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HomeโซลานาDiamondback Vitality (FANG) Q3 2024 Earnings Name Transcript

Diamondback Vitality (FANG) Q3 2024 Earnings Name Transcript


FANG earnings name for the interval ending September 30, 2024.

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Diamondback Vitality (FANG -2.85%)
Q3 2024 Earnings Name
Nov 05, 2024, 9:00 a.m. ET

Contents:

  • Ready Remarks
  • Questions and Solutions
  • Name Contributors

Ready Remarks:

Operator

Good day, and thanks for standing by. Welcome to the Diamondback Vitality third quarter 2024 earnings convention name. [Operator instructions] Please be suggested that right now’s convention is being recorded. I’d now like handy the convention over to Adam Lawlis, VP of investor relations.

Please go forward.

Adam T. LawlisVice President, Investor Relations

Thanks, Julia. Good morning, and welcome to Diamondback Vitality’s third quarter 2024 convention name. Throughout our name right now, we’ll reference an up to date investor presentation and letter to stockholders, which will be discovered on Diamondback’s web site. Representing Diamondback right now are Travis Stice, chairman and CEO, Kaes Van’t Hof, president and CFO; and Danny Wesson, COO.

Throughout this convention name, the individuals might make sure forward-looking statements referring to the corporate’s monetary situation, outcomes of operations, plans, aims, future efficiency and companies. We warning you that precise outcomes might differ materially from these which can be indicated in these forward-looking statements attributable to quite a lot of elements. Info regarding these elements will be discovered within the firm’s filings with the SEC. As well as, we’ll make reference to sure non-GAAP measures.

The reconciliations with the suitable GAAP measures will be present in our earnings launch issued yesterday afternoon. I will now flip the decision over to Travis Stice.

Travis D. SticeChairman and Chief Government Officer

Thanks, Adam. Welcome, everybody, and thanks for becoming a member of our name this morning. I hope you’ve got had an opportunity to evaluate each the shareholder letter that went out final night time, in addition to the investor day, we’ll be masking numerous that materials in right now’s query session. Operator, please open the road for questions.

Questions & Solutions:

Operator

[Operator instructions] Our first query comes from the road of Neal Dingmann of Truist. Your line is now open.

Neal DingmannAnalyst

Good morning, guys. Good replace final night time, Travis. Guys, I will save all my AI and knowledge middle questions this morning to your year-end name, and I will soar into my first query this morning on capital effectivity, which, once more, I feel by my calculation, you all proceed to have higher than the E&P. And so, particularly, might you — Kaes to your or Travis, perhaps communicate to what you all imagine could possibly be your life like free money movement per barrel subsequent 12 months or truly taking a look at simply — taking a look at what your breakeven can be assuming value operations and nicely outcomes proceed to development as they have been year-to-date?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure, Neil, we have actually centered on free money movement technology over capex spend lately, and I count on that development to proceed. I feel with the Endeavor belongings underneath the hub that solely improves our free money movement margin, reinvestment charge goes decrease. Our company breakeven. We highlighted, went down by $2 or $3 a barrel.

And I feel in a world of a tenuous macro, the bottom breakeven and the longest length of stock goes to pay dividends. There’s two issues we actually take a look at free money movement margin, which is the skin of the reinvestment charge but additionally how a lot capex are we spending per barrel of oil produced. And we prefer to say that we’ve the very best quantity of barrels produced per greenback of capex within the enterprise and count on that development to proceed. So numerous time, numerous work has been achieved right here, integrating two firms very, in a short time, ecstatic in regards to the progress that is been made.

We have already discovered some issues from the Endeavor facet and vice versa. I feel that is all going to happen to the advantage of our shareholders by means of extra free money movement over an extended time period.

Neal DingmannAnalyst

Kaes, are you keen to place a quantity on the place you see breakeven going sooner or later subsequent 12 months?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. I imply, I feel we laid it out on Slide 9, the post-dividend breakeven has gone from $40 a barrel to $37 a barrel by our math. I feel we have at all times tried to say that we might like our base to breakeven at $40 a barrel. So both our breakeven has gone down or we’ve extra implied capability to take a look at the bottom dividend, which we count on to do early in 2025.

Neal DingmannAnalyst

Excellent. Then my second query on the TRP asset commerce, particularly, the way you all considered valuation on both sides. I am simply questioning on that, was that one PDP facet, was that base largely simply on reserve worth of the belongings? After which, trying on the Midland facet, is that primarily based on a per location? Or perhaps assist me what else I am lacking if you’re all fascinated about that swap?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. So I will provide you with a excessive degree — the operated acreage within the Permian may be very, very invaluable. And since we did the Endeavor deal, we have been fairly vocal that we’re not a vendor of the Delaware Basin. I feel this commerce was fairly distinctive and that TRP will get to maneuver into the Delaware Basin and check some issues in secondary zones.

However Diamondback will get 18 DUCs within the Midland Basin, somewhat extra present manufacturing and 55 areas that compete for capital straight away. So we’re mainly shifting third and fourth quartile stock into first and second quartile stock, all whereas getting the advantage of capital effectivity from 18 DUCs out into this system and belongings in our yard. So we’re taking a look at different choices for different belongings like this TRP Commerce. TRP was the primary to maneuver right here, and we have been excited to get a commerce achieved with them as a result of these are fairly laborious to do.

From a valuation perspective, I would say the high-level PDP values have been fairly comparable. I’d say we’ve a decrease decline charge that we’re promoting. We’re getting extra present manufacturing at a better decline charge however we’re additionally paying for DUCs and these 55 high quartile areas, that are price loads nowadays within the Midland Basin.

Neal DingmannAnalyst

Nice particulars. Thanks guys.

Kaes Van’t HofPresident and Chief Monetary Officer

Thanks, Neal.

Operator

Thanks. Our subsequent query comes from the road of Arun Jayaram of J.P. Morgan Securities LLC. Your line is now open.

Arun JayaramAnalyst

Good morning, crew. Travis, you’ve — from a Diamondback perspective, it looks like the corporate has your palms by way of a number of cookie jars by way of your fairness investments. I used to be questioning for those who might assist us body sort of the worth creation potential or embedded perhaps asset worth that we is probably not supplying you with credit score for as we take into consideration investments within the EPIC crude line and Deep Blue? And clearly, perhaps — I do not know if I like Neil, I can wait till 12 months and I wished to get your ideas on this knowledge middle sort of alternative with the floor takers as a result of traders have famous how certainly one of an organization who’s creating a knowledge middle res county has a reasonably punchy analysis within the fairness market.

Travis D. SticeChairman and Chief Government Officer

Certain. A number of questions there, Arun, however thanks to your time this morning. Hear, on this complete knowledge middle deal, we have been listening to our shareholders to strive to determine a approach to reply to their questions on can, we create extra worth from our fuel stream. And if you take a look at what we had as a complete firm, we have got ample pure fuel.

We have got ample floor acreage, over 65,000 acres on a proforma foundation. And there is a want for better electrical energy. So fairly than persevering with to get low margins on our fuel and full boat on electrical energy. We’re attempting to determine a option to be inventive on methods to show a few of that pure fuel into extra worth for our shareholders.

The EPIC pipeline was a transfer that allowed us to extend our possession virtually to a full third attempting to acknowledge that there is finally going to be a necessity out of the Permian Basin for elevated crude capability. And so — nicely, it is in all probability not a long-term funding. We predict like numerous our different fairness funding strategies, we’ll have the ability to flip that into a really good return for our shareholders. And in Deep Blue, we simply proceed to guage the sustainability of the effectivity of that enterprise mannequin and acknowledge that there is some endeavor belongings that might doubtlessly match into that, in addition to we proceed to unpack worth creation from the professional forma firms.

Arun JayaramAnalyst

Nice. My follow-up is I simply wished to perhaps perceive on the effectivity acquire facet of the equation. In your ready remarks, you commented the way you suppose you possibly can sort of execute your 2025 program with 18 rigs versus perhaps a earlier expectation of twenty-two to 24, perhaps 4 frac fleets versus 5 beforehand. Understanding you are in all probability seeing the identical quantity of footage, what kind of greenback per foot or value beneficial properties you get from simply working much less horsepower and rig strains.

Simply attempting to grasp that dynamic.

Kaes Van’t HofPresident and Chief Monetary Officer

I imply, Arun, we set out once we introduced the Endeavor deal, considering would wish between 22 and 24 rigs. There was numerous effectivity on each side all year long, and that 18 rig quantity continues to be going to perform the identical quantity of lateral footage as the upper rig depend. I feel from a charge perspective, it is all about controlling variable prices, proper? We additionally put pipe within the floor. We additionally use the uncooked supplies, the identical uncooked supplies all through the basin however Diamondback is in a position to try this loads sooner.

And so, if a rig line is $70,000, $80,000 a day, with the ability to execute with six much less rigs interprets to much less variable prices within the enterprise. Comparable story on the frac facet, we predict on the frac facet, we sort of discovered from the Endeavor facet in regards to the greater pump charge. We sort of elevated our pump charge from 80 barrels a minute as much as sort of 90 to 100. That enables us to, one, full wells sooner, there could possibly be some advantages to the reservoir that we’re finding out very, very intently.

However total, that additionally reduces the variable prices wanted to run frac crews, that are rather more costly than a rig on a day-to-day foundation. So I feel there will probably be durations of time the place we have to run 5 SimulFRAC crews subsequent 12 months. Excessive degree, we are able to see — we see the SimulFRAC crew is finishing somewhat over 100 wells per 12 months per crew. And it is simply wonderful the efficiencies that each side of the ledger have squeezed out of the enterprise right here in a 12 months the place we maintain saying, “Oh, they’re near the asymptote curve of effectivity.” Properly, they’ve moved that out of the water this 12 months.

So kudos to the to the groups and the basin consultants executing on our enterprise.

Travis D. SticeChairman and Chief Government Officer

Arun, simply so as to add to that, I feel from a high-level perspective, the message that we actually tried to emphasise was that all the issues that Kaes simply outlined, actually describe supply of synergies, not solely forward of time, which we had initially contemplated by means of the 12 months of 2025, we successfully acquired all of those synergies delivered now within the fourth quarter of 2024, and it is — so it is sooner and it is decrease. We put a word in there that we’re on our Midland Basin wells, we’re now at $600 a foot. And I feel these guys acquired some momentum behind them that we will proceed to see an enchancment in that quantity. So excessive degree, actually happy with the group that they’ve checked their egos and appeared on the proper option to do issues from each views and what we’re seeing early on is a big synergy deliveries.

And I simply need to — I do know you’ve got already seen these however I would like you to — I need to simply point out it that we have put our — like we have achieved prior to now, we have put our synergy scorecard in our investor deck with some particulars behind it. So for those who simply take a look at Slide 6 and seven, you may see numerous the main points that Kaes was simply highlighting and a few of the high-level feedback that I made.

Arun JayaramAnalyst

Thanks, Travis.

Operator

Thanks. Our subsequent query comes from the road of David Deckelbaum of TD Cowen. Your line is now open.

David DeckelbaumAnalyst

Thanks guys. Travis and Kaes, I simply wished to ask simply within the context of a few of the synergy scorecard being achieved maybe somewhat bit sooner than anticipated and clearly, saying a few of the incremental financial savings. You guys are form of nonetheless sort of standing by that $4.1 billion to $4.4 billion funds for subsequent 12 months to sort of maintain this 475,000 barrels a day flat. Are we on the level now, I assume, what kind of exercise does that envision? And simply given a few of the incremental value financial savings that we’re seeing, are we trending now to be all the way in which on the decrease finish? Or is there sort of a cushion in-built there for some flexibility going into ’26.

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. Good query, David. We at all times like somewhat flexibility. I feel given the macro surroundings, as Travis stated in his letter, there’s some issues we’re fascinated about for subsequent 12 months.

Once more, at all times fascinated about free money movement technology over spending capex {dollars}. However I feel we’re actually close to the decrease finish of that authentic vary $4.1 billion to $4.4 billion to get to 480,000 barrels of oil a day subsequent 12 months. That features the 5,000 barrels a day that Viper guided to in our Tumbleweed acquisition. I feel usually, for those who see nicely prices down, $25 a lateral foot, we’re finishing about 5 million lateral ft a 12 months, that is $125 million.

In order that’s actually going to be taken out of the funds. I do suppose there’s nonetheless a few of the ancillary spend gadgets that we’re refining, mixed infrastructure funds, midstream funds, environmental funds. However generally, actually shifting towards the decrease finish of that vary, we guided This autumn to $950 million to $1050 million of capex. I would not need to multiply the decrease finish of that quantity by 4 to get to your 2025 funds however I actually take a look at the midpoint or the excessive finish to information you to subsequent 12 months as a result of I feel numerous issues are heading the appropriate path, not solely nicely prices however nicely efficiency, issues just like the TRP Commerce, all of that is going to accrue to the advantage of the capex funds subsequent 12 months.

David DeckelbaumAnalyst

Recognize all that coloration and is smart. Maybe you will get — simply add somewhat little bit of coloration simply on a few of the — I do know some others talked about a few of the different belongings, midstream, you guys have highlighted, clearly, the royalty drop-down. It looks as if within the deck, there’s some expectation that some monetization is coming in ’25. Are you able to sort of give somewhat little bit of coloration on the place these processes stand now and if you’d expect to see some inflows from there?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. So the large merchandise is the drop-down mineral curiosity to Viper. That is actively ongoing. We have been fairly vocal that early 2025 is our objective there.

I do not see something that is taken us off that monitor. Second is the midstream dialogue with our companions at Deep Blue. I feel that is rather less vital than the Viper drop-down in the mean time. After which, it has been attention-grabbing closing this deal.

Mr. Stevens was infamous for having — proudly owning numerous belongings all through the nation. We have got some small belongings within the Bakken. We acquired a small piece of some offshore wells within the Gulf of Mexico.

So we’re excited to proceed to monetize a few of these form of smaller belongings. I do not suppose they will make an enormous dent within the money quantity however they’re all little issues that you simply’d count on us to monetize on the proper time. I feel the opposite huge merchandise is about 15,000 acres within the Delaware Basin of each operated and non-operated positions. So we will take a look at that attempt to commerce and block up the place we are able to.

However we’re not within the non-op enterprise given our value construction, and we might seemingly monetize that into a really wholesome market sooner or later.

David DeckelbaumAnalyst

Thanks, guys.

Kaes Van’t HofPresident and Chief Monetary Officer

Thanks, David.

Operator

Thanks. Our subsequent query comes from the road of Bob Brackett of Bernstein Analysis. Your line is now open.

Bob BrackettAnalyst

Good morning. Your 2025 base plan is obvious. And also you talked about the power to refine that plan primarily based on the macro surroundings. Are you able to speak about how dialable that plan is earlier than dis-efficiencies kick in?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. Bob, I feel we have got numerous flexibility. I do not suppose it is the device, proper? So we are able to dial issues up and again very, very simply. I feel simply usually, if different firms are seeing what we’re seeing, this isn’t a powerful macro surroundings.

So I do not know why the dialogue of development or multiyear development must be within the equation. I feel Diamondback has discovered that our development profile impacts the macro, and we’re very centered on the macro right here the place virtually universally, the Avenue is looking for oversupply in 2025. So I feel we’re constructing in flexibility to spend much less ought to that come to fruition. Nevertheless it’s not laborious to develop volumes within the Permian Basin with the belongings that we’ve.

So I feel what you’d count on is it seems straightforward on the skin, it is laborious on the within however we make it occur.

Bob BrackettAnalyst

However can it’s gradual? Can it’s like deferring some wells? Or does it must be dropping a rig log or dropping a frac unfold? What is the — are you able to tweak issues across the edge, I assume?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. I imply, we already do this, Bob. We went into the 12 months working 15 rigs, Endeavor was working 10, our crew was — or 12. Our crew was forward of schedule.

We dropped the ten rigs midyear as a result of we had drilled extra wells than we anticipated within the first six months of the 12 months. So dropping rigs, including rigs, dropping a crew, swapping a crew, that is simply what you count on us to do.

Daniel N. WessonGovernment Vice President, Chief Working Officer

And Bob, that is Danny. We — our provide chain arrange such that we do not actually have any actually agency obligations with any sort of vital time period. So we have got flexibility constructed into our provide chain in order that we are able to pivot to any sort of market situations or alerts that we have to it will not be on a week-by-week foundation. But when we see a sure longer-term development out there, we’ll pivot our exercise ranges to guard our free money movement and concentrate on driving shareholder returns over any sort of development or manufacturing output.

Bob BrackettAnalyst

Very clear. Thanks.

Kaes Van’t HofPresident and Chief Monetary Officer

Thanks, Bob.

Operator

Thanks. Our subsequent query comes from the road of Neil Mehta of Goldman Sachs. Your line is now open.

Neil MehtaAnalyst

Yeah. Good morning, crew. I simply love your perspective on the macro. I feel Travis in your letter and in these feedback, you’ve got sort of shared a extra cautious view for 2025.

Is {that a} demand-driven view, provide pushed view? After which, you’ve got taken a unique tact than a few of the majors and different independents it takes them somewhat bit extra for a development orientation into 2025 within the Permian. Why do you suppose your technique is the appropriate technique?

Travis D. SticeChairman and Chief Government Officer

Properly, as Kaes outlined, our technique actually is for flexibility. And if you take a look at the macro proper now, it is sort of laborious to take a look at a world that has 4 million to six million barrels a day of surplus capability on the sidelines and attempt to suppose we are able to develop successfully into that. We discovered as an business and at Diamondback, the laborious approach that you really want to concentrate on shareholder returns and free money movement technology on this business. And there could also be a name for development sooner or later sooner or later, and I count on our shareholders would look to us to reply to that decision but it surely’s actually nothing that we hear or see right now.

And as Danny alluded to, we have got the flexibleness to go in any path we have to go. However with this macro view, we will simply keep conservative and let quantity be the output of money movement technology.

Kaes Van’t HofPresident and Chief Monetary Officer

And most significantly, we’re centered on per share money movement and free money movement, proper? So if the macro is tenuous in 2025, whereas per share metrics are going to must develop by means of a decrease share depend. And we have at all times been about per share metrics, each money movement and free money movement, we’ve a slide in our deck that reveals that development over time. In order that’s not going to cease. I simply suppose being cognizant of your affect to the worldwide market is vital, and it is a lesson that Diamondback discovered by means of 2020 and we hope the business additionally learns that lesson.

Neil MehtaAnalyst

Sure. That is the follow-up, simply round share buybacks. At completely different factors within the cycle, you’ve got elected towards the variable or dividend-oriented technique versus the buyback however it’s notable that you simply’re actually leaning again into the share repurchase program. So are you able to get to speak about that evolution, perhaps it is the reflection of your ideas on valuation and perhaps being countercyclical, for those who do suppose we’re in a softer interval in 2025 however simply your ideas on one of the best ways to allocate capital and why you are leaning towards the buyback?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. I imply, I feel Travis would echo this remark, that capital allocation is our most vital job. And we have had a versatile capital allocation philosophy since we began this decrease development, excessive free money movement technology enterprise. We have at all times been in a position to flex between a buyback and a variable dividend.

I’d say, submit Endeavor, we actually have a enterprise that is price extra mixed than Diamondback stand-alone per share. And so, that is elevated sort of our tolerance for purchasing again shares at these ranges. I imply, I feel ought to issues get improved from right here, we purchase again much less. Ought to issues get considerably worse from right here, we lean in and use extra of our free money movement to purchase again shares.

That is what you’d count on us to do. I feel the one factor that is actually going to be regular as base dividend and base dividend development however it is best to count on us to take care of that flexibility between buyback and variable regardless of our bigger dimension.

Travis D. SticeChairman and Chief Government Officer

And I feel, Neil, the countercyclicality of share repurchases has confirmed to be the appropriate technique in a commodity-based enterprise. Our business over the past 10 years in all probability has many situations the place oil worth was excessive, free money movement was excessive and share repurchases have been excessive. After which, oil worth cycle is down and you find yourself both issuing shares on the backside or fairly on the anticipated outcomes. So once more, similar to we have been speaking about on our — the flexibleness of our return program, we attempt to be taught from the previous and never repeat any errors, and that is actually foundational to our share repurchase program.

Neil MehtaAnalyst

Makes numerous sense. Thanks, guys.

Travis D. SticeChairman and Chief Government Officer

Thanks, Neil.

Operator

Thanks. Our subsequent query comes from the road of Betty Jiang of Barclays. Your line is now open.

Betty JiangAnalyst

Good morning. So I used to be questioning for those who guys can discuss a bit extra in regards to the alternatives with the floor acreage and the water — being supplier of water within the Permian. I imply, these are recurring income streams that is clearly getting a reasonably excessive desk out there. So what does it take so that you can seize these kind of latest income streams? And the way significant might it’s?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure, Betty, I feel there’s numerous land out right here in West Texas, numerous floor. We’ve about 65,000 acres in our portfolio. We additionally management numerous molecules. So I feel the mandate, as Travis talked about earlier from our traders is to cease promoting your fuel for zero and paying full boat for energy.

And so, we will discover methods to learn Diamondback shareholders by discovering a brand new native marketplace for our fuel but additionally insulating a part of our enterprise from what we imagine to be an growing energy worth in Texas over the following 10 years. So if we are able to lower off that cycle and profit Diamondback again shareholders, we will do it. I feel the message we sort of put out there may be that West Texas has numerous land, numerous floor. It has numerous fuel that is being bought for lower than it ought to.

In case you acquired numerous water manufacturing with that oil manufacturing that we’ve within the basin, and I feel that ends in a really low cost option to develop energy. And the info middle operators haven’t been centered on the Permian but. There is definitely some conversations which can be occurring and we’re sort of placing the flag on the market that it is a very low cost option to execute their enterprise mannequin whereas benefiting Diamondback shareholders. So extra to come back on that.

We’re getting began however we put somewhat teaser within the presentation this quarter.

Betty JiangAnalyst

Sure. No, I recognize that. Perhaps my follow-up is simply the way you’re fascinated about funding these kind of investments? Would it not be a JV companion with an infrastructure supplier — infrastructure sponsor or — sure, as a result of these — the fuel energy crops are fairly capital intensive to construct.

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. Hear, I feel you’d count on us to do per week comparable issues to what we have achieved prior to now, proper? Our first wave of fairness methodology investments, which created numerous worth for our shareholders was primarily based on midstream and pipeline being out of the basin. And we predict this generally is a comparable route. I feel it is nonetheless early however I feel you’d count on us to lean on the consultants as our companions.

I feel we offer numerous experience in find out how to navigate the basin and navigate the rock. And we’ll let our companions on the ability facet deal with their portion of the enterprise.

Betty JiangAnalyst

Is smart. Thanks for that.

Kaes Van’t HofPresident and Chief Monetary Officer

Thanks, Betty.

Operator

Thanks. Our subsequent query comes from the road of Kevin MacCurdy of Pickering Vitality Companions. Your line is now open.

Kevin MacCurdyAnalyst

Hey, good morning. First, congratulations on closing the deal. I do know you’ve got been engaged on that for a very long time. In your shareholder letter, you highlighted the 2 huge operational modifications of utilizing clear fluids and drilling and utilizing SimulFRACs for completions of all wells I questioned for those who might develop on that somewhat bit.

Had been those self same practices that you simply’re bringing to Endeavor acreage? And do you’ve a tough estimate of what share of your wells use these strategies in 2024?

Travis D. SticeChairman and Chief Government Officer

Sure. Properly, for the Diamondback facet, all the wells we drilled and accomplished in 2024 have been utilizing clear fluid. And as of the fourth quarter right now, all of the rigs which can be working are utilizing clear fluid drilling system. And sure, that is a particular carry over from the Diamondback facet.

SimulFRAC all the wells we accomplished on a stand-alone foundation in addition to the occasional spot crew in 2024, we’re utilizing SimulFRAC. And as of right now, on a professional forma firm, we’re utilizing all SimulFRAC operations, 4 rigs or 4 crews and three of these are electrical.

Kevin MacCurdyAnalyst

Nice. Thanks for the element. That is all for me.

Travis D. SticeChairman and Chief Government Officer

Thanks, Kevin.

Operator

Thanks. Our subsequent query comes from the road of John Freeman of Raymond James. Your line is now open.

John FreemanAnalyst

Good morning, guys. The primary query I had, simply once we form of take into consideration like long run about attempting to enhance the realized fuel worth within the Permian. I imagine prior to now, when you’ve achieved acquisitions, numerous these got here with advertising and marketing contracts, you all sort of needed to watch for these to roll off earlier than you get management. I imagine Endeavor did not actually have any sort of binding advertising and marketing contracts.

So for those who form of take into consideration simply the large profit you are going to now get with simply the dramatically greater scale, perhaps potential to sort of get house on future pipe, and many others. Perhaps simply how one can discuss to talents to sort of leverage that scale to enhance pricing.

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. Good query, John. We do have actually some flexibility, notably on the residue fuel, pure fuel facet, in addition to the crude facet. You have seen us make some strikes already on the crude facet with somewhat little bit of an elevated dedication to the EPIC pipeline, in addition to elevated possession.

So that matches with our prior technique of driving worth by means of midstream however defending ourselves commercially. I feel on the fuel facet, we’re — we have got a great quantity of house on a mix of Whistler and Matterhorn. We’ve about 250 million a day of house on these pipes. These have been selections made a few years in the past.

We count on to have a great quantity of house, about 10% of the pipe on Blackcomb, which is the following pipe from the White Water crew that is popping out in a few years. And that leaves some fuel for different alternatives. Our associates at Vitality Switch, who purchased WTG, we’re speaking to them about some issues about getting our fuel out of the basin. And that sort of leaves somewhat little bit of fuel for us to make a few of these capital allocation selections within the basin associated to energy, additionally associated to our Verde Clear Fuels funding.

So we heard our traders loud and clear. It is time to cease promoting fuel at zero and diversify our danger, and that is what we will do, notably as an increasing number of fuel will get produced on this basin.

John FreemanAnalyst

That is nice. After which, simply my follow-up query. Within the ready feedback, you may speak about — level out form of the chance to implement these sort of shared greatest practices, if you’ll, of the 2 firms, and also you’re intently finding out sort of varied completion designs. Simply how does that sort of work in follow? Do you all simply form of begin to I assume, fairly frankly, testes within the subject? Or sort of what is the course of for perhaps implementing a few of these modifications to see if there’s something that form of have legs that you simply all might implement throughout the board?

Travis D. SticeChairman and Chief Government Officer

Properly, the very first thing we did was we had over 650 workplace strikes within the first six days submit shut, onboarded 1,000 staff. And so, we bodily situated numerous the GGRE groups collectively. After which, we have — because the bodily integration, we have began the crew integration as nicely, too, the place groups are getting collectively, truly having conversations about, OK, here is what we have been doing, here is what you have been doing and now let’s strive to determine how we are able to put these issues collectively in one of the best ways to go ahead. And I am actual happy with the group that, as I discussed earlier, they’ve sort of simply checked their egos on the door and we’re actually attempting to be taught the perfect from each side.

And clearly, a few of the tempo and necessities for a public firm within the 90-day scorecard is somewhat completely different than working for a non-public firm however all issues thought-about I could not be extra happy with the way in which the group is responding to giving and receiving grades and attempt to search to grasp as we put these synergies collectively. And the synergies are going to be delivered as we put these groups collectively. And I feel the scorecard that you’ve got seen, we’ll work out a option to talk a few of these wins over time. However the huge ones that we promised in February of this 12 months, we have already delivered.

And once more, that is additionally a credit score to the group.

John FreemanAnalyst

Thanks, I recognize it.

Operator

Thanks. Our subsequent query comes from the road of Roger Learn of Wells Fargo Securities. Your line is now open.

Roger LearnAnalyst

Hey. Thanks. Good morning. A number of it has been hit however I assumed I would come again on the productiveness and effectivity facet of issues.

Perhaps only a fast look again for a glance ahead. However as you consider the enhancements, each by way of drilling speeds, drilling capabilities, decrease drilling prices after which an analogous sort of strategy on the frac facet, how a lot of it do you suppose is, name it, mechanical modifications, which means going to electrical fracs or the higher-spec drilling rigs relative to expertise and studying curves, the crews themselves. And the explanation I am asking is I am attempting to consider if it is largely mechanical, that sort of runs its course. But when it is a mixture of things, then that may point out we do have additional to go by way of extra value reductions.

Kaes Van’t HofPresident and Chief Monetary Officer

I feel it is a mixture, but it surely’s additionally a mentality that we — once we see one thing mechanical that works, it will get carried out straight away throughout the entire portfolio. It isn’t, “hey, we Assume this works. Let’s speak about it subsequent fall. If this works, let’s do it now.” And that is occurred on each side, on the Diamondback facet, clearly on the SimulFRAC plus drilling fluids.

And on the Endeavor facet, a few of their submit completion work was actually intriguing to us, and we have put that into impact straight away. So I’d say additionally the consistency of the enterprise mannequin. We’re not having to alter the plan for each $10 transfer in oil worth is allowed for large-scale constant improvement with numerous crews having labored for us for 3 or 4 years now on the Halliburton facet. And on the rig facet, we’ve some most popular distributors which have labored with us for a very long time.

So I feel there is definitely extra to come back. We’re not going to present any of those efficiencies again. And I feel on high of that, the completion design work that is occurring between the 2 groups is what might be most fun to me, personally eight weeks in on what will be achieved to enhance our outcomes going ahead.

Roger LearnAnalyst

That is smart. And this in all probability comes again somewhat bit towards Bob’s query earlier about what you’d do if oil costs have been to fall, we have been to get an oversupply in ’25. When you consider the productiveness and effectivity, it is clear, as we have heard from you and different firms, proper, a constant plan that lets you drill and full wells and decrease your nonproductive time and all that. In order you consider making tweaks alongside the sting, giving up these productiveness and effectivity tendencies could possibly be counterproductive to really saving cash within the very close to time period.

What’s the appropriate approach for us to consider how you may weigh these selections in the event that they do — if market does power that upon you subsequent 12 months?

Kaes Van’t HofPresident and Chief Monetary Officer

Roger, I feel it goes again to what Travis stated about classes discovered, proper? And I feel we’ve the dimensions, scale and steadiness sheet to have the ability to face up to a dimension ought to it occur. I feel the one factor that we might in all probability change is that on the low level of the cycle, you are going to be placing pipe in round cheaper than any level throughout that whole cycle. So I feel we might in all probability favor to construct extra DUCs than perhaps prior to now and have the steadiness sheet capability to take action. However I feel that may be the large change.

The efficiencies on the frac facet, we have confirmed we are able to rise up. We spent up two SimulFRAC crews simply this quarter, and so they’re working at KPIs which can be much like the remainder of our crews inside a pad. So I do not actually purchase into the dropping efficiencies argument if you — once we’re primarily based in Midland, we all know this basin, in addition to anyone, and we have achieved this earlier than.

Travis D. SticeChairman and Chief Government Officer

Sure, Roger, that is a cultural factor that you’re going to see all through Diamondback. And that is what I am talking to particularly is we do not ever seat floor as soon as we have taken it. And that is not a perform of the service firms. That is not their accountability.

Our enterprise companions on that facet. It is our obligations as supervised and main these capabilities to carry again to the desk the bottom that we had taken, in order that is not misplaced. And that is a really, crucial cultural factor to sustaining our best-in-class execution and low-cost operations. And I hope that make sense, Roger.

Roger LearnAnalyst

It does. I recognize the readability. Thanks, guys.

Operator

Thanks. Our subsequent query comes from the road of Paul Cheng of Scotiabank. Your line is now open.

Paul ChengAnalyst

Thanks. Good morning, guys. Travis and the crew, once we put the 2 firms collectively initially, you are developing with a synergy goal, however that is mainly saying that, OK, you understand Endeavor, the D&C value is greater than you, so you possibly can carry it down. However in fact, Endeavor can be in all probability doing one thing higher than you guys as you are saying that you simply’re not going to have the large ego.

So over the previous three months, are you able to establish a few the largest — perhaps that what you discovered that they’ve achieved considerably higher than you? And may you quantify that? What’s the potential saving from these?

Travis D. SticeChairman and Chief Government Officer

Sure. I will let Kaes discuss in regards to the particular financial savings, however we’re eight weeks into this, and we had our operations evaluate a few weeks in the past, and we’re instantly seeing a few of the advantages of the Endeavor expertise on the drill outs, notably the place they have a greater drill out. It prices somewhat bit extra money but it surely’s not faster. After which, the opposite one is on let —

Kaes Van’t HofPresident and Chief Monetary Officer

Mixed — it is mixed, take a look at completion designs, proper? So we have appeared throughout the fence line and what Endeavor was doing for the final 5 years after which vice versa, and give it some thought, now we get to reply the questions that might not be answered a few years in the past, proper? So in the event that they’re drilling higher. In 2022, they have been drilling higher Jo Mill, Center Spraberry wells than us. And we had a giant examine on, hey, what’s Endeavor doing. And I am positive they did comparable issues taking a look at us.

So once more, it goes again to that remark that Travis put in his letter. You’ll be able to’t mannequin these advantages in an Excel spreadsheet however I can assure you that there will probably be long-term advantages to the quantity of knowledge that is being shared between the 2 firms, and that’s sort of the holy grail of higher mixed nicely outcomes. So higher mixed low outcomes with the bottom value construction goes to be a reasonably spectacular mixture over the approaching years. I feel the opposite factor that we checked out, we’ve an enormous manufacturing base, virtually 600,000 gross barrels of oil a day.

I feel there’s numerous work to be achieved between the 2 groups on efficiencies and economies of scale on the manufacturing operations division. So extra to come back on that. That is in all probability slower to develop in D&C, which is entrance and middle however there’s numerous issues coming our approach.

Travis D. SticeChairman and Chief Government Officer

And Paul, for those who step again from it, it is laborious to think about any firm, any single firm that has extra base and experience than the professional forma firm at Diamondback and Endeavor. And that is what we’re seeing is we’re seeing these basin consultants come collectively collaboratively and provide you with a greater resolution to the issues, and people higher options are at all times underpinned by execution and price. And so, as Kaes simply alluded to, it might be laborious to articulate right now however you are going to see it over time as we proceed to select up the quarters, and dimes, and nickels as we put these two firms collectively and the basin consultants try to unravel the identical drawback.

Paul ChengAnalyst

And the second query is then on the payout. Within the third quarter, you probably did 78%. And naturally, you’ve got been saying about 50% on the free money movement. If we’re searching over the following couple of quarters and if the share worth the — when it sometimes near the place we’re, how do you steadiness between your want to rapidly get all the way down to $10 billion internet debt and the payout ratio?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure, Paul, good query. I feel I will take the second half first. I feel for this in this sort of inventory worth surroundings, you are in all probability sticking to 50% of free money getting returns. After which, if you return to the third quarter, we had a few issues that impacted free money movement for the quarter, proper? One, we solely had endeavor depend for 20 days out of the quarter.

So though the efficient date of the deal was January 1, the general public numbers solely account for 20 days or 21 days of Endeavor. So actually, the mixed free money movement of the enterprise was loads greater than that. However second, the Steven’s household determined to promote down a few of their shares submit shut. And we have been fairly vocal with our shareholders that these are alternatives for us to decide to a big buyback at one time.

And that is what we did with 2 million shares repurchased at one time. So I feel that is extra the exception than the norm right here on this worth surroundings. However that is why we’ve a powerful steadiness sheet to be versatile to do issues like that, to do issues just like the TRP Commerce and nonetheless be on our option to $10 billion of internet debt very, in a short time.

Paul ChengAnalyst

Can I sneak a fast follow-up?

Kaes Van’t HofPresident and Chief Monetary Officer

Certain.

Paul ChengAnalyst

Any concept what is the household intention about their share? They bought 14.4, are they achieved? Or that you simply suppose they — did they point out that what’s their intention?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. I haven’t got a solution to that, Paul, however I do know that we’ve numerous flexibility and numerous capability to take part and help our public shareholders on a constant foundation. I feel the one factor that we have stated publicly about Steven’s household stockholders is that over time, they’d prefer to get all the way down to the place they’re voting rights equal their possession, which is 25% of the enterprise from about 35% right now.

Paul ChengAnalyst

Thanks.

Operator

Thanks. Our subsequent query comes from the road of Charles Meade of Johnson Rice. Your line is now open.

Charles MeadeAnalyst

Good morning, Travis, Kaes, and Danny. I simply have one query, and I do not suppose it has been lined. You have lined loads in your Q&A right here but it surely’s actually on opex. And I seen that you’ve got moved down the midpoints of your unit steering.

I feel it was $0.10 on OE and $0.20 on GP&T. And I am questioning for those who might give some — perhaps sort of portion that up, how a lot of that’s perhaps the Diamondback legacy belongings doing higher? How a lot of it’s truly the contribution from the Endeavor asset base sort of — in that case, it will counsel that the Endeavor belongings are decrease value than legacy Diamondback right here. Or additionally perhaps it is simply early realization of opex synergies. And for those who sort of give us a way for that? After which, Travis going again to a degree you made in your shareholder letter.

It is — you guys are nonetheless actually, I assume, actually optimizing — actually analyzing and optimizing for ’25 and if that — in case your value foundation has already acquired higher for 4Q, what does that counsel for ’25 in your minds?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure, I will take opex query first. I feel some issues have moved down because of the mixture. I feel we’re going to be fairly conservative on guiding to opex solely having 20 days of a mixed enterprise. So we will do numerous work for locating that over the following three months.

I am assured that we’ll discover some issues that mixed will come down on the LOE facet. Clearly, it is a huge distinction between Diamondback’s value construction and Endeavors on LOE is that Diamondback bought our water enterprise. So we’re paying a third-party charge for water disposal and dealing with versus endeavor consolidating that internally. In order that’s a $0.50, $0.60 delta per BOE by our estimation, it will assist us mix.

On the G&A facet, we’ve much more BOEs and never much more G&A, so I count on that to come back down somewhat bit. However all this stuff, I feel we’ll get to refine right here with This autumn reporting, as we see three months of the mixed enterprise. And on ’25, Charles, I feel we sort of hammered that time that nicely prices right now are on the low finish of our prior vary. In some circumstances, we’re even under that.

So what we have to do is concentrate on the plan that maximizes free money movement, produces numerous oil and has a really, very low breakeven. In order that work is ongoing. I feel issues just like the TRP Commerce getting labored into the plan are going to be free money movement accretive to our stockholders.

Charles MeadeAnalyst

Thanks for that element, guys.

Kaes Van’t HofPresident and Chief Monetary Officer

Thanks, Charles.

Operator

Thanks. Our subsequent query comes from the road of Leo Mariani of ROTH. Your line is now open.

Leo MarianiROTH MKM — Analyst

Hello. I simply wished to ask somewhat bit extra in 2025. I do know it isn’t official steering, and continues to be the outlook. However simply sort of taking a look at the place you’re for fourth quarter on manufacturing at 840 to 850, and also you’re mainly saying we’re reaffirming 800 to 825 for subsequent 12 months, sort of looks like perhaps that is somewhat conservative.

I feel perhaps fuel has been outperforming a bit right here. After which, additionally simply on ’25, I feel sort of the professional forma plan has at all times been to be form of flattish on oil for the macro that sort of is smart. Nevertheless it actually sounds such as you guys can be keen to sort of let that decline in your finish. So I simply wished to sort of confirm that’s if it’s a unhealthy macro, do you see sort of a small decline and a pullback? Or would you be keen to have a extra significant decline if oil costs are catastrophe subsequent 12 months?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. Hear, our base case continues to be hit 480,000 barrels of oil a day. We acquired This autumn to 470,000 to 475,000 barrels of oil a day. So base case nonetheless to 480,000 subsequent 12 months for the low fours of capex.

I feel the macro goes to dictate the choice nearer to January and on what finally ends up occurring. However — and your remark in regards to the BOEs, sure, you are in all probability proper, we’re very conservative on the BOE quantity. I feel you possibly can actually assume nearer to 840 to 850 BOEs versus that 800 to 825. On the finish of the day, the oil drives the choice right here.

So we’re very, very centered on the oil steering. However BOEs in all probability will find yourself being nearer to 850 million versus that 800 million to 825.

Leo MarianiROTH MKM — Analyst

OK. After which, simply on the tax facet, I wished to see if there’s any incremental money tax profit in any respect from Endeavor. I imply, your money taxes got here in, I feel, under what you guys guided to in 3Q, I do know it was solely 21 days or so of Endeavor however do you count on any sort of incremental profit in any respect there? Or is it going to be roughly sort of the identical charge going ahead?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. I do not suppose it will likely be materials. We’ll nonetheless be within the sort of excessive teenagers — mid- to excessive teenagers money tax charge.

Leo MarianiROTH MKM — Analyst

OK. Thanks.

Kaes Van’t HofPresident and Chief Monetary Officer

Thanks, Leo.

Operator

Thanks. Our subsequent query comes from the road of Scott Gruber of Citigroup. Your line is now open.

Scott GruberAnalyst

Sure. Good morning. I wished to come back again to being versatile with the ’25 plan, numerous questions on the how however I did not hear about when until I missed it. However simply given your low breakeven, at what oil worth do you consider shifting out of upkeep mode.

When do you begin turning the dial?

Kaes Van’t HofPresident and Chief Monetary Officer

Properly, I imply, excessive degree actually not in upkeep mode, proper? We’re at 470 to 475 oil right now, we guided to 480 subsequent 12 months. Properly, that is 2% development, it’s one thing. In order that’s sort of the primary objective submit. I feel the important thing level is just not essentially how or when.

It is that Diamondback is cognizant of this new enterprise mannequin and cognizant of the macro. And if we’re not, we’re not doing our jobs. So I feel being cautious when issues are — when oil is within the excessive 60s and you’ve got pockets of geopolitical premium coming out and in is a prudent factor to do. So on the finish of the day, the bottom value operator ought to be producing the final barrel within the basin.

However I feel that spreadsheet math is what’s gotten this business in bother prior to now and it looks like we’re getting ourselves in bother once more. So I feel, once more, I am unable to hammer sufficient that free money movement trumps capex at Diamondback nowadays.

Scott GruberAnalyst

Acquired it. I recognize it. After which, a fast one on simply the tendencies you are seeing within the market. It is very nice to see you guys in that $600 a foot so rapidly.

And also you talked about some extra deal synergy case caps. However curious as a result of we’ve a background right here of deflation and repair prices and tangible merchandise prices. So simply how a lot of that sort of background deflation is baked into that $600 quantity? Or might that quantity nonetheless continues to development down above and past any extra effectivity and deal synergy caps simply from deflation. In case you mark-to-market your service contracts right now sort of the place do you suppose you might see that $600 quantity go?

Kaes Van’t HofPresident and Chief Monetary Officer

I imply, we’re fairly mark-to-market. That $600 is a real-time quantity. Definitely, there are wells which can be under that quantity however we’re including extra Wolfcamp D to the plan. That is a costlier nicely to drill.

There’s a few Barnett Woodford wells all through the portfolio. I feel generally, the core Wolfberry improvement might be under that. Longer laterals additionally helped us. However that is a reasonably real-time look.

We do not — as Denny talked about earlier, we do not have numerous long-term contracts. We recontract loads. We get numerous market intelligence on the service value facet. And I would say above that, Scott, I do not see a rig depend that is going up within the Permian over the following quarter or so.

And so, that ought to proceed to deflate costs, which ought to accrue to our shareholders’ advantages.

Scott GruberAnalyst

Recognize the colour. Thanks. I will flip it again.

Operator

Thanks. Our subsequent query comes from the road of Kalei Akamine of Financial institution of America. Your line is now open.

Kalei AkamineFinancial institution of America Merrill Lynch — Analyst

Hey, good morning, guys. Thanks for getting me on. I need to take one other shot at ’25 capex. First, on the $600 per foot, it is a strong replace.

And I feel it reveals the expertise of your crew to drive that low quantity even decrease. However questioning for those who may also help floor us. So I am searching for a few items. First, are you able to remind us what’s within the authentic 2025 information? After which, discuss in regards to the non-D&C piece embedded in that information.

Do you see any one-off spending to carry the Endeavor belongings as much as your requirements? After which, no matter that piece is, does that roll in ’26?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. I imply, pay attention, I will reply it once more. I feel $625 was sort of our assumed nicely value for ’25. Now, we’re at $600.

There are some wells under that. So we’ll see what occurs over the following couple of months. I am assured on this crew’s potential to drive out prices however we additionally prefer to information pretty conservatively 15 months forward of 2025 full 12 months. So we prefer to maintain all flexibility on our facet.

I would say on the non-DC&E capex, the Endeavor belongings are pretty much as good as ours above floor. I feel there’s some issues in all probability $50 million, $60 million of environmental capex we acquired to spend subsequent 12 months, which is sort of onetime in nature. I feel the mixed infrastructure funds will in all probability be somewhat greater in ’25 than it can in ’26. We prefer to suppose that the infrastructure funds finally strikes nearer to six%, 7% of whole capital.

And Endeavor has a midstream enterprise that has some capex that ought to we promote the midstream belongings to our JV, that capex can be eliminated. So some shifting elements. I feel excessive degree, the important thing drivers are not off course. And I feel the mixed acreage place ought to end in decrease spend above floor over time than 2025.

Kalei AkamineFinancial institution of America Merrill Lynch — Analyst

Superior. I recognize the colour. Second query goes to go to Deep Blue. Right here, you are focusing on perhaps Endeavor drop in first half of ’25, it feels like, within the first deal, you took again $500 million of money, 30% fairness.

Form of questioning about deal construction, what ought to we count on for the upcoming drop? Will it’s all money? Or do you’re taking again much more fairness. After which, for the blokes that do not observe that house, how does one take into consideration the vary of deal multiples on Water belongings?

Kaes Van’t HofPresident and Chief Monetary Officer

Sure. I imply, it is numerous we’ll see. I feel our choice is money and more money to speed up deleveraging targets. However we acknowledge we’ve a partnership with Deep Blue and they need to acknowledge the identical that we’re going to work on this enterprise to develop worth collectively.

And that does not imply — which means we’re not — we have by no means been within the enterprise of levering up a sub in trade for money on the father or mother. And so, we’ll be versatile. I feel we have been versatile so far and that enterprise has created a great quantity of worth already in a 12 months. So numerous work to do.

I would say that is much less of a near-term goal than the drop down. We’ve lots of people working very laborious on the mineral drop-down, which is a really vital deal for each Diamondback and Viper.

Kalei AkamineFinancial institution of America Merrill Lynch — Analyst

And perhaps only a third one, simply on the royalties drop. It is a actually huge chunk when you consider the quantity of EBITDA related to that asset and eight to 10 x, you get to actually huge numbers actual quick. Are you continue to considering that could possibly be one package deal? Or is there a situation the place you break it down into extra bite-size items.

Kaes Van’t HofPresident and Chief Monetary Officer

I feel our choice is to do most of it directly. I feel Viper has numerous strategic aims that we’ll speak about in about an hour on its name however I feel getting the drop down behind us and exhibiting the dimensions and scale of that enterprise on a mixed foundation goes to be vital to future alternatives at Viper. I feel it is wonderful. Viper right now has an curiosity in 11,000 horizontal wells throughout the basin.

And that is an data benefit that I do not suppose will be replicated. So I feel momentum may be very robust at Viper. That is additionally good for Diamondback shareholders as a result of our possession worth has gone up dramatically this 12 months. However I feel our choice get most, if not all, of it achieved, and be off to the races in 2025.

Kalei AkamineFinancial institution of America Merrill Lynch — Analyst

Nice. Thanks, guys.

Operator

Thanks. This concludes the question-and-answer session. I’d now like to show it again to Travis Stice, CEO, for closing remarks.

Travis D. SticeChairman and Chief Government Officer

Thanks once more for everybody listening in right now and for the nice questions. If there’s any follow-up questions that you’ve, simply attain out with utilizing the numbers offered. Thanks, and also you all have a terrific day.

Operator

[Operator signoff]

Length: 0 minutes

Name individuals:

Adam T. LawlisVice President, Investor Relations

Travis D. SticeChairman and Chief Government Officer

Neal DingmannAnalyst

Kaes Van’t HofPresident and Chief Monetary Officer

Kaes Vant HofPresident and Chief Monetary Officer

Arun JayaramAnalyst

Travis SticeChairman and Chief Government Officer

David DeckelbaumAnalyst

Bob BrackettAnalyst

Daniel N. WessonGovernment Vice President, Chief Working Officer

Neil MehtaAnalyst

Betty JiangAnalyst

Kevin MacCurdyAnalyst

John FreemanAnalyst

Roger LearnAnalyst

Paul ChengAnalyst

Charles MeadeAnalyst

Leo MarianiROTH MKM — Analyst

Scott GruberAnalyst

Kalei AkamineFinancial institution of America Merrill Lynch — Analyst

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