get where we are, and we're right where we want to be.

With that, Bill, Mike, and I will be happy to take your questions.

Question-and-Answer Session

Operator

[Operator Instructions] And your first question comes from the line of Darren Horowitz of Raymond James.

Darren Horowitz - Raymond James & Associates, Inc., Research Division

My first question, regarding E2, you mentioned that, that first plant is going to be expanded. I remember the initial budget for the 3 plants and condensate stabilization was about $75 million. So can you give us an update on where the expected cost is going to be? And is it still going to be operational in the back half of this year?

Michael J. Garberding

Yes, Darren, this is Mike. So from an expected cost standpoint, you're still within that range of just north of $75 million, so within the $80 million range. And as we said, from an operations standpoint, we expect the first 2 facilities to be operational in the fourth quarter, with the third facility operational in the first half of the first quarter.

Darren Horowitz - Raymond James & Associates, Inc., Research Division

Okay. And then Mike, because it seems like this is a path that you're going on, how do you think about beyond the investment -- the initial investment you need to, further utilizing that general partner currency to fund more growth, whether or not it's in the Utica or across that $1 billion potential opportunities? But obviously, you've got a very attractive cost of equity capital. So just some thoughts on the financing mix between the GP and LP would be appreciated.

Michael J. Garberding

Just to walk through, again like we talked about in the past, we've put a finite amount of capital opportunity up at the corporation to finance distinctive projects, like the facility that we're working on right now with Antero. Again, what we see really is dropping those assets down and really reloading that existing facility, which is just sub-$100 million. Right now, that is focused on the E2 opportunities in and around the Utica just because we think we have these great prospects there. We will consider looking at other opportunities in and around our other assets with that facility, though.

Darren Horowitz - Raymond James & Associates, Inc., Research Division

Okay. And then last question, Bill, as it relates to the other opportunities for ORV beyond condensate stabilization. How do you think about possibly a condensate splitter, where you could think about you exporting light naphtha or other refined products and getting further downstream but effectively being more vertically integrated and kind of clipping coupons along every aspect of the value chain?

William W. Davis

That's a great question, Darren. And we have had some active conversations along those lines. And that does provide us a great market outlet for the various products that can come out of the condensate. So hopefully, we'll see those continue to progress and have something there to talk about more concretely in the near future.

Barry E. Davis

Dan, this is Barry. Just to add a little bit. I mean, the numbers that we gave earlier in our talk, we're expecting the condensate production to grow by threefold or fourfold between here and the next 6 months. So as you can imagine, we are looking at every opportunity to create a marketable product. A condensate splitter is a way to enhance the value of the product, and so certainly, we're exploring those opportunities. And really with good counterparties that have additional value add, such as the refineries and market takeaways.

Operator

[Operator Instructions] We have one more question. No, there are no more questions, I'm afraid. Sorry, my mistake. No, wait, there is one more question, and it's coming from Paul Jacob of Crédit Suisse.

Paul Jacob

So obviously, you've got some delays going on, on the Cajun-Sibon pipeline. I'm just curious, do you see any carryover to Phase 2 related to that? And then do you see -- I guess, could you kind of outline what's driving that as well?

William W. Davis

Well, at this point in time, we don't expect any delays in the Phase 2 project. None of the things that impacted Cajun-Sibon have impacted the second phase of the project. And the items we're experiencing are just normal things that you would expect to see in a project of this size and scale and complexity, nothing really extraordinary about it. And as I said in the discussion earlier, I compliment our team on their ability to work through these issues.

Paul Jacob

Okay. So it's probably a number of issues, not just one major issue. Would that be fair?

William W. Davis

Yes.

Paul Jacob

Okay. And then in terms of the cost overrun, by my math, I mean, that's about $50 million over kind of the top end of that range. Do you think that, that's going to carry over to Phase 2 more significantly than Phase 1? Like what's the breakout on that? And then is there any one item that you could point to that you think kind of carries the bulk of that cost overrun?

William W. Davis

We don't see any impact on the -- we think that $50 million covers both projects completely. And of course, we're further along on Phase 1 than we are on Phase 2. But the team has completely analyzed the assumptions in Phase 2 and the contingencies that we've got in the budget there and compared it to our experiences in Phase 1 and feel like we've got it covered.

Barry E. Davis

And Paul, this is Barry. I would add, the single biggest contributor to the cost increase is the weather that we experienced in the first quarter of this year, which is something that we've talked about in previous calls. But we had, I believe, the greatest amount of rain in the last 50 years that we experienced during the primary part of our construction. So that's one reason you wouldn't see that carrying over into Phase 2.

Paul Jacob

Okay, that's helpful. And then just kind of the last question. Recognizing the fact that the NGL barrels come down a bit on the heavier end of the side, particularly the butanes, how to think about your hedging policy going forward? Does it change? Or are you guys kind of keeping things the same? And maybe give some insight to your outlook as well.

Michael J. Garberding

Yes. So Paul, when you think about what we've done there, our main focus was again all the growth projects that are focused on fee-based, right? So how do we shrink the commodity exposure? Like I mentioned, 86% of our business is fee-based. So that's really the biggest thing we can control and what we've been focused on. If you look at our hedging for this year on POL, we're somewhere around, say, 70% hedged. And on processing margin, we're somewhere south of 20% hedged. As you look forward, as you said, I think the biggest issue is more on the light end of the barrel, the ethane source trading more as a gas equivalent, and makes you think differently about potentially hedging processing margin. So again, we'll continue to hedge like we have in the past, where you're hedging really on a 12-month forward basis. And we'll continue to look at that. But again, our biggest factor is really the projects and decrease in the commodity exposure we have in the business.

Operator

And now ladies and gentlemen, I would like to turn the call over to Barry Davis for the closing remarks.

Barry E. Davis

Thank you, Matt. Before we end the call, I want to quickly remind you that in 2013, our strategy has not changed. We are on target to become the best midstream energy solutions provider in the industry. We're in the right energy market and we have the right platform, the right opportunities and the right people. Thanks again for your interest and support of the company and for participating in today's call. Have a great day.

Operator

Thank you for joining today's conference. Ladies and gentlemen, this concludes the presentation. You may now disconnect. Have a very good day.

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