Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Hilde Merete Nafstad – SVP, IR

Torgrim Reitan – EVP and CFO

John Knight – EVP, Global Strategy and Business Development

Hans Henrik Klouman – General Counsel

Analysts

Brendan Warn – Jefferies International

Jon Rigby – UBS

Jason Gammel – Macquarie

Hootan Yazhari – Merrill Lynch

Ian Paul – Sanford Bernstein

Teodor Nilsen – First Securities

Judy Delgado – Alpine Associates

Drew Figdor – Tiedemann Investment Group

Barry MacCarthy – Royal Bank of Scotland

Lucy Haskins – Barclays Capital

Dean Machado – LionEye Capital

Neill Morton – Berenberg

Statoil ASA (STO) Acquisition Call October 17, 2011 8:00 AM ET

Hilde Merete Nafstad

Good afternoon, ladies and gentlemen, and welcome to this conference call arranged by Statoil. My name is Hilde Nafstad. I’m Head of Investor Relations in Statoil.

I have with me here today, Statoil’s CFO, Mr. Torgrim Reitan; Statoil’s Executive Vice President for Strategy and Business Development, Mr. John Knight; the Senior Vice President of Performance Management and Analysis, Mr. Svein Skeie; the Senior Vice President for Finance, Rob Adams; the Senior Vice President for Communications, Reidar Gjærum and we will also later on today be joined by the General Counsel, Hans Henrik Klouman

This morning we announced that Statoil enters the Bakken and the Three Forks oil plays through a cash acquisition of the Brigham Exploration Company. The announcement can be downloaded from our website. Do we still have connection? Hello?

Operator

Yes, your line is open.

Hilde Merete Nafstad

Okay. Sorry, I have – thank you very much – Statoil.com along with a presentation regarding the acquisition. In a minute, Mr. Torgrim Reitan will give a brief introductory comment followed by a short comment by Mr. John Knight. After that there will be an opportunity to pose questions. The operator of this conference call will explain the procedure to ask questions immediately before the Q&A session. The conference call will last approximately 45 minutes.

I now leave the floor to Mr. Torgrim Reitan. Please go ahead, Torgrim.

Torgrim Reitan

All right. Thank you, Hilde, and welcome everyone and good morning to you in the States and good afternoon to Europe. So, I’m very pleased to invite you to this conference call. And today, Statoil ASA we have entered into a merger agreement with Brigham Exploration, where Statoil will acquire all outstanding shares for $36.5 per share, and this an all cash tender offer. So, this translates into an equity value of $4.4 billion, and taking into account the net debt at the end of second quarter it corresponds to $4.7 billion in enterprise value.

So, Brigham is an Austin-based company with 100 employees in Austin and North Dakota. They have a strong position in the attractive Bakken and Three Forks basins. These are tight oil plays within the Williston Basin in North Dakota and Montana. So, this transaction will give Statoil slightly more than 375,000 net acres in the Williston Basin and around 40,000 acres in other areas. The resource estimate is between 300 and 500 million barrels of equity barrels. So, this is a very important milestone for Statoil.

It builds on the Statoil’s experience from Marcellus and Eagle Ford, and it establishes Statoil as an operator within the U.S. unconventional. And unconventional is a substantial resource-based and we consider it to be increasingly important part of the future energy supplies. So, this will add significant resources with long-term scalable oil production to Statoil.

At our Capital Market Day in June, we presented our updated upstream strategies where unconventional was a very important building block. So, this deal is very much aligned with the strategies that we have communicated. This deal will also add immediate production and cash flow, and it gives us an early mover – we are an early mover amongst the IOCs into the Bakken area.

When it comes to the financial situation for Statoil, we had, by the end of second quarter, a net debt of 14% that has decreased from 25% by year spot down to 14%. And we had our own $15 billion in cash and cash equivalents by end of second quarter. So, we have the financial capabilities to lift a transaction like this.

I would also like to remind you that portfolio management is an integral part of what we’re doing in Statoil. Just to remind, you we IPO-ed our Fuel & Retail business one year ago, proceeds $0.9 billion. We divested 40% of our Peregrino assets in Brazil, $3.1 billion, and 40% of our KKD business or the oil sand business in Canada $2.3 billion.

And lastly, we announced a divestiture of our transportation ownership in transportation systems at the Norwegian Continental Shell and that is expected to be closed during this year, and that will provide us with more than $3 billion in proceeds. So, this is the (inaudible) of the way we are operating.

When it comes to the offer and the structure of the offer, it will now be five to 10 days until the offer is given to the investors, and then there will be a 20-day time for them to accept it, and then there are final closing things that needs to be done before this is finally closed.

So that was my introduction, Hilde.

Hilde Merete Nafstad

Thank you very much, Torgrim. We’ll then welcome Mr. John Knight to make a few introductory comments as well. Please, John.

John Knight

Good morning and good afternoon, everybody. Before we go to the Q&A I thought I would just spend a bit of time to take us back to what Statoil’s thinking has been around development of this sort of activity.

In 2006, we started to notice the increasing importance of unconventional resources, particularly onshore in the global energy mix. So, between 2006 and 2008, we undertook extensive study of this phenomenon, including looking at a wide range of opportunities. It was not until 2008 that we felt that we had identified an appropriate opportunity with the transaction that we did with Chesapeake, which was something that we analyzed from beginning of that year through to the closure in the fourth quarter. You will recall that part of that transaction involved a (inaudible) of personnel into the operating systems of Chesapeake.

The second thing that we did, which happened about this time last year was the movement into the gas liquids and wet gas phase of the Eagle Ford and we before that transaction we had examined many different possibilities for moving into liquids phase including black oil phase. But we felt that one where we could get most value was the Enduring transaction and also we felt that the joint operatorship arrangement with Talisman was the most appropriate way of increasing our own exposure and understanding to operations.

This transaction now takes place as a building block towards deepening our operating capability and, again, we have examined many possibilities in different parts of North America for entry into tight oil and this transaction at this time seems to us to be the most value creating. So, what I am trying to do is give you a sense of the phased involvement and increasing operating capability based on a wide range of possible transactions that we’ve undertaken in the space of the last half decade.

With those remarks, I will finish and Hilde will now open it for Q&A.

Hilde Merete Nafstad

Thank you very much, John. I will now ask the operator to address the procedure for posing questions and then the floor will be opened. Operator, please explain the procedure for calling in.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions)

Hilde Merete Nafstad

I suggest you go ahead with the first question immediately.

Operator

We will now take our first question from Brendan Warn from Jefferies International. Please go ahead.

Brendan Warn – Jefferies International

Right. Thanks guys. It’s Brendan Warn from Jefferies. Just one question in terms of projection of frac crews and rigs, obviously we can see what the company was proposing going into this deal, are you still maintaining that level of activity in 2012 and if we can look out to 2013 and just the expectation of CapEx into 2012? And then just secondly, just in terms of the risk resource number, are you able to provide a split between middle Bakken and Three Forks, please?

Torgrim Reitan

Okay, thank you. When it comes to CapEx or investments, Statoil is currently investing for $16 billion in 2011 and we have also stated that we intend to do that in 2012 as well. This transaction will take some additional investments and we expect that to be around $750 million a year going forward. When looking at these type of assets we also expect them to be self-financed from 2013, 2014 and onwards.

When it comes to the splitting of the resources into the subsets in the basins we are not ready to give that. Frac crews and rigs, Brigham has 12 rigs operating currently and ambitious plans going forward. So, we will work closely with them to find the optimal step-ups.

Brendan Warn – Jefferies International

All right. Thanks for that.

Hilde Merete Nafstad

Okay. Next question please?

Operator

We will now take our next question from Jon Rigby from UBS. Please go ahead.

Jon Rigby – UBS

Yes, hi. Two questions. The first is you talk about a breakeven price of $55 per boe. Can you just confirm is that an (inaudible) or a going-forward cost and is it an economic breakeven or a cash earnings breakeven?

And then second just on your self-financing remark, can we just – I take the point you probably won’t give us a production forecast, but can we just assume something around a rateable increase between the number you are producing now and the potential of the end of the five-year period is a number we can work with to get that self-financing level?

Torgrim Reitan

Okay, thank you. So the breakeven that we have stated in the presentation material, mid 50’s, that is a going-forward breakeven price and it is not the cash breakeven, it’s sort of the economic breakeven price.

When it comes to the production build-up currently Brigham is producing 21,000 barrels per day in equity terms that is including the royalty paid. And that is just very recent numbers. Going forward, we estimate the production to step up to between 60,000 and 100,000 barrels per day in – within five years time. So, I think that’s the framing around the production growth as such. So, that translates into self-financing in the period 2013-2014.

Jon Rigby – UBS

Which is halfway through that period, roughly.

Torgrim Reitan

Yes, exactly.

Jon Rigby – UBS

Okay. Thank you.

Hilde Merete Nafstad

Next question please.

Operator

We’ll now take our next question from Jason Gammel from Macquarie. Please go ahead.

Jason Gammel – Macquarie

Thanks very much. I actually have two questions. The first is that Brigham was pursuing a strategy of drilling and completion that included very long laterals and a very high level of intensity on completions with something generally over 30 stages. Would you intend to continue drilling and completing in the way that Brigham has laid out?

Second question is related to transportation and realizations in the region. Right now I believe that transportation is actually reasonably tight. Will you be relying on incremental rail transport or do you believe you will be able to get pipeline transportation out of the region, and where would you expect your realizations would be relative to WTI?

Torgrim Reitan

Okay. John, would you like to comment on the drilling completion, so please?

John Knight

Yes. One of the reasons that we have given you a range of resource rather than something narrower is because we intend to design a drilling program, which is obviously to increase production, but involves a degree of piloting. We have a debate with Brigham about the number of wells per double section that is appropriate, and we think that there is a lot of optionality on that side in this asset, but we wanted to undertake a number of pilots about the level of interference and appropriate spacing for the wells before we become more definitive about it.

Torgrim Reitan

All right, okay. Thank you. On your second question on transportation and realization, in the initial phase we will be dependent on some rails, but we expect to be sufficiently covered with pipes from around maybe – 2014, so that translates into realization. So, in the first two years we have assumed a discount to WTI of around $7 to $10 per barrel, and that it sort of gradually decreasing as we look forward.

Jason Gammel – Macquarie

Thanks very much.

Hilde Merete Nafstad

Next question, please?

Operator

We’ll now take our next question from Hootan Yazhari from Bank of America Merrill Lynch. Please go ahead.

Hootan Yazhari – Merrill Lynch

Hi, ladies and gentlemen, just a very quick question regarding the resource potential. You are talking about 300 million to 500 million, I’m just a little – I’m just interested in getting what you see as the upside that’s really on the cards here, just simply because the price that you’ve paid looks to be relatively full for a resource number, so quite clearly you do see some upside in resources. Can you potentially quantify the un-risked level that you’re looking for just to give us some idea of the size of prize here? Thank you.

Torgrim Reitan

Yes. In general terms, this is early phase technology development as we see it, and that is certainly part of why we want to enter into it, and we see we have the skills that we can contribute with in that respect. 300 million to 500 million barrels is based on what we see today and the technology that we have today. And then there is lot of things to be evaluated when it comes to the intensity, the well-phasing, and all of those issues. If you confer with Brigham’s internet pages, you’ll see 1,300 wells and you also see an EUR number. And if you use those numbers, you come to a higher number than what we have stated here as such.

So, this is based on what we see today, and yes we see upsides.

Hootan Yazhari – Merrill Lynch

Thank you.

Hilde Merete Nafstad

Can we have next question then please?

Operator

We now take our next question from Ian Paul from Sanford Bernstein. Please go ahead.

Ian Paul – Sanford Bernstein

Thank you. Firstly, I just wondered if you could a give a cash margin per well figure or perhaps a cash breakeven price for the assets? And secondly, clearly the Brigham assets have a very high flow rate per well, but also have a number of fracs per well that’s double many of the peers. I wonder if that’s something that concerns you and something that you would expect to continue going forwards. Thank you.

Torgrim Reitan

I suggest, John, you answer the flow rate and the frac issues, and then we can – we will prepare on the cash per well. So, John, please?

John Knight

Well, I think this issue is very much related to the earlier question as to why we have given such a wide range of resource and the wells phasing that we intend to undertake. But we’ve had the opportunity of talking to the Brigham executives for quite an extended period and also sharing with them areas of additional pre-drill and science that we might be able to bring to this area, and they are quite excited above that.

As Torgrim said, if you want to look at what might be an optimal case, the best thing to do is to look at the – what Brigham has set out already and we’ve taken a deliberately more cautious approach to it than that based on our valuations on that. And we have – if the tender offer is accepted and we have consolidated the business within the existing Statoil activities then we will – and when some of the pilots are undertaken, we will become more specific at that point.

Torgrim Reitan

Okay, thank you. And on the breakeven, we stated mid-50s as the breakeven going forward and that is the best number I can give on that activity as such, so $55 per barrel is what we recovered all the cost involved.

Ian Paul – Sanford Bernstein

Okay. Thank you.

Hilde Merete Nafstad

Next question please.

Operator

We’ll now take our next question from Teodor Nilsen from First Securities. Please go ahead.

Teodor Nilsen – First Securities

Yes, I have two questions. First one is do you have an estimate of how much this acquisition will contribute to your 2020 production ambition of over 2.5 million barrels per day? Second is could you give an indication of the OpEx per boe? Thanks.

Torgrim Reitan

Okay, thank you. On the 2020 that was the roadmap on production growth towards 2020, 2.5 million barrels per day and we announced that in June at our Capital Markets Day. So that is based on the project pipeline that we have at hand and provides us with growth in that period. This transaction will add production also in the 2020 perspective so it will make us even more comfortable in reaching that ambition. We don’t have the intention to redo that in any way, but it certainly makes us even more comfortable as such.

Yes, on the OpEx per barrel, I think the best way for us is to refer you to Brigham and their Investor Relation unit or refer to their Internet pages and quarterly reports.

Teodor Nilsen – First Securities

Okay. Thank you.

Hilde Merete Nafstad

Can we have the next question please?

Operator

We now take our next question from Judy Delgado from Alpine Associates. Please go ahead.

Judy Delgado – Alpine Associates

Yes, good morning. I’m wondering if the companies could detail exactly what regulatory approvals are required for the tender closing?

Torgrim Reitan

Okay, thank you. I’ll leave that to Hans Henrik Klouman, the General Counsel of Statoil. So, Hans Henrik, please.

Hans Henrik Klouman

There are actually none, it’s the waiting period in the U.S. Antitrust Law. So, you have to give a notification to the Federal Trade Commission and the waiting period is at the shortest 15 days from the notification. So, that’s all the formal process going on.

Judy Delgado – Alpine Associates

Could the companies detail then why the close timing is so long in the press release, it notes a closing by the end of first quarter 2012?

Hans Henrik Klouman

That’s actually stipulated, that’s the longest possible closing period. The main benefit of a cash tender is, however that’s, that’s theoretically can take shorter time, much shorter time actually. It can take theoretically less than 30 days to get control of the target company and after that less than 20 days to formally close the whole transaction. So, if you compare to, for example, BHP acquisition of Petrohawk, that transaction took 42 days to close entirely actually. So, that’s a possibility here as well.

Judy Delgado – Alpine Associates

I see. Okay. And could the companies just confirm whether the CFIUS filing is also required?

Hans Henrik Klouman

Sorry.

Judy Delgado – Alpine Associates

Will there be a file...

Hilde Merete Nafstad

Could you repeat the question?

Judy Delgado – Alpine Associates

Yes. There is another regulatory filing that was not mentioned. I believe only the U.S. Antitrust filing was mentioned. So, I’m curious if there is also a filing here in the U.S. due to the company’s foreign entity status with CFIUS

Hans Henrik Klouman

Yes, which we have – as far as we can see this, we don’t need that filing actually.

Judy Delgado – Alpine Associates

Okay, great. Thank you for the clarification.

Hans Henrik Klouman

Thank you.

Operator

We’ll now take next...

Hilde Merete Nafstad

Can we have the next question?

Operator

We’ll now take our next question from Drew Figdor from Tiedemann Investment Group (TIG). Please go ahead.

Drew Figdor – Tiedemann Investment Group

Yes. I think it was answered just then, by if I can follow-up. So, the timeframe is just – the longer-dated timeframe that was assuming the front end of the tender offer being closed and then closing the back end would take that long. Is that your assumption that the tender offer will close after the standard 20-business-day launch?

Hans Henrik Klouman

It also depends upon how most of the shares are tendered of course. But if you will have more than 90% of the shares, then we have (inaudible) transaction after the 20 business days as you said.

Drew Figdor – Tiedemann Investment Group

Sure. Thank you very much.

Hilde Merete Nafstad

Next question, please?

Operator

We’ll now take our next question from Barry MacCarthy from Royal Bank of Scotland. Please go ahead.

Barry MacCarthy – Royal Bank of Scotland

Hello there. I want to come back to the $55 per barrel breakeven please. My question is what proportion of the purchase price is folded into that calculation? You include something saying an implied $8,000 per acre paid is that and nothing else included or have you included the bulk of the remaining funds that will be invested in the Brigham acquisition? Thank you.

Torgrim Reitan

Okay, all right, thank you. So, the $55 per barrel in breakeven price that is not including the acquisition price, so this is a going forward breakeven price in these assets. The dollar per acre that is acquisition price as such and that is adjusted for the dollar per acre, it is all of adjusted for midstream and other assets and also acreage outside the Williston Basin.

Barry MacCarthy – Royal Bank of Scotland

Okay. But what’s implied...

Torgrim Reitan

And production and that is using the direct methodology as such that you will find.

Barry MacCarthy – Royal Bank of Scotland

I understand. And so what’s the implied value per acre for the non-Bakken assets?

Torgrim Reitan

Yes, that is not something that we have disclosed. So, I can only say that the majority of the value is of course related to the Williston and the Bakken and Three Forks play.

Barry MacCarthy – Royal Bank of Scotland

Thank you.

Hilde Merete Nafstad

Next question?

Operator

We’ll now take our next question from Lucy Haskins from Barclays Capital. Please go ahead.

Lucy Haskins – Barclays Capital

Good afternoon. Could you tell me what measures you are taking to retain staff? Because I notice this is actually a corporate transaction rather than an asset deal, and I assume that’s part of the incentive to retain that management that – so, what is the sort time you see there in terms of how long senior management will remain in place, so?

Torgrim Reitan

All right. Thank you, Lucy. John, if you can address that, that would be appreciated.

John Knight

Yes, it’s our intention to retain many of the staff as possible save for the CEO, his brother, and the CFO, we have transition arrangements with them. But still the key staff in the operating and sub-surface have got market based retentions as have the next level of staff below them, and the whole company staff too has got appropriate arrangements. These are very much at market and based upon benchmarks that we have seen in Atlas and Petrohawk. We also have bonuses arrangements with key staff, which are tied to performance of the asset over the next two years. So, these – the retention arrangements, Lucy, are essentially based on a two-year program.

Lucy Haskins – Barclays Capital

Thank you.

Hilde Merete Nafstad

Then I think we can go to the next and last question, I believe.

Operator

We’ll now take our next question from (inaudible) from Jefferies International. Please go ahead.

Unidentified Analyst

Hi, just one question. Could you comment on your plans for Brigham’s bonds, are they going to remain outstanding?

Torgrim Reitan

Excuse me, if you could repeat the question that would be appreciated. So please.

Unidentified Analyst

Brigham has two issues outstanding notes, what are your plans for those two issues of bonds, are they going to remain outstanding, are you going to do T plus 50 what are your plans?

Torgrim Reitan

All right, thank you. They have two bonds outstanding and we will not comment on our plans to what to do with them currently. I mean in due time as such we will revert to that issue.

Unidentified Analyst

Thank you.

Hilde Merete Nafstad

We have a few – a couple of more questions. Please introduce the next one, operator.

Operator

We will now take our next question from Ethan Agarwal from LionEye Capital. Please go ahead.

Dean Machado – LionEye Capital

Yeah, hi. This is Dean Machado from LionEye. I got on the call late, so I apologize if you’ve already talked about this, but can you talk a little bit about the background of the transaction, how the two companies came together, how long you were in discussions, if negotiations were exclusive or if there were other parties involved?

Torgrim Reitan

All right, thank you Dean. John, you are the right one to address that one. So, please, John.

John Knight

I will sketch the answer to that. I will not go into depth or detail. This is a discussion that we started in the – half of this year. We have spent most of the summer engaged in due diligence both on the company and the assets and we have had extensive discussions and fruitful discussions with management around future investment program and integration and a number of the management have met with senior management from Statoil both in America and also here in Norway. The board has been advised throughout some by Jefferies and received appropriate advice on the situation and I’d rather not comment on the (inaudible) of the situation, I think that’s for you to address with Brigham itself.

Dean Machado – LionEye Capital

Okay. Thank you.

Hilde Merete Nafstad

Thank you, and we will then take our last question today.

Operator

We’ll now take our next question from Neill Morton from Berenberg. Please go ahead.

Neill Morton – Berenberg

Thank you very much. Just a couple of questions please. Firstly, could you comment on Brigham’s hedging policy and whether you’re likely to continue that? And secondly perhaps comment on your future strategy in the lower 48 un-conventionals, have you now reached critical mass and likely to leave it there? Thank you.

Torgrim Reitan

All right, thank you, Neill. So I’ll take the first one and then John you can prepare for the second one. On the hedging policy, we are not in a situation where we need to hedge on an asset-by-asset level. We have enough predictability and that we have cash available at all time and all of that. So, it is not a necessity for us to hedge our production as we go. So, we have the sufficient capital and cash available, so we will take long term to develop these assets and these set of assets. You are right there is a hedging policy in place. What we will do with the existing program and so on, we will have to revert at a later point in time. So, on the future strategy, John, please.

John Knight

We see volumes available from these kind of resources, not only in North America, but also worldwide increasing as technology and costs associated with extraction improve. We’ve seen those improvements in the Marcellus and we have seen cost effectiveness improve, hence, this technology has been applied to liquids generally. Now what you’re seeing here is the deepening of our presence throughout the value chain, and one of the attractive things about this particular transaction is that it brings with it a more extensive land organization. We intend to continue to make infill acquisitions in all the North American onshore where we’re present, and you’ll recall from the record both in the Marcellus and indeed in the Eagle Ford we have made additional acquisitions and disposals as we – with our partners as we have high-graded the acreage. You can expect us to continue to do that after this transaction, both in the Bakken, the Marcellus and the Eagle Ford.

Neill Morton – Berenberg

Thank you. But do you see sizeable discreet deals?

Torgrim Reitan

Well, we remain very focused on the opportunities here and we’ll continue to evaluate these options as they come. I don’t want to say more than I have about that.

Neill Morton – Berenberg

That’s great. Thank you.

Torgrim Reitan

This is not the end of our North American unconventional strategies – put it that way.

Hilde Merete Nafstad

All right, thank you very much. This then closes our Q&A session and our conference call here today. Any further questions can be directed to Statoil’s Investor Relations department. Thank you all very much for your participation, and have a good day.

Operator

Thank you for your participation, ladies and gentlemen. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Statoil Management Discusses Acquisition of Brigham Exploration Company - Conference Call Transcript
This Transcript
All Transcripts