Q4 2020 Delek US Holdings Inc Earnings Call
[music].
Good morning, and welcome to the Delek us fourth quarter and full year 2000, and 'twenty earnings Conference call.
All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing the Starkey followed by zero and.
After today's presentation there'll be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad to withdraw your question. Please press Star then two.
Please note this event is being recorded.
I would now like to turn the conference over to Blake Fernandez. Please go ahead.
Good morning, I would like to thank everyone for joining us on today's conference call and webcast to discuss Delek US holdings fourth quarter, 'twenty and 'twenty financial results. Joining me on today's call of duty you mean, our chairman President and CEO, Reuven, Spiegel, EVP, and CFO and Louis Labella, EVP and president of refining as well as other members of our management team.
The presentation materials used during today's call can be found on the Investor Relations section of the Delek U S website. As a reminder, this conference call may contain forward looking statements as that term is defined under the federal Securities law.
See slide two for the Safe Harbor statement, and addition to reporting financial results in accordance with generally accepted accounting principles or GAAP. We report certain non-GAAP financial results investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which can be found in the press release, which is posted on the <unk>.
Mr Relations section of our website.
Our prepared remarks are being made assuming that the earnings press release has been reviewed and we are covering less segment and market information and is incorporated into the <unk> press release on today's call Ruben will review financial performance I will cover capitalization and guidance. Louis will cover operations and Capex and then Uzi will offer a few closing comments.
With that I'll turn the call over to Ruben.
Thank you Blake on an adjusted basis for the fourth quarter of 2020, Delek US reported a net loss of $204 million or a negative $2 77 per share compared to net income of $9 million or <unk> 11 per diluted share in the prior year period.
Our adjusted EBITDA was negative $138 million and the fourth quarter of 2020 compared to $65 million in the prior year period.
The second paragraph of the press release highlights $38 million after tax headwinds or <unk> 52 per share of items included in adjusted results I would like to highlight the tables on page 10 of the release, providing inventory hedging impacts and page 14, providing other inventory impacts in the quarter.
On slide four we provide a cash flow waterfall and the fourth quarter of 2020, we had a positive cash flow of approximately $117 million from continuing operations, which includes a working capital benefit of $243 million.
Cash capital expenditure and the quarter were approximately $32 million with that I will turn it over to Blake. Thanks.
Thanks, Ruben slide five highlights our capitalization we ended the fourth quarter was $788 million of cash on a consolidated basis and 156 billion of net long term debt, excluding net debt at Delek logistics of $988 million. We had net long term debt of approximately $573 million at December 31, 2020.
I would remind you that we expect a federal tax refund of approximately $156 million of which $136 million is expected to be collected and the first half of 2021 moving to slide six we provide our first quarter guidance for modeling our controllable cost reduction initiatives remain on track on an underlying basis that said inclement weather and our.
Our regional footprint and February is putting upward pressure on energy related expenses on a short term basis, we would expect weather related expenses to normalize in due course lastly, the wink to Webster JV announced in January that the Midland to Webster segment of the pipeline is now operating with that I will turn the call over to Louis to discuss operations and Capex.
Thanks, Blake during the fourth quarter, our total refining system crude oil throughput was approximately 229000 barrels per day and the first quarter of 2021, we expect crude oil throughput to average between 165000 to 175000 barrels per day.
Approximately 86% utilization at the midpoint this reflects and accelerated timing of the El Dorado turnaround originally planned for Q, whether related downtowns at Big Springs, and Tyler and in February.
And in Krotz Springs continued to run at its current operating mode Big Springs, and Tyler are expected to be back to normal operations in March and we have no further turnaround work planned for the rest of the year.
On slide seven capital expenditures during the fourth quarter were $32 million, bringing full year 2020 spending to $240 million.
This was $10 million below our revised capital budget and $85 million below our original 2020 budget.
As a reminder, our 2021 capital program is expected to be $180 million to $160 million, including turnarounds.
Representing a reduction of approximately $85 million from the 2020 levels next I'll turn the call to Uzi.
Thank you Lou and good morning, everybody Delek remains on track and well positioned entering 2021 supported by cost and capital reduction initiatives.
Recent industry downtime, resulting from cold weather, along the Gulf coast should create improving product inventories and margin for the Gulf Coast region.
Our 80% ownership indicated continues to perform well with the company outlining and another 5% distribution increase in 'twenty and 'twenty, one and renewable diesel we have retained and low cost option of 13 million to us to acquire and one third economic interest and GCE Holdings acquisition.
Which indirectly owns and operates the Bakersfield, California refinery and our view this approach to renewable diesel helps mitigate execution risk and is far less capital intensive.
The retail business has served us a layer of stability and diversification throughout the year, we see strong growth opportunities in this segment and.
And with returns well above other areas within energy.
With that I'll turn.
The call over to Blake.
Before we conclude we would like to address CVR Energy's nomination of three director candidates for election to the board at our 2021 annual meeting Delek us committed to maintaining a strong independent and diverse board that serves the best interests of its shareholders employees customers and partners and regularly reviews opportunities to create and <unk>.
Liver value our nomination and corporate governance Committee will evaluate cvr's nominees and make a recommendation in due course.
We will not be making further comments on the nominations of our shareholder conversations at this time the purpose of today's call us to discuss fourth quarter and full year 2020 earnings results and we ask that you keep your questions focused on these topics with that operator can we please open the call for questions.
We will now begin the question and answer session.
To ask a question you May press Star then one on your telephone keypad. If you are using a speakerphone. Please pick up your handset before pressing the keys to withdraw your question. Please press Star then two.
Our first question comes from Roger read with Wells Fargo. Please go ahead.
Yes. Thank you good morning, how are you all.
Hey, Roger good morning.
I guess, if we could really the renewable diesel we've all been kind of waiting to hear what the.
Investment side for you would be any more you can offer us in terms of timing of day.
Facility coming online any thoughts on.
And given that it is going to use a different kind of feedstock and a lot of the other facilities, how thats going out and Bakersfield and maybe thoughts on margin potential.
So Roger Theres not a lot of updates besides within the slides, it's supposed to come online January 'twenty two.
We have a 90 day option once it's up and running so theres really no benefit to us to execute that prior to this facility being up and running and basically mitigating the execution risk.
You rightly point out they are potentially growing some camelina seed and that could mitigate some of.
The feedstock risk.
As we understand it that could have a very low ci score and.
And that could be very interesting, but we're going to really defer to GCE.
And their disclosure so at this point, we're basically just.
Awaiting the execution and let them build the facility and.
And 90 day free look and as you as you see their $13 million to participate so.
Not a lot of additional information and aside from whats in the slide.
Okay. Thanks.
A follow up I don't know want to get.
And to the issue with the Actavis side of things, but some of what they've talked about and some of what those of us on the sell side and I think the buy side and saw before which is what is the value of some of the units Krotz Springs at the time you acquired a law and we were all wondering if the unit would stay up and running.
Now, it's obviously idle putting all of the other stuff aside what kind of environment do you think we would need to see for Krotz springs to come back and operation or should we consider it as one of these candidates more for a terminal or a future expansion of renewable fuels.
Okay.
Roger and Thats, a great great one let me take it in pieces first of all.
<unk> wasn't either and we took the.
Diamond.
<unk> total.
And it is finishing as we speak.
And today's environment, including wins.
Raspings we've actually.
In the positive territory, it's not making.
On paper and so im making a lot of money, but in today's margin you tell us $345 million a month.
Our margin so.
Let's just call it $3 million to $4 million.
Including the Rins.
We did take the time and enhanced and other projects that we will be able to disclose to us over the next month or two that will add profitability too.
And two.
Krotz Springs so.
We're in the waiting mode, but if.
Margins continue to be where they are 15 to $16 and with <unk>.
And then.
We may restock.
And we start the refinery over next two to three weeks.
Alright, thank you.
The next question is from Manav Gupta with credit Suisse. Please go ahead.
Yeah, Hey.
This is a little bit of a follow up on Roger and I think I won't ask let us finish take assets.
Those who know us well enough that you will open and assets for our free cash flow.
Operate assets above nameplate capacity at any other means and so I'm just trying to understand let's say three to six months down the line and let's not get into specific refinery, but let's say that is the refinery where you think it will struggle to make free cash would there be any hesitation on your part so close to assets and move ahead with it.
Well, we are to be among other.
We have to the lesser of the shareholders.
Showed us wanted us to make money and not to be big.
And.
We are.
Our commitment and we are committed to our free cash flow and we're committed to operating.
Profitable assets.
You make decisions on assets not in one month or two months three months do you take it.
And you take long term vision.
But absolutely to your to answer your question, it's clear that if we don't we can't make money in and asset that is <unk>.
A period of time than we should and operated.
And we look all the time one optionality.
And changing.
And different things.
And by the end of the day, our commitment is oil.
And to make money and not to have a more assets.
Thats perfect and it will be.
Just on big things very quickly it's a very good refinery, it's done very very clearly and the box in the quarter. It looked a little light and side I'm just trying to understand whether any one time, because it's a very good assets, but that asset to generate that kind of gross margin something must have gone wrong. So if you could elaborate a little.
Yes, absolutely.
Two or three reasons, if you will first of all hospital.
And the rising market US part is lagging and that's one thing the second thing we had a couple of hiccups in and.
And the Big Spring, we still consider big spring one of the best refineries and the country.
Hi.
Slide this quarter it is but I wouldn't read much into it accurately.
And when we hear us.
But different people, we get phone calls about that asset all the time.
If we if we ever and intend to do something with it.
And certainly not especially in light of Permian coming back so.
One or two quarters ago mean much.
The freeze this quarter as well but.
And.
We would be back what March 1st I think Louis.
Wood.
Full slate.
Big Spring.
And one of our best assets.
Thank you so much you'll need for taking my questions.
The next question is from Prashant Rao with Citigroup. Please go ahead.
Hi, Uzi and team. Thanks for taking my question I, just had one I wanted to sort of ask about the balance sheet.
The debt level is high and is for a lot of refinery right now given where we are and the cycle, but just wanted to get your thoughts on how you see deleveraging occurring and if theres a target for year end and do you think that can be achieved through free cash flow and some of these revenue initiatives are.
Well our other methods.
Strategy as needed.
Good morning, guys. Thanks for taking.
Taking the Tampa hub, so let's go one by one.
As you know we have $1 56 billion.
And we said coming our way.
Fully over the next month, if not over the next three months.
And we're hoping to get this quarter, if not before I mean first of all if not it will be and the second where we didn't commit to firstmerit, but $156 million coming our way.
On on that side thick and free cash flow.
And we said that oil we needed another year of 272, adding 80 million to be free cash flow.
The second thing the first Inc.
And we have a decay and is doing very well.
And I don't know what.
We adjusted announced that we have another 5% increase in dividend.
Sure.
And with decay and so that's an asset that is doing very very well, we're not in the business of.
Holding 80%.
And <unk> so.
And that's another avenue of getting.
Cash flow.
I wouldn't.
Rollout of one of these options.
Well, we feel very comfortable with our cash position.
<unk> you saw in the quarter, we didn't.
We didn't burn any cash we actually build cash we feel that the second quarter or the first quarter and second quarter will be similar to that.
No.
And just.
And something the balance sheet is not something that we.
We're concerned much volume.
Okay. Thanks, Susie and just real quick follow up for us So that we know what Youre. We're on the same page as you when you were thinking about.
And that level and the balance sheet are you targeting sort of internally as you target more depth total cash metric are you looking at it more on a net debt to EBITDA metric. What do you guys think us the right metric or primary metric that we should be we should be watching and that you are targeting in terms of the balance sheet.
And Thats, a great question and I'm going to be.
If we can get to.
Dk lease.
Right now three eight times.
Debt to EBITDA, there's no net debt and a decade.
If we continue to do what we're doing that number will go down toward if you remember we said all along three and a half it's something that we're comfortable for decade, if you eliminate the kale.
We are us.
650.
Right.
Sure.
Net debt, if we can get less and two times.
And the dk level outside detail, that's an area that we are comfortable with.
Super helpful. Thanks, Suzy I appreciate the time.
The next question is from Ryan Todd with Simmons Energy. Please go ahead.
Great. Thanks.
Maybe a quick follow up on the refining side and then.
Can you talk a little bit about it.
Any comment on RIN costs, either what was the rent expense and the fourth quarter.
Thinking about rent expense and the first quarter and.
And maybe refresh our view around.
And the likelihood of potential reintroduction of small refinery exemptions under the new administration.
Well I'll take the second one Blake I'm sure.
And to take the first one that will allow me to drink might be here.
Sure.
The second one we are not counting on the.
Biden and administration.
And suddenly give us.
However, there is debt.
Supreme Court ruling that is coming and I think a couple of months.
And.
That may change things I'm going to remind everybody that even under the Obama administration.
Krotz Springs and and.
El Dorado refinery, we got the exemptions so.
And we'll see what the court is.
The court ruling is and.
And then if it.
Positive to refiners I don't see any reason why.
These two refineries wont be eligible to that however, if the court and all.
Our assumption is that.
The court won't rule.
For that now we don't really know, but we can build our cash flow based on something that is.
And if not it's.
No tangible.
And Ryan on the first question. So we have historically not disclosed what our RIN exposure or expenses.
I will tell you obviously crops with the FCC unit not running that's a good chunk of our exposure right. There so that mitigates some of it but historically, we have not disclosed it I mean at the end of the day, we do have some blending capability.
But I want to be clear, we prefer not to have elevated RIN expenses. So.
And just kind of leave it there.
Maybe on the other.
On a separate note I.
I guess.
I appreciate that you can't say much about the.
About the Bakersfield plant, but outside of the Bakersfield investment.
Have you explored the potential to participate further and the R&D business are there any of your facilities that you view as potentially conducive to conversion like Krotz Springs.
Or at this point and kind of the near term focus just.
And just the capital light plan there.
Yeah.
<unk>.
Ryan Youre asking and.
Great question.
We want to do it step at the time.
And we're looking at it absolutely.
We are concerned about the feedstock cost and we want to do it.
We play through.
GCE.
And one third of that we feel comfortable with that position, we do look at other opportunities.
Maybe to convert.
And Tyler refinery maybe to convert.
Some of the refinery and Theyre, just remember that we have for small refineries and I'll read.
Every small so the oil attractive.
And to some degree.
Area, but we are not and the business of investing right now 400 $500 million and something.
And that.
They may not happen.
Profitability wise.
Okay. Thanks.
Thanks, guys.
The next question is from Phil Gresh with Jpmorgan. Please go ahead.
Yes, hi, good morning, Thanks for taking the questions.
First of all just on the working capital trends.
Which look positive and the fourth quarter, how much of that was just rising crude price effects and benefits that come from that versus maybe I don't know.
Inventory effects from <unk>.
Springs from running at a lower level and just how would you expect working capital to progress from a cash perspective and.
2021.
First shutting down and the refinery hurt your.
Working capital and doesn't help so shutting down crop didn't help us it actually hurt because if you remember you pay for crude and I'm sure you do.
20 days after the end of the market and collect.
Receivable five days, so shutting down and refinery and not running full slate tariff yoga and working capital and it doesn't help.
Rising crude prices certainly help us.
And 60.
And $60 now will help.
Tremendously in the first quarter as well.
And.
And.
I don't have the breakdown between we don't have the breakdown between inventory and.
Rising prices on the receivable side or the <unk>.
Payables side.
Aye.
I want to make sure that you understand we.
We manage our cash on a daily basis.
And pay attention to our cash flow.
By the end of the day, that's the most important thing and we run our business like that.
Okay, great. Thank you for the clarification.
One other thing you talked about and the last call you throw and buybacks out there is a discussion point if cracks got to a certain level.
So it does sound like obviously that the balance sheet is a key priority as well. So just your latest thoughts on buybacks versus balance sheet.
With the combination obviously.
We feel comfortable with the balance sheet as I said $156 million coming our way.
Pretty soon.
And.
And that.
Puts us in a great position with the balance sheet again, especially in light of decay in Perth.
Forming so well and we'll see what we do with that.
I think it's still.
So the balance sheet feels good.
And the one two.
Dubai back out of oil.
Leveraging so.
And would like to see.
234 months of free cash flow from now in.
In the past, we said that.
$19.
Next our good wood.
<unk> price is being a dollar per ton.
Earnings were 22 day arena.
On a dollar obviously that number is much higher and so I don't want to commit today to a number of crack because I really don't know what a.
And what.
The other.
And I think we'll do Midland differential or is once we see free cash flow.
There is no reason to believe that we won't go and.
And find the combination between buyback and.
And deleveraging.
Okay last question just on retail you talked in your release about.
Line of sight to strong growth potential so I thought it and see if there is anything worth elaborating on there. Thank you.
So.
Retail, we see very strong organic growth opportunity within the energy complex, that's probably one of the strongest rate of return opportunities that we see and so basically thats. What we wanted to highlight obviously, it's served US the avenue of stability. This past year and once we do get back to a growth mode. We.
Do see the opportunity to redeploy capital.
And of that business and.
We're basically above 20% rate of return on some of the investments that we're seeing so retail is attractive and.
Whether that sits with us or someone else that remains to be seen.
Okay. Thanks.
The next question is from Matthew Blair with Tudor Pickering Holt. Please go ahead.
Hey, good morning, everyone I'd like to start on the refining side it looks like Tyler as gross margins improved fairly substantially quarter over quarter.
Which is in contrast, and most mid con segments that with falling margins is there anything you'd like to call out here.
Well, we did a very well and Tyler.
Vis vis <unk>.
Moving crude and.
And capturing on capitalizing on on.
Opportunities.
And in that market.
And we.
The.
Delek.
Trading and supply.
Formed very well in Tyler so.
You, probably saw the $7 and and jump.
I would say that this is.
And maybe one or two times event.
And I wouldn't go and just say this is going forward.
Because at the same time as you know we.
And then perform as well at El Dorado and these two offset each other from time to time so.
Tyler did great.
But.
And let's.
Let's take some time before we celebrate victory here.
Makes sense and then on the renewable diesel side.
It doesn't look like there's any existing Lcs fuel pathways for PM Arena. So I guess, one is us getting that pathway is there any risk to getting that pathway or do you view that as pre standard and then to book.
And I think you mentioned and Youre expecting a pretty low Ci.
Or are we talking something and kind of like the 20 to 30 range or could it possibly be even lower than that.
So Matthew we really want to kind of defer to our friends over at GCE since we're not even technically and the partnership at this point.
<unk>.
And I have read and I'm sure you've seen industry.
Commentary out there talking about $25 30, Ci scores, but I mean again, we're not even and that so I don't want to I don't want to comment for our friends and.
At this point, we just view it as a very attractive option and again to the extent that they can grow their own feedstock I think that mitigates a lot of the risk and the industry, which we are very concerned about in terms of feedstock risks.
At this point, we really kind of just need to leave it there.
Yeah, that's a good point thanks for the responses.
The next question is from Neil Mehta with Goldman Sachs. Please go ahead.
Good morning, guys.
Our first question us on Delek logistics, and he said is it stacks and <unk>.
Really well here and we've seen some multiple expansion. So how do you think about the potential for monetization there given your large ownership.
<unk> to your sum of the parts and then.
In general.
As you think about potentially you know.
Right sizing the size of your refining business, if you elect to do that.
How do you think about the fact that Teekay al is very much tied into the refining system, recognizing theres a lot of third party and there too.
First these are.
And as usual very good.
A good question I think there are three or four of them and try to address each one of them here.
First of all detailed performed very well and rightfully so.
We we improve the.
Our leverage ratio, we have improved the coverage ratio.
<unk>.
Big Spring gathering system, the trucking is performing very well for a decade.
No.
And we do have other organic growth project per decade, and today, we announced another 5% increase for us.
And for next year so.
Real good about <unk> still the yield is.
Uh huh.
Hoovering between eight and 9%.
And we were very consistent with that Inc.
And we're not in the business of owning 80%.
We said that all along.
It depends on how we go about it if we want to.
<unk>.
And all.
Ill start monetizing some of it that's something that we are looking at it very carefully we couldnt do much.
During the blackout period, so that's something that we should.
Continuing to look at.
We'll obviously look at the difference between Dk and <unk>.
And say to all of US Okay does it make sense to look at <unk> and then by Dk.
In lieu of.
Dk Dk still other share.
Buyback.
More and more detail is a third party provider and not just tied to refineries.
I think our Dalian and team are doing great job in.
Going away from being dependent on the refineries.
It shows itself in the and the multiple that more and more of us becoming a real MLP.
So.
Sure.
Do I think that.
Dk and <unk>.
And is something that we look at that we need to look at absolutely.
And last thing around the.
And <unk> and the refining assets.
We just need to remember that.
As we get more and more third party.
Our percentage of.
Refining assets in detail goes down and its dependency on refining goes down and I hope I answered all your questions.
Yes.
Really get us in as a follow up is just on you.
You have a large gathering system and the Permian are you seeing us as Brent has now moved through 65 here.
The return.
Production, particularly from private and just what is your view on activity levels as you talk to customers.
For Permian production and then is that how do you think about that flowing into Midland differentials, which are trading at a premium to ti and part of that I think its production level, but part of that is also the quality of that that need barrel, which is a better quality than even our Brent barrel.
All these are great questions and Neil I think thats.
It will take time.
For our production to catch up with.
The overbuild of the capacity I think it's.
And as Crazy as it sounds the bite and administration may help the differential because they won't allow us building infrastructure.
While the.
A Trump administration allowed.
Wide open and building.
Assets.
I think that the differential will go back to a minus $5 over the next year or two we don't think so and.
We don't build our budget on that.
From that.
The level of activity is increasing.
By the day you see it.
And people more and more people will get comfortable remember I don't think thats dependent and producers.
64.
And for a long long long long time, because when it was $60 WD out last time, the differentials were like $5 seven to $8. So everybody I think a lot of people are rushing to do it I think the demand for <unk>.
<unk> seen.
Materialize as we see in Israel for example.
There is at 95% reduction in the <unk>.
Severe cases.
Dan.
Demand will come back.
And part of 'twenty, one and 'twenty two and.
And if this is the case and.
The outlook will be nice us so the government put and not to get us thinking that a branch will grow even higher from here I think 75, and if this decade and.
Auction or level of activity will go up I don't count, we do not count on $5 discount at this point.
Thanks, Susie appreciate it.
Yeah.
The next question is from Doug Leggate with Bank of America. Please go ahead.
Hey, guys. Good morning, and this is clay on for Doug.
Just a couple of questions from me so I.
You guys support for the El Dorado turnaround and want to know what's the scope and that turnaround is whether the scope of that work is final or whether it could be augmented by perhaps the recommendation of the board.
So hey, this is Louis yes, the scope of the turnaround for us.
Maintenance.
General and maintenance opening cleaned and inspected and theirs.
Hope is pretty much fixed and.
Due to the weather, we had the team was ready and to execute and we pulled it forward. So we can try to get it in and get ready.
For the rise.
And demand.
And <unk> I think.
Just so you know the timing of that.
Good to be back online basically beginning of April so we should have a full <unk> effect.
My second question is also on renewable diesel.
With the execution of the renewable diesel option obligate you to liabilities and the operators such as and a debt there and they are occurring.
Okay.
And Thats, something we probably ought to take offline.
And.
So maybe we can we can huddle up on that offline if thats alright.
Sure.
Thanks, guys.
The next question.
<unk> is from Jason <unk> with Cowen. Please go ahead.
Yeah, Hey, thanks for taking my question.
Maybe I'll try a couple on this global clean energy project and the understanding that you can only talk so much about it I was wondering if global clean energy is actually broken ground yet.
And.
On the project and if that's us.
<unk> is going to include a pretreatment unit.
And then my follow up.
And as on refining.
And I was just wondering El Dorado looks like and ran at least and <unk> at a decently high rate and the whole system.
And additionally, higher rate, but margins remain pretty weak so.
And just.
I don't know it looks like.
Maybe the optimal.
Operating.
Paradigm is to us to run.
And at lower rates can you just discuss.
The decision, particularly at El Dorado to run.
At relatively high levels, despite negative margins.
So.
Jason on the renewable piece, we're really going to have to defer to our folks over there and GCE and so at this point, it's not 100% clear with the pre treatment.
Situation is.
No.
And again I'm, sorry to not give you an awful lot of information, but we're basically on the sidelines on that so sorry and regards to us.
As I said, if you look at Tyler tell us very very strong.
You probably want to think about offsetting factors here.
And between.
Tyler and El Dorado.
We do believe that in todays market todays environment El Dorado is certainly.
And the Green.
And in all areas and when I say green and.
Green.
EBITDA and Green Dot net income so we will see once we come up.
How it plays but.
I wouldn't read much into one core if you look at it.
Tyler Tyler is $7.
And the order of minus four and so they offset each other.
Got it thanks.
This concludes our question and answer session I would like to turn the conference back over to <unk> for any closing remarks.
Well I'd like to thank everybody for their interest in our company.
2020 was a tough tough tough tough year.
Oil and 21.
Second part of 'twenty, one looks little bear oil.
I'd like to thank my colleagues around the table here I'd like to thank <unk>.
<unk> for.
And for their confidence in us and don't take it lightly.
I'd like to thank the board of directors for Us.
They are a vote of confidence, but mainly I'd like to thank our employees for making this company. What it is have a great day. Thank you.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Yeah.
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Okay.
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Yes.
Yeah.
Yes.
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Okay.
Okay.
[music].
Yes.