Q4 2020 Alliance Resource Partners LP Earnings Call
Gary.
[music].
Okay.
Okay.
Good day and welcome to the Alliance resource partners fourth quarter, 'twenty and 'twenty earnings Conference call. All participants will be in a listen only mode should you need assistance. Please signal a conference specialist by pressing star and then zero.
After todays presentation, there will be and opportunity to ask questions to ask a question you May press Star and then one on a touchtone phone to withdraw your question. Please press Star and then two please.
Please note that this event is being recorded I would now like to turn the conference over to Brian Cantrell Senior Vice President and Chief Financial Officer. Please go ahead.
Thank you Tom and welcome everyone.
Earlier. This morning Alliance resource partners released its fourth quarter 2020 financial and operating results.
And we'll now discuss these results as well as our perspective on market conditions and outlook.
Following our prepared remarks, we'll open the call to your questions.
Before beginning a reminder for some of our remarks. Today may include forward looking statements that are subject to a variety of risks uncertainties and assumptions contained in our filings from time to time with the Securities and Exchange Commission and are also reflected in this morning's press release.
While these forward looking statements are based on information currently available to us if and.
And one or more of these risks or uncertainties materialize for.
And if our underlying assumptions prove incorrect actual results may vary materially from those we projected or expected.
And providing these remarks the partnership has no obligation to publicly update or revise any forward looking statement.
Other as a result of new information future events or otherwise unless required by law to do so for.
Finally, well also be discussing certain non-GAAP financial measures.
Definitions and reconciliations of the differences between these non-GAAP financial measures and.
And the most directly comparable GAAP financial measures are contained at the end of Arlp's press release, which has been posted on our website and furnished to the SEC on form 8-K.
With the required preliminaries out of the way I'll begin with a review of our 2020 results and then turn the call over to Joe craft, Our chairman President and Chief Executive Officer for his perspective and outlook.
This morning, ARLP reported a continued rebound and our performance for the 'twenty and 'twenty quarter as we posted increases to all major operating and financial metrics compared to the sequential quarter.
Reflecting increased sales from coal operations and higher oil and gas royalty revenues from our minerals segment.
Total consolidated revenues rose three 1% to $366 $5 million.
Higher revenues contributed to increase net income and EBITDA, which climbed 28, 8% that's for $35 million and 2.1% to $121 $4 million, respectively, each compared to the sequential quarter.
The entire alliance organization remain focused on optimizing cash flows by controlling working capital expenses and capital expenditures.
And these efforts continued to strengthen arlp's balance sheet and financial position.
During the 2020 quarter ARLP generated free cash flow of $96 million.
<unk> debt and finance lease obligations by $67 $8 million and increased liquidity by $70 $2 million.
Our total leverage improved by nine 5% from the sequential quarter 153 times and we ended the year comfortably in compliance with all of our debt covenants.
Turning from our consolidated results, let's take a closer look at the performance of Arlp's business segments.
For our coal segment sales and production volumes for both higher compared to the sequential quarter with total coal sales volumes rising for 8% to $8 1 million tonnes and <unk>.
Coal production, increasing three 4% to seven 4 million tons.
Increased sales volumes more than offset lower price realizations driving coal sales revenues higher by two 9% to $345 $6 million.
Ongoing expense control initiatives at all ARLP operations during the 2020 quarter.
Cost per ton lower compared to the sequential quarter as total segment adjusted EBITDA expense declined two 3% to $27 38 per ton.
Increased revenues and lower cost drove segment adjusted EBITDA sequentially higher by four 8% to $129 $8 million.
Arlp's focus on reducing coal inventories and matching production to meet customer requirements reduce total coal inventory to approximately 600000 tons at the end of the 2020 quarter compared to $1 2 million tons at the end of the sequential quarter.
The performance of our mineral segment also improved and the 2020 quarter.
Compared to the sequential quarter stronger commodity pricing pushed arlp's average realizations per Boe higher by 29, 6% and.
And drove segment adjusted EBITDA for our minerals segment up 15, 1% to $10 $2 million.
While stronger commodity prices have encouraged a gradual resumption of drilling and completion of wells on our acreage and the effects of dramatically reduced operator activity and the second and third quarters of 2020 resulted in a 10, 7% decrease and production volumes per Boe from our mineral interest compared to the <unk>.
Quench for quarter.
It should not come as a surprise that the impacts of reduced global energy demand, resulting from effects of the COVID-19 pandemic negatively impacted arlp's results compared to the 2019 quarter and year.
Reflecting lower coal and oil and gas volumes and prices and the 2020 quarter.
Total revenues fell 19, 2% compared to the 2019 quarter and EBITDA declined by three 8%.
And a testament to the efforts of our teams to respond to the pandemic net income for the 'twenty and 'twenty quarter actually increased 35, 6% compared to the 2019 quarter as the benefits of Arlp's expense reduction initiatives more than offset lower revenues.
Total revenues for the 2020 year fell 32, 3% for $1.33 billion, leading adjusted net income and adjusted EBITDA lower to $27 $8 million and $386 7 million respectively.
Compared to $244 $6 million and $599 million, respectively for the 2019 year.
While we certainly experienced challenges during 2020.
ARLP was able to achieve several impressive accomplishments as.
As noted in our release this morning during 2020, we significantly reduced working capital requirements capital expenditures operating expenses and G&A.
Paid down approximately $197 million and total debt and financing leases.
Increased liquidity by nearly $220 million and generated approximately $280 million of free cash flow.
With that I'll now turn the call over to Joe Joe.
Thank you, Brian and good morning, everyone.
I'd like to open my comments this morning by reflecting on the extraordinary performance of our people and 2020.
We entered 2020 anticipating significant growth and our mineral segment, while at the same time for.
Repair demanded challenging coal markets due to low natural gas prices.
Tepid coal demand and an overhang of coal supply.
None of US however, could have anticipated the COVID-19, pandemic and its devastating impact to energy demand.
And we have always done on the entire alliance organization met these unprecedented challenges head on.
Rapidly responding to safeguard the health and safety of our people and protect our balance sheet support our communities and.
Operate prudently as an essential supplier to our customers.
To help ensure the reliability of the electric grid, so critical to the markets we serve.
Despite the disruptions encountered during the year our teams performed at the highest levels across the entire organization.
<unk>, our coal mines, delivering the best safety record and the history of Alliance.
The effectiveness of day response, clearly demonstrated their flexibility resilience innovation and determination to succeed.
For their dedication commitment and all that they accomplished during such a tumultuous year.
And then my sincerest appreciation.
We entered 2021 hopeful that and economic activity and energy demand will continue to improve as vaccines become more available.
And the U S increased power generation and higher natural gas prices point to the possibility of gas to coal switching and projections have increased coal demand in our primary markets.
Conditions are improving and the international markets as well.
Cold weather across Europe, and Asia sharply higher LNG prices, the weakening U S dollar and.
And supply disruptions related to trade disputes are all supportive of potentially increased participation.
By U S producers and both the thermal and metallurgical export markets.
Consequently, ARLP continues to target a 10% year over year increase and total coal sales volumes this year.
During the 2020 quarter ARLP contracted for $4 1 million tons of coal sales to be delivered in 2021.
Lifting our commitments to 78% of anticipated coal sales at the midpoint of our guidance for this year.
While pricing for the newly contracted tons were greater than published spot prices.
They were mostly lower than the expiry.
Aspiring and legacy contracts.
And as a result, and we currently anticipate Arlp's 2021 average coal sales price per ton to decline approximately 4% to 8% from last year's average.
Our minds did a great job, reducing operating expenses and capital during 2020 and their efforts are expected to continue to benefit 2021 as well.
For the full year 2021, we currently anticipate segment adjusted EBITDA expense and.
On a range of $27 50 to $30 per ton sold.
A decrease of approximately 5%.
At the midpoint of our guidance compared to 2020.
Estimated capital expenditures of $120 million to $125 million for 2021 are comparable to last year.
For our mineral segment, the significant reduction in drilling and completion activities by operators. During 2020 that Brian mentioned earlier, we will continue to impact volumes produced from our minerals and 2021.
Although drilling and completion has improved from the historic lows experienced last year. It takes time for increased activity to overcome the impact of such dramatic declines.
As a result, as we saw during the 2020 quarter and.
ARLP currently anticipates total Boe volumes from our acreage will decline from year end 2020 levels during the first two quarters and <unk>.
'twenty, one before gradually increasing.
Over the second half of the year.
Pricing for oil and natural gas and natural gas liquids have shown strength recently and if the forward commodity price curves are sustained and we currently anticipate higher year over year price realizations and 2021 and.
And a modest increase and the EBITDA contribution from our minerals segment this year.
We believe Arlp's current outlet for 2021 supports a return to unit holder distributions this year.
<unk> first quarter results are in line with our expectations and our current outlook for the future does not change.
And I expect management will recommend the board considered declaring a distribution to unit holders and its next quarterly meeting in April.
And the board will determine whether to do so as well as the amount of any future distribution based on numerous factors, including business and market conditions, Arlp's future financial and operating performance outlook and other capital allocation priorities.
Looking ahead, we see a bright future for alliance. Despite recent headlines and rhetoric that may suggest otherwise.
Low cost reliable energy is critical for the well being and success of our country.
We are proud of the role of alliance plays and supporting the desires of the communities we serve to benefit from a thriving economy, a high standard of living and a quality of life that allows them to flourish.
We firmly believe that the product's ARLP delivers coal oil and natural gas will remain essential to achieving these desired outcomes for years to come.
We are also aware of the opportunities likely to be created by the ongoing transition.
Toward new energy and power technologies.
As we seek to create long term unit holder value ARLP is actively evaluating various strategies to utilize the cash flow is from our existing assets to pursue opportunities and these developing areas, which we believe have the potential to.
And to generate attractive long term returns and sustainable cash flow growth.
As these evaluations crystallize, we will execute on future opportunities and a disciplined and balanced manner.
Focused on optimizing cash flows from existing assets pursuing strategic external opportunities for <unk>.
<unk>, our balance sheet and returning cash to unitholders.
Maintaining access to capital markets and generating attractive long term total returns for all of our stakeholders.
That concludes my prepared comments and I'll now ask the operator to open the call for questions.
We will now begin the question and answer session to ask a question you May Press Star and then one on your Touchtone phone.
If youre using a speakerphone please pick up your handset before pressing the keys.
If at any time. Your question has been addressed and you would like to withdraw your question. Please press Star and then two at this time, we will pause momentarily to assemble our roster.
Yeah.
Okay.
Our first question comes from Lin Shen with Hite. Please go ahead.
Hi, good morning, Thanks for taking the call.
Two questions on.
And Joe and Brian and so forth.
One is on <unk>.
And maybe you can talk a little bit but.
With the New administration, we heard a lot of discussions at.
Ah theres going to be more.
Project that for.
When the solar for your tenant base for <unk>.
So what are your expectations for like the oil.
Our customers.
Closing profile of their alternative energy so that to.
Your demand and that is more not only from natural gas, but also a lot of more from their alternative energy.
Yeah.
And it's our view that.
And the energy space, we're talking about really some long term planning.
<unk> made obviously policy decisions made by government can influence those decisions and those plans.
But when we assess the demand for coal and on the length of the power plants are going to be net are going to be operating.
Over the next two decades.
We find it hard to believe that these policies are going to change much.
I find very many contradictions and policies that are being advanced right now.
Because on the one hand, they want to put a stop to billing.
Building pipelines and they want to put a stop building natural gas plants.
And I don't know how the administration can close other base load generating units without.
Without replacing those with Baseload units and we all know the technology for wind and solar.
And is not available today to operate as a base low operator, the transmission systems are not designed to operate with.
Intermittent power supply.
So the vision that they articulate and unfortunately, it seems like it's more sound bites and it has a vision.
And is not yes, it's a very complex situation and it's not going to happen overnight as much as they are aspirational and their goals.
So I cant find anyone that's been and the energy space that would suggest that the articulation of the 2035.
Target for.
Fossil neutral power generation is realistic.
So as we think about our business.
Will it would we prefer to have more pro.
Energy policy, yes.
But the practicality of the situation is such that the demand for our product is still going to continue to be needed for the next two decades and when you look at the size and when and where.
Right at 30 million ton and producer and a 500 million ton marketplace. So there is plenty of opportunity for us we're a low cost producer we feel that.
And that there will be demand on the oil and gas side. It's the same.
I think one thing that is amazing to me is that they only focus on emissions and they don't focus on all other products that oil and gas.
Are they contribute too.
So when you look at the daily products that we use every day with the cell phones for whatever.
And all requires mining and oil requires oil and gas and large and large quantities.
And it's not as simple.
Solution, just trying to think in terms of.
And eliminating permits and trying to have our economy and move away from fossil fuels.
Today 2019.
Wind and solar and made up less than 3% and.
And of energy usage, and the United States.
And when you combine both transportation fuels.
And al all uses of energy so to think that we're going to move away from fossil fuels that was over 80%.
And that by chart.
Is just and unrealized unrealistic expectation.
And as I mentioned in my prepared remarks, we do think that there will be alternatives business opportunities because of these policy decisions there will be.
A lot of subsidies and a lot of money directed to.
Different alternatives to try to speed up the transition.
So we'll be looking at those to participate and a way that.
We feel we can get the same type of returns and historically, we've been able to do so.
We are and the energy business.
Still believes strongly and coal and oil and gas and the demand and what it's going to provide for the next decade or two and.
And at the same time, we will look at other alternatives and the event that technologies.
<unk> more rapidly and at lower cost than maybe anticipated in the current environment.
Great and we could spend all day talking about this subject.
Sorry.
No no no no that's good.
Second question and then you just mentioned that.
On April you my resume the distribution.
And I'm going to ask like it and Europe Hany.
Paying dividend is still a better way to return capital towards share buyback or what are you are with.
We're going to look at all and ways to add to utilize capital allocation, but we do believe that returning distributions is.
On a major reason why a lot of our unit holders are and the units.
And so we feel that.
But thats an expectation and.
That is a.
And I definable.
Return on capital.
Shareholders can participate and anticipate exactly.
How they look at their total return when they try to evaluate investing and our company. So we believe that thats.
One critical element and shareholder.
Return.
And share buybacks as another we still have some authorization so.
That's a possibility and paying down debt buying back bonds as a possibility of investing and growth assets there everything's on the table and as far as trying to grow our shareholder value.
Yeah.
Great. Thank you very and I appreciate it.
The next question comes from Lucas pipes with B Riley Securities. Please go ahead.
Good morning, Joe and good morning, Brian.
And then.
Hi, I wanted to.
Focus a little bit on the export opportunities here at this juncture to what extent would you say this market is.
Open or opening up and.
To the extent it comes to your outlook for 2021.
Would you say other pockets of potential upside from from a strengthening export market. Thank you very much.
We entered the year really not anticipating.
Much volume and our export markets.
And like I mentioned in October we had essentially all of our growth and sales was anticipated to come from the domestic market.
And notwithstanding that the.
The export market sales has been influenced by a couple of things.
<unk> being the China, Australia dispute and how Thats disrupted.
Flows of coal in particular, both and the metallurgical arena as well as the thermal market.
So currently.
That dispute has created opportunities for U S producers and.
And we took advantage of that booking some tons that are.
More on the metallurgical space and not necessarily because we have a PCI coal.
And our NC operation and East, Kentucky, So we book around 400000.
Little less and that are a little more on that from that region.
And we were able to book them.
A little less and 1 million tons and out of Illinois Basin region for thermal opportunities were.
We saw the physical market, b and a little bit higher than.
Uh huh.
The API two market and we've been able to take advantage of that to book that volume.
Even though we've seen some volatility and the API two market over the last two to three weeks.
On the physical market continues.
To be making inbound calls.
So we are continuing to.
Feel positive about that market.
Got.
It's hard to answer your question of weather.
That it's sustainable or not or whether all of this demand is really a result of.
The Australia, and China dispute and how.
Coal flows have been disrupted as a result of that.
So we are taking.
And on an opportunistic approach.
This moment of time.
And if we can.
Be able to transact at prices, we feel are attractive and we.
And we will do so.
As far as thinking in terms of projecting that this is going to encourage us to bring on more supply and.
And believe that is sustainable and where.
And not there yet.
So we will.
Continue to evaluate.
On that market and see what happens and.
Nobody knows at least I don't know.
Whether the.
Australia, and China to speak will get resolved tomorrow or <unk>.
Five years from now and I just don't know.
No.
We're taking a cautious look, but we're being opportunistic and.
Where there is opportunity to.
Capitalize on that.
And the attractive prices will do so.
Very helpful. Thank you and just a quick follow up on this.
On the export thermal export met coal tons that you referenced just now.
And when were those booked.
Was that something that occurred over the last for one month or three months.
Just that could maybe help us get a sense for how it.
Whereas as late as last week and the.
The earliest was probably.
Middle of November for word.
About right yeah.
So just when you compare to what we had last year I mean last year.
We were about 950000 tons.
Little over 500, and Appalachian and 400, and Illinois Basin and so.
We've already.
We exceeded that and we're also little bit more.
On the metallurgical side, we do feel that that has more sustainability and.
So we are targeting.
The sale of about 700000 tons into that market more so we've already booked a little over 100.
100000.
<unk> thousand tons.
And for that market. So we're looking to sell another 700000 and this year compared to last year.
And it was around 450 or something.
And that would be embedded in your 2021 outlook as well that day.
Yes.
The sales targets for.
Matt is embedded in our guidance.
Yes.
Very helpful. Thank you very much for that and then.
But when I look at 2021 and capital expenditures and it looks like.
Youre running at.
You know very efficient levels kind of when I think about that.
And the capital budget over the last few years.
How would you guess.
Ripe for 2021 spending levels is that and <unk>.
Adjustments to a lower price environment that's more.
Temporary or would you say this is this is the level that you could sustain for the coming for the coming years. Thank you.
So we've benefited and both 'twenty and 'twenty one.
Having excess equipment from mines that were closed so when we went from 40 million ton producer to 'twenty.
7 million ton producer.
Obviously, we.
Idaho, Gibson, North and we idled a couple of units.
And other operations. So we've got effectively some excess equipment thats benefiting that number.
I think over the next if we stay at this production level.
And I believe we can sustain this for another year or so.
And then we will see.
Got it got it.
Thank you and then one last one for me.
And so.
Back to <unk> question and your response that you might consider.
And.
Investments in it sounded like alternatives as well could you narrow that down where were you. Thank you.
Yeah.
We kind of be the most and what would be the most natural extension.
And.
I hear you that your supply of energy I'm, just curious that I mean, it's a very broad space, obviously, that's still evolving and where do you think you fit it fit in.
If you decide to further explore any opportunities there.
And it's a little premature to discuss that publicly I can tell you that we are and the process of establishing internal teams.
And we haven't decided whether we're going to be at five different.
Areas of investigation or seven.
And we've already started investigating two or three.
But we have identified different areas, where we've got core competencies that we want to explore.
And then we're looking at just the.
Increased demand.
And <unk> name it whether it's transmission.
Two.
And our batteries and battery storage.
And so different.
Technologies and this space that if.
Truly.
And the EV market moves as fast as it does there is there is plenty of opportunities to do things on the EV side.
So we're trying to determine where best fit whether its on the power side, whether it's on the.
And the EV side, whether it's and royalties and.
And trying to expand royalty is beyond just oil and gas and coal.
In terms of using those skill sets we have.
So there's plenty of people out there and investing and trying to find.
Ways to get.
To get returns for the share algorithm and just look at all the specs have been created so.
We're not setting up the spec, but I guess, you can start thinking and although we've got our own spec that we got this cash flow come in and what are we going to do it.
Yes, yes, so where we are.
Looking at a little bit of and everything.
Got it.
Very helpful. Joe Brian I really appreciate the update and best of luck.
Thanks Lucas.
The next question comes from Shelly Mcnulty with Loomis Salus. Please go ahead.
Hi, Thanks for taking my question.
First going back to you were talking about Baseload.
Power.
See that better.
Better understanding like.
Bigger picture.
What percent of the total power is considered baseload and how does that translate to how many tons of coal would be needed to stay and the baseload and given that you kind of talked about the solar and wind are capable of supporting.
Steady state Baseload.
And our supply that's my first question second question is on the.
Expansion outside of coal and natural gas and other forms of energy just wondering how you plan on.
Financing that is utilizing.
New forms of financing such as like transition bonds is that something you're considering or would it be done under the current.
Financing you have in place.
Oliver and whatnot.
Thanks for the last one first I think for.
On answering and will be a key component.
So.
That decision.
Our focus right now is.
We think in terms of head and free cash flow going forward, how do we allocate that.
And.
Right now.
We would be looking and in that arena, but then financing is a critical component. So if they're if banks or other lenders are going to finance any of this growth.
We're going to try to understand what financing is available and see if we can.
Capture some of that and maybe use some of our cash flow just as equity if you want it and think of it and that way that it might be outside of our bank groups it might be and we havent advanced at that far to have those discussions.
Back to your first question you really got to look at it regionally.
The simple part of what I was trying to say is when you think of the way to grid is designed.
It is it is designed for.
Baseload generation, meaning that generation is feeding and the power lines on a very consistent basis minute by minute with no interruption.
And it allows the charge through the transmission to allow that.
And the transmission of those electrons to be efficiently delivered.
I've been advised that.
Once you get to 30% or more of interruptible power that is going through those transmission lines. It complicates the efficiency.
And those transmission lines and therefore requires.
Some reconsideration of how much capital is needed to be spent.
To assure that the American public receives what they want which is when they walk and array and turn on the switch the lights go on without interruption and without round out with that.
And reliable.
Christy So we all know that today, if you've tried to.
Charge, the grid with the unreliable and energy of the intermittent power grid would not function the way.
We are used to and expect so without.
And again this topic could take two or three hours to get into the weeds and reach.
Region by region.
But in theory and practice.
And I was meaning it is once you get to a certain scale with reliable and.
And with and with the non reliable energy products and solar and wind.
You've got to have transmission upgrades and.
You talk and trillions of dollars, depending on how widespread do you want to make that and how fast you want to make it so that all of that has to be taken into consideration on the timing of.
And now people shut down and Baseload generation.
Okay got it and then no I appreciate that.
And you could talk about it.
And nausea, Amanda I actually think it's probably would be good for you to put these kind of comments out there and educate people.
On the things that arent being talked about like you said there are only like snippets of information.
And somehow get.
I think more education and more Nitty gritty you guys can provide and so.
Supporting these statements actual facts Mike.
Give a little bit more simple.
On the coal industry overall.
So we do belonged and an organization and calling America's power that.
And is trying their best day the.
And the American public on that subject.
And so.
We just need to.
And as someone like us that are interested to understand it.
So we're out there try and but.
Take the hard for your comments, there very well founded and I agree, 100% with what Youre, saying so.
I don't know, maybe I can start and ready group for something and I talk.
Yeah.
Good afternoon.
And I'm really.
I think it's a good at.
Sales to move markets I don't know.
Thank you Shelly.
Okay.
As a reminder, if you have a question. Please press star and then one to be joined into the queue.
Our next question comes from Joe Pisano, who is a private investor. Please go ahead.
Yes, I know.
By area and there's a large institution.
A big demand for power.
So in the winter that's really cold.
<unk>.
And oil and natural gas and her toll brothers switch to such and such.
I don't have enough natural gas because I've learned my day.
Hi, this is on a small scale.
How's the nation and there was so high and they started started closing pipelines and stocks.
Yeah.
Yeah.
Exactly sure yeah.
Obviously.
We know gas natural gas has been a transition fuel and needs continue to be.
The vision is that we can get to.
For non fossil fuels and <unk>.
<unk> and <unk>.
You still have to rely on fossil fuels and nuclear.
And to bridge to that technology and it just is not going to happen overnight.
Unfortunately.
And I believe.
Right and administration knows that and I don't know why they just cant say the truth on that line.
That's my point.
And my city.
And there's no there's no <unk> you talked about closing on pipelines and everything.
Good luck.
Well.
Say.
And then around the political game for a little while and.
And they always.
One other comment that I always hear is it's really different to campaign and govern so at some point and time you got to stop the campaigning and you guys start gavarnie.
And I don't think that by and administration has.
Moved from campaigning to gathering so I think the point you are raising.
It's a lot harder to have these aspirational soundbites that meet campaign promises as a lot difficult you start implementing those and determining whether they are realistic.
And there was a article I read last night that was published by CNBC.
Thank you Gavin and Eric Rosenbaum.
And that goes through the <unk>.
And as client climate change plan and the battle for America's most threatened workers, but.
And it's interesting because it gets into the complexity of how you can transition overnight and all of the unintended consequences by that.
Don't see through the steps that it takes to get to where you want to go.
And what I'm hearing you say is that <unk>.
You're asking the question from a practical perspective, and how can you one day move from one fuel to the net to the next.
When you.
You see examples where physical.
Physically and having to work.
And I'd like to believe that.
Wind is by and administration and started truly think about executing on.
Their strategy that they will.
Be grounded and the practicalities and.
And theyre not going to allow that likes to just go off or.
And not to get heating oil or fuel.
That will impact People's lives.
I'm will tail.
Stay tuned.
Thank you Joe.
Yes.
This concludes our question and answer session I would like to turn the conference back over to Brian Cantrell for any closing remarks.
Thanks, Tom.
We appreciate everybody's time this morning, as well as your continued support of and interest and alliance.
Our next call to discuss our first quarter 2021, and financial and operating results is currently expected to occur in late April and we hope youll join us again at that time.
Concludes our call for today, thanks to everyone for your participation.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Okay.
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