- 1Q 2016 Adjusted EBITDA is $1.06
Billion, Up 16%
- Fee-Based Revenues Continue to Grow, Up
5%
- Fee-Based Revenues Represent 93% of
Total Gross Margins
- Distributable Cash Flow of $739
million, Up 14%
- Cash Coverage Ratio of 1.02x
- Continued Growth Expected from
Portfolio of Large-Scale, Demand-Driven Projects
Williams Partners L.P. (NYSE: WPZ) today reported first quarter
2016 adjusted EBITDA of $1.06 billion, a $143 million, or 16
percent, increase from first quarter 2015.
The increase in adjusted EBITDA for first quarter 2016 is due to
increases of $64 million from the Atlantic-Gulf operating area, $50
million from NGL & Petchem Services, $23 million from Northeast
G&P and $8 million from the Central operating area. Adjusted
EBITDA contributions from the West were down slightly compared with
first quarter 2015.
Summary Financial Information
1Q Amounts in millions, except coverage ratio amounts. All
income amounts attributable to Williams Partners L.P. 2016 2015
(Unaudited)
Williams Partners Adjusted EBITDA $ 1,060
$ 917 DCF attributable to partnership operations $ 739 $ 646 Cash
distribution coverage ratio 1.02x 0.89x Net income $ 50 $ 89
Adjusted EBITDA, distributable cash flow
(DCF) and cash distribution coverage ratio are non-GAAP measures.
Reconciliations to the most relevant measures included in GAAP are
attached to this news release.
The increase in adjusted EBITDA as described above by segment
was driven by $60 million in higher olefins margins from a full
quarter of production at the Geismar plant and $63 million in
fee-based revenue growth. Proportional adjusted EBITDA from equity
investments increased $45 million due primarily to contributions
from Discovery’s Keathley Canyon Connector project in the
Atlantic-Gulf operating area. Lower NGL margins were mostly offset
by reduced operating costs.
Commodity margins totaled approximately $103 million, up $53
million due primarily to higher olefins margins from a full quarter
of production at Geismar, partially offset by lower NGL
margins.
Williams Partners reported unaudited first quarter 2016 net
income attributable to controlling interests of $50 million
compared with $89 million in first quarter 2015. The decrease is
primarily due to impairments of certain equity-method investments
and higher interest expense, partially offset by higher olefins
margins from the Geismar plant and contributions from projects
placed in service.
Distributable Cash Flow & Distributions
For first quarter 2016, Williams Partners generated $739 million
in distributable cash flow (DCF) attributable to partnership
operations, compared with $646 million in DCF attributable to
partnership operations in first quarter 2015.
The $93 million increase in DCF for the quarter was driven by
the $143 million net increase in adjusted EBITDA, partially offset
by higher cash interest expense of $37 million. Consistent with
prior years, maintenance capital expenditures were seasonably lower
for the first quarter versus expectations for the remaining
quarters of the year.
Williams Partners recently announced a regular quarterly cash
distribution of $0.85 per unit for its common unitholders.
CEO Perspective
Alan Armstrong, chief executive officer of Williams Partners’
general partner, made the following comments:
“Our strategy to connect North America’s abundant natural gas
supply to the best markets continues to deliver results and gain
momentum as we capture increasing opportunities on the demand side.
This marks the fourth consecutive quarter of adjusted EBITDA in
excess of $1 billion. Our focus on fee-based revenues has allowed
us to produce strong cash flow growth despite a 16-year low in NGL
prices.
“To help offset the effects of low commodity prices and slower
near-term growth among producers, we continue to aggressively
manage our costs and we made additional cost cutting decisions at
the end of the first quarter, including reducing our workforce by
10 percent.
“Importantly this year, we won new business in the Gulf of
Mexico, started receiving fee-based revenues from Williams’ new
offgas plant in Canada and achieved significant milestones on a
number of demand-driven natural gas projects. For the balance of
2016, we expect additional cash flow from recently completed
expansions and new projects coming into service in the second and
third quarters. Our fully contracted natural gas transmission
business coming on in 2017 and 2018 will drive growth in the supply
basins we serve.”
Business Segment Performance
Williams Partners 1Q Adjusted EBITDA
Amounts in millions
2016 2015
Atlantic-Gulf $ 399 $ 335 Central 226 218 NGL & Petchem
Services 57 7 Northeast G&P 219 196 West 159 162 Other
- (1 ) Total
$ 1,060 $ 917
Schedules reconciling adjusted EBITDA to modified EBITDA and
net income are attached to this news release. Effective January 1,
2016, businesses located in the Marcellus and Utica shale plays
within the former Access Midstream segment are now managed, and
thus presented, within the Northeast G&P segment. The remaining
Access Midstream businesses are now presented as the Central
segment. As a result, beginning with the reporting of first quarter
2016, our operations are organized into the following reportable
segments: Central, Northeast G&P, Atlantic-Gulf, West, and NGL
& Petchem Services. Prior period segment disclosures have been
recast for these segment changes.
Atlantic-Gulf
Atlantic-Gulf includes the Transco interstate gas pipeline and a
41-percent interest in the Constitution interstate gas pipeline
development project, which Williams Partners consolidates. The
segment also includes the partnership’s significant natural gas
gathering and processing and crude oil production handling and
transportation in the Gulf Coast region. These operations include a
51-percent consolidated interest in Gulfstar One, a 50-percent
equity-method interest in Gulfstream and a 60-percent equity-method
interest in the Discovery pipeline and processing system.
Atlantic-Gulf reported adjusted EBITDA of $399 million for first
quarter 2016, compared with $335 million for first quarter
2015.
Adjusted EBITDA for the quarter increased primarily due to $28
million higher proportional EBITDA from Discovery due to
contributions from Keathley Canyon Connector and $28 million higher
fee-based revenues primarily from higher transportation fee-based
revenues on Transco associated with expansion projects.
Central
The Central operating area includes operations that were
previously part of the former Access Midstream segment located in
Louisiana, Texas, Arkansas and Oklahoma. These operations became
the Central operating area effective January 1, 2016 and prior
period segment disclosures have been recast for this change.
Central provides gathering, treating and compression services to
producers under long-term, fee-based contracts. The segment also
includes a non-operated 50 percent interest in the Delaware Basin
gas gathering system in the Mid-Continent region.
Central reported adjusted EBITDA of $226 million for first
quarter 2016, compared with $218 million for first quarter 2015.
The increase in adjusted EBITDA between years was driven primarily
by higher gathering fees in the Haynesville area.
NGL & Petchem Services
NGL & Petchem Services includes an 88.5 percent interest in
an olefins production facility in Geismar, La., along with a
refinery grade propylene splitter and pipelines in the Gulf Coast
region. This segment also includes midstream operations in Alberta,
Canada, including an oil sands offgas processing plant near Fort
McMurray, 261 miles of NGL and olefins pipelines and an NGL/olefins
fractionation facility at Redwater. This segment also includes the
partnership’s energy commodities marketing business, an NGL
fractionator and storage facilities near Conway, Kan. and a
50-percent equity-method interest in Overland Pass Pipeline.
NGL & Petchem Services reported adjusted EBITDA of $57
million for first quarter 2016, compared with $7 million for first
quarter 2015.
The increase in first quarter 2016 adjusted EBITDA was due
primarily to $60 million higher olefins margins at the Geismar
plant reflecting a full quarter of production, compared to
intermittent production in first quarter 2015. The Geismar plant
was off-line for most of first quarter 2015 and resumed consistent
operations in late March 2015. Additionally, the change in adjusted
EBITDA included $16 million in unfavorable changes in foreign
currency exchange gains and losses.
Northeast G&P
Northeast G&P now includes the Marcellus South, Bradford and
Utica midstream gathering and processing operations that were
previously within the former Access Midstream segment. These
operations became part of Northeast G&P effective January 1,
2016 and prior period segment disclosures have been recast for this
change. Northeast G&P also includes the Susquehanna Supply Hub
and Ohio Valley Midstream, as well as its 69-percent equity
investment in Laurel Mountain Midstream, and its 58.4-percent
equity investment in Caiman Energy II. Caiman Energy II owns a 50
percent interest in Blue Racer Midstream.
Northeast G&P reported adjusted EBITDA of $219 million for
first quarter 2016, compared with adjusted EBITDA of $196 million
for first quarter 2015.
The improved results are primarily due to a $16 million increase
in fee-based revenues driven by higher gathering volumes in the
Utica Shale and $13 million higher proportional EBITDA from equity
method investments primarily due to our increased ownership in
Utica East Ohio Midstream LLC. These benefits were partially offset
by lower volumes caused by price-related shut-ins by producers.
West
West includes the partnership’s Northwest Pipeline interstate
gas pipeline system, as well as gathering, processing and treating
operations in Wyoming, the Piceance Basin and the Four Corners
area.
West reported adjusted EBITDA of $159 million for first quarter
2016, compared with $162 million for first quarter 2015.
First Quarter Materials to be Posted Shortly, Live Webcast
Scheduled for Tomorrow
Williams Partners’ first quarter 2016 financial results will be
posted shortly at www.williams.com. The information will include
the data book and analyst package.
The company and the partnership plan to jointly host a
conference call and live webcast on Thursday, May 5, at 10 a.m.
EDT. A limited number of phone lines will be available at (800)
344-6698. International callers should dial (785) 830-7979. The
conference ID is 9742588.
A link to the webcast, as well as replays of the webcast in both
streaming and downloadable podcast formats, will be available
following the event at www.williams.com.
Form 10-Q
The company plans to file its first quarter 2016 Form 10-Q with
the Securities and Exchange Commission this week. Once filed, the
document will be available on both the SEC and Williams
websites.
Definitions of Non-GAAP Measures
This news release may include certain financial measures –
adjusted EBITDA, distributable cash flow and cash distribution
coverage ratio – that are non-GAAP financial measures as defined
under the rules of the Securities and Exchange Commission.
Our segment performance measure, modified EBITDA, is defined as
net income (loss) before income tax expense, net interest expense,
equity earnings from equity-method investments, other net investing
income, impairments of equity investments and goodwill,
depreciation and amortization expense, and accretion expense
associated with asset retirement obligations for nonregulated
operations. We also add our proportional ownership share (based on
ownership interest) of modified EBITDA of equity investments.
Adjusted EBITDA further excludes items of income or loss that we
characterize as unrepresentative of our ongoing operations and may
include assumed business interruption insurance related to the
Geismar plant. Management believes these measures provide investors
meaningful insight into results from ongoing operations.
We define distributable cash flow as adjusted EBITDA less
maintenance capital expenditures, cash portion of interest expense,
income attributable to noncontrolling interests and cash income
taxes, plus WPZ restricted stock unit non-cash compensation expense
and certain other adjustments that management believes affects the
comparability of results. Adjustments for maintenance capital
expenditures and cash portion of interest expense include our
proportionate share of these items of our equity-method
investments.
We also calculate the ratio of distributable cash flow to the
total cash distributed (cash distribution coverage ratio). This
measure reflects the amount of distributable cash flow relative to
our cash distribution. We have also provided this ratio calculated
using the most directly comparable GAAP measure, net income
(loss).
This news release is accompanied by a reconciliation of these
non-GAAP financial measures to their nearest GAAP financial
measures. Management uses these financial measures because they are
accepted financial indicators used by investors to compare company
performance. In addition, management believes that these measures
provide investors an enhanced perspective of the operating
performance of the Partnership's assets and the cash that the
business is generating.
Neither adjusted EBITDA nor distributable cash flow are intended
to represent cash flows for the period, nor are they presented as
an alternative to net income or cash flow from operations. They
should not be considered in isolation or as substitutes for a
measure of performance prepared in accordance with United States
generally accepted accounting principles.
About Williams Partners
Williams Partners (NYSE: WPZ) is an industry-leading, large-cap
natural gas infrastructure master limited partnership with a strong
growth outlook and major positions in key U.S. supply basins and
also in Canada. Williams Partners has operations across the natural
gas value chain from gathering, processing and interstate
transportation of natural gas and natural gas liquids to petchem
production of ethylene, propylene and other olefins. Williams
Partners owns and operates more than 33,000 miles of pipelines
system wide – including the nation’s largest volume and fastest
growing pipeline – providing natural gas for clean-power
generation, heating and industrial use. Williams Partners’
operations touch approximately 30 percent of U.S. natural gas.
Tulsa, Okla.-based Williams (NYSE: WMB), a premier provider of
large-scale North American natural gas infrastructure, owns 60
percent of Williams Partners, including all of the 2 percent
general-partner interest. www.williams.com
Forward-Looking Statements
The reports, filings, and other public announcements of Williams
Partners L.P. (WPZ) may contain or incorporate by reference
statements that do not directly or exclusively relate to historical
facts. Such statements are “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”) and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). These forward-looking
statements relate to anticipated financial performance,
management’s plans and objectives for future operations, business
prospects, outcome of regulatory proceedings, market conditions and
other matters. We make these forward-looking statements in reliance
on the safe harbor protections provided under the Private
Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts,
included in this document that address activities, events or
developments that we expect, believe or anticipate will exist or
may occur in the future, are forward-looking statements.
Forward-looking statements can be identified by various forms of
words such as “anticipates,” “believes,” “seeks,” “could,” “may,”
“should,” “continues,” “estimates,” “expects,” “forecasts,”
“intends,” “might,” “goals,” “objectives,” “targets,” “planned,”
“potential,” “projects,” “scheduled,” “will,” “assumes,”
“guidance,” “outlook,” “in service date” or other similar
expressions. These forward-looking statements are based on
management’s beliefs and assumptions and on information currently
available to management and include, among others, statements
regarding:
• The status, expected timing and expected outcome of the
proposed ETC Merger;
• Events which may occur subsequent to the proposed ETC Merger
including events which directly impact our business;
• Expected levels of cash distributions with respect to general
partner interests, incentive distribution rights and limited
partner interests;
• Our and our affiliates’ future credit ratings;
• Amounts and nature of future capital expenditures;
• Expansion and growth of our business and operations;
• Financial condition and liquidity;
• Business strategy;
• Cash flow from operations or results of operations;
• Seasonality of certain business components;
• Natural gas, natural gas liquids, and olefins prices, supply,
and demand; and
• Demand for our services.
Forward-looking statements are based on numerous assumptions,
uncertainties and risks that could cause future events or results
to be materially different from those stated or implied in this
document. Many of the factors that will determine these results are
beyond our ability to control or predict. Specific factors that
could cause actual results to differ from results contemplated by
the forward-looking statements include, among others, the
following:
• The timing and likelihood of completion of the proposed ETC
Merger, including the satisfaction of conditions to the completion
of the proposed ETC Merger;
• Energy Transfer’s plans for us, as well as the other master
limited partnerships it currently controls, following the
completion of the proposed ETC Merger;
• Disruption from the proposed ETC Merger making it more
difficult to maintain business and operational relationships;
• Whether we have sufficient cash from operations to enable us
to pay current and expected levels of cash distributions, if any,
following the establishment of cash reserves and payment of fees
and expenses, including payments to our general partner;
• Availability of supplies, market demand and volatility of
prices;
• Inflation, interest rates, fluctuation in foreign exchange
rates and general economic conditions (including future disruptions
and volatility in the global credit markets and the impact of these
events on customers and suppliers);
• The strength and financial resources of our competitors and
the effects of competition;
• Whether we are able to successfully identify, evaluate and
execute investment opportunities;
• Our ability to acquire new businesses and assets and
successfully integrate those operations and assets into our
existing businesses as well as successfully expand our
facilities;
• Development of alternative energy sources;
• The impact of operational and developmental hazards and
unforeseen interruptions;
• Costs of, changes in, or the results of laws, government
regulations (including safety and environmental regulations),
environmental liabilities, litigation, and rate proceedings;
• Williams’ costs and funding obligations for defined benefit
pension plans and other postretirement benefit plans;
• Our allocated costs for defined benefit pension plans and
other postretirement benefit plans sponsored by our affiliates;
• Changes in maintenance and construction costs;
• Changes in the current geopolitical situation;
• Our exposure to the credit risk of our customers and
counterparties;
• Risks related to financing, including restrictions stemming
from debt agreements, future changes in credit ratings as
determined by nationally-recognized credit rating agencies and the
availability and cost of capital;
• The amount of cash distributions from and capital requirements
of our investments and joint ventures in which we participate;
• Risks associated with weather and natural phenomena, including
climate conditions;
• Acts of terrorism, including cybersecurity threats and related
disruptions; and
• Additional risks described in our filings with the Securities
and Exchange Commission (the “SEC”).
Given the uncertainties and risk factors that could cause our
actual results to differ materially from those contained in any
forward-looking statement, we caution investors not to unduly rely
on our forward-looking statements. We disclaim any obligations to
and do not intend to update the above list or to announce publicly
the result of any revisions to any of the forward-looking
statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors
listed above and referred to below may cause our intentions to
change from those statements of intention set forth in this
document. Such changes in our intentions may also cause our results
to differ. We may change our intentions, at any time and without
notice, based upon changes in such factors, our assumptions, or
otherwise.
Limited partner units are inherently different from the capital
stock of a corporation, although many of the business risks to
which we are subject are similar to those that would be faced by a
corporation engaged in a similar business. You should carefully
consider the risk factors referred to below in addition to the
other information in this document. If any of the risks to which we
are subject were actually to occur, our business, results of
operations and financial condition could be materially adversely
affected. In that case, we might not be able to pay distributions
on our common units, the trading price of our common units could
decline, and unitholders could lose all or part of their
investment.
Because forward-looking statements involve risks and
uncertainties, we caution that there are important factors, in
addition to those listed above, that may cause actual results to
differ materially from those contained in the forward-looking
statements. For a detailed discussion of those factors, see
Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K
filed with the SEC on February 26, 2016 and in Part II, Item 1A.
Risk Factors in our Quarterly Reports on Form 10-Q available from
our office or from our website at www.williams.com.
Williams Partners L.P.
Reconciliation of Non-GAAP Measures (UNAUDITED)
2015 2016 (Dollars in millions, except coverage ratios)
1st Qtr 2nd Qtr 3rd Qtr
4th Qtr Year 1st Qtr
Williams
Partners L.P. Reconciliation of GAAP "Net Income (Loss)" to
Non-GAAP "Modified EBITDA", "Adjusted EBITDA", and "Distributable
cash flow” Net income (loss) $ 112 $ 332 $ (167 ) $ (1,635 )
$ (1,358 ) $ 79 Provision (benefit) for income taxes 3 — 1 (3 ) 1 1
Interest expense 192 203 205 211 811 229 Equity (earnings) losses
(51 ) (93 ) (92 ) (99 ) (335 ) (97 ) Impairment of equity-method
investments — — 461 898 1,359 112 Other investing (income) loss -
net (1 ) — — (1 ) (2 ) — Proportional Modified EBITDA of
equity-method investments 136 183 185 195 699 189 Impairment of
goodwill — — — 1,098 1,098 — Depreciation and amortization expenses
419 419 423 441 1,702 435 Accretion for asset retirement
obligations associated with nonregulated operations 7
9 5
7 28 7
Modified EBITDA 817 1,053 1,021 1,112 4,003 955
Adjustments Estimated minimum volume commitments 55 55 65 (175 ) —
60 Severance and related costs — — — — — 25 Potential rate refunds
associated with rate case litigation — — — — — 15 ACMP Merger and
transition related expenses 32 14 2 2 50 5 Share of impairment at
equity-method investments 8 1 17 7 33 — Geismar Incident adjustment
for insurance and timing — (126 ) — — (126 ) — Loss related to
Geismar Incident 1 1 — — 2 — Impairment of certain assets 3 24 2
116 145 — Loss (recovery) related to Opal incident 1 — (8 ) 1 (6 )
— Gain on extinguishment of debt — (14 ) — — (14 ) — Expenses
associated with strategic alternatives —
— 1
1 2 — Total
EBITDA adjustments 100 (45 )
79 (48 )
86 105 Adjusted EBITDA 917 1,008
1,100 1,064 4,089 1,060 Maintenance capital expenditures (1)
(54 ) (80 ) (114 ) (114 ) (362 ) (58 ) Interest expense (cash
portion) (2) (204 ) (207 ) (219 ) (214 ) (844 ) (241 ) Cash taxes
(1 ) — — — (1 ) — Income attributable to noncontrolling interests
(3) (23 ) (32 ) (27 ) (29 ) (111 ) (29 ) WPZ restricted stock unit
non-cash compensation 7 6 7 7 27 7 Plymouth incident adjustment
4 6
7 4 21
— Distributable cash flow attributable
to Partnership Operations 646
701 754 718
2,819 739
Total cash distributed (4) $ 725 $ 723 $ 723 $ 725 $ 2,896 $ 725
Coverage ratios: Distributable cash flow attributable
to partnership operations divided by Total cash distributed
0.89 0.97
1.04 0.99
0.97 1.02 Net income (loss) divided by
Total cash distributed 0.15 0.46
(0.23 ) (2.26 )
(0.47 ) 0.11 Notes: (1)
Includes proportionate share of maintenance capital expenditures of
equity investments. (2) Includes proportionate share of
interest expense of equity investments. (3) Income
attributable to noncontrolling interests for the fourth quarter
2015 excludes allocable share of impairment of goodwill. (4)
In order to exclude the impact of the IDR waiver associated with
the WPZ merger termination fee from the determination of coverage
ratios, cash distributions have been increased for the 2015 third
quarter, fourth quarter, and year by $209 million, $209 million,
and $418 million, respectively, and by $10 million in the first
quarter of 2016.
Williams Partners L.P.
Reconciliation of Non-GAAP “Modified EBITDA” to Non-GAAP
“Adjusted EBITDA” (UNAUDITED)
2015 2016
(Dollars in millions) 1st Qtr 2nd Qtr
3rd Qtr 4th Qtr Year 1st
Qtr
Modified EBITDA: Central $ 133 $ 160 $ 163 $ 384 $
840 $ 157 Northeast G&P 185 183 189 196 753 214 Atlantic-Gulf
335 389 414 385 1,523 376 West 161 150 169 77 557 155 NGL &
Petchem Services 6 158 85 72 321 53 Other (3 )
13 1
(2 ) 9 —
Total Modified
EBITDA $ 817 $
1,053 $ 1,021
$ 1,112 $
4,003 $ 955 Adjustments:
Central
Estimated minimum volume commitments $ 55 $ 55 $ 65 $ (175 ) $ — $
60 Severance and related costs — — — — — 6 ACMP Merger and
transition costs 30 14 2 2 48 3 Impairment of certain assets
— — —
8 8
— Total Central adjustments 85 69 67 (165 ) 56 69
Northeast
G&P
Severance and related costs — — — — — 3 Share of impairment at
equity-method investments 8 1 17 7 33 — ACMP Merger and transition
costs — — — — — 2 Impairment of certain assets 3
24 2
6 35 —
Total Northeast G&P adjustments 11 25 19 13 68 5
Atlantic-Gulf
Potential rate refunds associated with rate case litigation — — — —
— 15 Severance and related costs — — — — — 8 Impairment of certain
assets — —
— 5
5 — Total Atlantic-Gulf adjustments — — — 5 5 23
West
Severance and related costs — — — — — 4 Impairment of certain
assets — — — 97 97 — Loss (recovery) related to Opal incident
1 —
(8 ) 1 (6 )
— Total West adjustments 1 — (8 ) 98 91 4
NGL & Petchem
Services
Severance and related costs — — — — — 4 Loss related to Geismar
Incident 1 1 — — 2 — Geismar Incident adjustment for insurance and
timing — (126 )
— —
(126 ) — Total NGL & Petchem Services adjustments 1 (125
) — — (124 ) 4
Other
ACMP Merger-related expenses 2 — — — 2 — Expenses associated with
strategic alternatives — — 1 1 2 — Gain on extinguishment of debt
— (14 ) —
— (14 )
— Total Other adjustments 2 (14 ) 1 1 (10 ) —
Total Adjustments $ 100
$ (45 )
$ 79 $ (48
) $ 86 $
105 Adjusted EBITDA: Central $ 218 $ 229 $ 230
$ 219 $ 896 $ 226 Northeast G&P 196 208 208 209 821 219
Atlantic-Gulf 335 389 414 390 1,528 399 West 162 150 161 175 648
159 NGL & Petchem Services 7 33 85 72 197 57 Other (1 )
(1 ) 2
(1 ) (1 ) —
Total
Adjusted EBITDA $ 917
$ 1,008 $ 1,100
$ 1,064
$ 4,089 $ 1,060
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160504006591/en/
Williams Partners L.P.Media Contact:Tom Droege,
918-573-4034orInvestor Contacts:John Porter,
918-573-0797orBrett Krieg, 918-573-4614
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