Q2 2024 Vermilion Energy Inc Earnings Call

Good morning. My name is Sylvie and I will be your conference operator today. At this time, I would like to welcome everyone to the Vermilion Energy Q2 conference call.

Operator: Welcome everyone to the Vermilion Energy Q2 conference call. Note that all lines have been placed on mute to prevent any background noise.

Operator: I welcome everyone to the Vermilion Energy Q2 conference call. Note that all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then number 1 on your telephone keypad. And if you would like to withdraw your question, please press star 2. Thank you.

Operator: After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star the number one on your telephone keypad. And if you would like to withdraw your question, please press star two. Thank you.

Operator: Note that all lines have been placed on mute to prevent any background noise.

Operator: After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then number 1 on your telephone keypad. And if you would like to withdraw your question, please press star 2. Thank you.

Operator: Mr. Dion Hatcher, you may now begin your conference.

Dion Hatcher: Thank you, Sylvie.

Speaker Change: Mr. Dion Hatcher, you may now begin your conference.

Dion Hatcher: Well, good morning, ladies and gentlemen. Thank you for joining us. I'm Dion Hatcher, President, CEO of Vermilion Energy. With me today are Lars Glemser, Vice President, CFO; Darcy Kerwin, Vice President, International and HSC; Brandon McQuade, Vice President, North America; and Carl Preston, Vice President, Investor Relations.

Operator: Thank you, Sylvie. Well, good morning, ladies and gentlemen. Thank you for joining us. I'm Dion Hatcher, President and CEO of Vermillion Energy.

Kyle Preston: With me today are Lars Glemser, Vice President, CFO, Darcy Kerwin, Vice President, International and HSE, Brandon McQuaid, Vice President, North America, and Kyle Preston, Vice President, Investor Relations. We'll be referencing a PowerPoint presentation to discuss our Q2 2024 results. The presentation can be found on our website under invest with us and events and presentations.

Kyle Preston: With me today are Lars Glemser, Vice President, CFO, Darcy Kirwan, Vice President, International and HSE, Brandon McQuaid, Vice President, North America, and Kyle Preston, Vice President, Investor Relations.

Dion Hatcher: We'll be referencing a PowerPoint presentation discussing our Q2 2024 results. Presentation can be found on our website under Invest with Us and Events and Presentations. Please refer to our advisory and for-looking statements at the end of this presentation. It describes a for-looking information, non-gant measures, and oil and gas terms used today. And it relies on risk factors and assumptions relevant to this discussion.

Lars Glemser: Production during the second quarter averaged 84,974 BUIs per day, which was at the top end of our Q2 guidance range of 83 to 85,000 BUIs per day, mainly due to the early startup of our VC monomyth battery. On a year-over-year basis, production increased 2% or 6% on a per share basis. We generated $237 million of fund flows and $126 million of free cash flow, which was lower than Q1, mainly due to lower realized commodity hedging.

Speaker Change: We'll be referencing a PowerPoint presentation to discuss our Q2 2024 results. The presentation can be found on our website under Invest With Us in Events and Presentations.

Lars Glemser: Please refer to our advisory on forward-looking statements at the end of this presentation. It describes the forward-looking information, non-GAAP measures, and oil and gas terms used today.

Speaker Change: and their reliance on risk factors and assumptions relevant to this discussion.

Dion Hatcher: Production during the second quarter averaged 84,974 buoys per day, which was at the top end of our Q2 guidance range of 83 to 85,000 buoys per day, mainly due to the early start-up of our BC Mommy battery. On a year-rear basis, production increased 2%, or 6% on a per-year basis.

Lars Glemser: Production during the second quarter averaged 84,974 BUIs per day, which was at the top end of our Q2 guidance range of 83,000 to 85,000 BUIs per day.

Lars Glemser: mainly due to the early start-up of our VC modeling battery. On a year-over-year basis, production increased 2% or 6% on a per-year basis.

Dion Hatcher: We generated 237 million of fund flows and 126 million of free cash flow, which was lower than Q1, mainly due to lower realized commodity hedge gains. During the second quarter, we reduced net debt by a further 38 million to 907 million, and significantly increased our pace of share buybacks, as we transitioned to a return of capital pay with targeted 50% of an annual excess free cash flow. We were purchased 2.8 million shares during Q2 for total proceeds of 47 million, and also paid at approximately 19 million dividends for a total return of 66 million or 62% of excess free cash flow for the quarter.

Lars Glemser: We generated $237 million of fund flows and $126 million of free cash flow, which was lower than Q1, mainly due to lower realized commodity hedge gains.

Lars Glemser: During the second quarter, we reduced net debt by a further $38 million to $907 million and significantly increased our pace of share buybacks as we transitioned to a return of capital payout target of 50% of annual excess free cash flow. Year-to-date, we have returned $121 million, or 36% of excess retachable.

Lars Glemser: During the second quarter, we reduced net debt by a further $38 million to $907 million and significantly increased our pace of share buybacks as we transitioned to a return of capital payout target of 50% of an annual excess free cash flow.

Lars Glemser: We repurchased 2.8 million shares during Q2 for total proceeds of $47 million and also paid approximately $19 million in dividends for a total return of $66 million or 62% of excess free cash flow for the quarter.

Dion Hatcher: Here to date, we have returned to 121 million, or 36% of excess free cash flow.

Lars Glemser: Up here to date, we have returned $121 million or 36% of excess recash flow.

Dion Hatcher: During the second quarter, we also achieved key operational milestones with the start-up of the Micah Monty battery, British Columbia, and the SD-10 gas fund in Croatia. This is in addition to the five successful expiration wells during the first half of the year, of expanding each of these in the upcoming slides. Production from our international operations average 29,987 views per day in Q2, reflecting scheduled maintenance on several assets during the quarter. In Croatia, we commissioned our gas plan on the SA-10 block, slightly had a schedule. We currently have both wells on production, and they are expected to ramp up through the third quarter.

Lars Glemser: During the second quarter, we also achieved key operational milestones with the startup of the Micah and Montague Battery in British Columbia and the SA10 gas plant in Croatia. This is in addition to the five successful exploration wells drilled in Europe during the first half of the year. I'll expand on each of these in the upcoming slides.

Darcy Kerwin: Production from our international operations averaged 29,987 views per day in Q2, reflecting scheduled maintenance on several assets during the quarter. USA 10 will support the European gas weighting in our portfolio, which represents approximately 40% of our corporate natural gas production or over 100 million cubic feet per day. This new gas production also benefits from higher natural gas prices in Croatia for gas sales at a premium to other European natural gas benchmarks.

Darcy Kerwin: Production from our international operations averaged 29,987 views per day in Q2, reflecting scheduled maintenance on several assets during the quarter.

Darcy Kerwin: In Croatia, we commissioned our gas plant on the SA-10 block, slightly ahead of schedule. We currently have both wells on production, and they are expected to ramp up through the third quarter.

Dion Hatcher: The SA-10 asset will support the European gas waiting in our portfolio, which represents approximately 40% of our corporate natural gas production, or over 100 million cubic feet per day. This new gas production also benefits from stronger natural gas prices in Croatia, for gas cells at a premium to other European natural gas benchmarks. For the past two years, we have grown our European natural gas production by over 15%. And we continue to organically grow our European natural gas friends.

Darcy Kerwin: The SA10 asset will support the European gas weighting in our portfolio, which represents approximately 40% of our corporate natural gas production, or over 100 million cubic feet per day.

Darcy Kerwin: This new gas production also benefits from stronger natural gas prices in Croatia for gas sales at a premium to other European natural gas benchmarks.

Darcy Kerwin: For the past two years, we have grown our European natural gas production by over 15%, and we continue to organically grow our European natural gas franchise. We're very excited about the long-term development potential of our German and Croatian assets, and I will speak more about how we expect these two countries to provide meaningful organic growth in the following slides.

Darcy Kerwin: For the past two years, we have grown our European natural gas production by over 15 percent, and we continue to organically grow our European natural gas franchise.

Dion Hatcher: Trust. The TTF, Benzberg, gas, price, average, $13.62 per MBTO and Q2 that represents a 16% increase over Q1 and based on Ford's trip is expected to further strengthen in the second half of this year and next year. The TTF 4 price is currently trading at approximately $17 for 2025, and we have approximately 44% of our European natural gas hedge and an average floor price of $17 for 2025.

Darcy Kerwin: The TTF benchmark gas price averaged $13.62 per MMVTU in Q2. That represents a 16% increase over Q1, and based on Ford Strip, is expected to further strengthen in the second half of this year and next year.

Darcy Kerwin: The TTF forward price is currently trading at approximately $17 for 2025, and we have approximately 44% of our European natural gas hedged at an average floor price of $17 for 2025.

Dion Hatcher: We're very excited with the long-term development potential of our Germany and creation assets, and I will speak more about how we expect these two countries to provide meaningful organic growth in the following slides. In Germany, I'll praise for focused on the successful discovery of first-deep gas exploration well. Testing was rescheduled to Q3, and we will continue to prepare for tine operations for anticipated on-stream date early 25. We also plan to commence drilling on the second deep gas exploration well in the upcoming weeks. Second well is a higher risk prospect targeting a buried large structure, over 300 BCF gross of gas in place based on our internal estimates.

Darcy Kerwin: We're very excited with the long-term development potential of our Germany and Croatia assets. Now we'll speak more about how we expect these two countries to provide meaningful organic growth in the following slides.

Darcy Kerwin: In Germany, operations are focused on the successful discovery of our first deep gas exploration well. Testing was rescheduled to Q3, and we will continue to prepare for tie-in operations for the anticipated on-stream date of early 2025. We also plan to commence drilling on the second deep gas exploration well in the upcoming week. Success on this prospect could allow for follow-up drilling given the size of the target structure. Both of the previous drilled gas wells are currently ramping up production, which will increase their exposure to high netback European natural gas.

Darcy Kerwin: In Germany, operations are focused on the successful discovery of our first deep gas exploration well. Testing was rescheduled to Q3, and we will continue to prepare for tie-in operations for an anticipated on-stream date of early 2025.

Dion Hatcher: Success on this prospect could allow for follow-up drilling, given the size of the target structure. We have a 60% working interest in this well, which produces our risk exposure by limiting our dry-hole cost to the less than 10 million on an after-tax basis.

Dion Hatcher: In Croatia, as noted earlier, we completed construction of the gas plan on the SA-10 block in Q2 and then we commissioned the plant in June. Both of the previous drill gas wells are currently wrapping up production, which will increase our exposure to high net-back European natural gas. On the SA-7 block, we drilled one exploration well and completed two wells from the prior quarter. The first well tested over 300 barrels of light oil, while the second well tested at 4.5 million cubic feet per day of natural gas. Substance to the quarter, we also completed drilling on the final well of this four-wheel program and discovered hydrocarbons across multiple zones.

Darcy Kerwin: On the SA-7 block, we drilled one expiration well and completed two wells from the prior quarter. The first well tested over 300 barrels of light oil, while the second well tested at 4.5 million cubic feet per day of natural gas. Substance Through the quarter, we also completed drilling on the final well of this four-well program and discovered hydrocarbons across multiple zones. Three of these four wells are natural gas wells, aligning with our intention to organically grow our European natural gas franchise, which serves to validate our geological models while setting the foundation for future growth in Croatia.

Dion Hatcher: Three of these four wells are natural gas wells, allowing with their intention to organically grow our European natural gas franchise. Testing operations in the remaining two wells are planned for the second half of '24, while we continue to move forward with the permitting process and evaluating the long-term development potential of the SA-7 block. These four new discoveries are very encouraging as they represent a 100% success rate on our inaugural SA-7 exploration campaign that serves a validly in our geological models while setting the foundation for future growth in Croatia.

Darcy Kerwin: Three of these four wells are natural gas wells, aligning with our intention to organically grow our European natural gas franchise.

Dion Hatcher: Productions from our North American operations average 54,987 be used in A&Q4 and increase a 4% from the previous quarter due to new production from our recent Micah Montenewells. At Micah, we drilled one and brought on production six BC Montenewells in advance of the start-up over BC Battery and late Q2. This is the sketch one we drilled two and completed one well. While in the U.S., we participated in the drilling and completion of five gross, 0.2 net non-operated oil wells.

Darcy Kerwin: Production from our North American operations averaged 54,987 BUs in Q4, an increase of 4% from the previous quarter due to new production from our recent Mica Monty Wells. Construction of the BC Montany battery was completed during the quarter. The completion of this battery was an important milestone in our Montany development as it provides the runway for future production growth on our Montany assets. During the quarter, we completed five wells on the 9-21 BC pad.

Darcy Kerwin: In Saskatchewan, we drilled two and completed one oil well, while in the U.S., we participated in the drilling and completion of five gross 0.2 net non-operated oil wells.

Dion Hatcher: Construction of the BC Monty battery was completed during the quarter. The completion of this battery was an important milestone in our Monty development, as it provides the run-away for future production growth on our Monty asset. At the start of the Micah Battery, we will allow us to nearly double our monthly production to approximate 14,000 views today in 2025. I will provide the platform for future expansion to 28,000 views today through further devolving the infrastructure in the coming years. Our team did a great job of getting these infrastructure projects completed and started on time and on budget.

Speaker Change: Our team did a great job of getting these infrastructure projects completed and started on time and on budget. Commission of the facility went very smooth and the plant continues to perform very well.

Dion Hatcher: Commission of the facility went very smooth, and the plan continues before them very well. During a second quarter, we brought up production six new wells on the 16th and 28th pad prior to the start of the new battery. As shown on the blue line on this chart, these wells worked the strain prior to the start of the battery, and production is in line with our expectations for these wells.

Dion Hatcher: Substant to the quarter, we completed five wells on the 1921 species pad; they spread to bring these wells on in late Q3, 2024. Construction of our water hub infrastructure adjacent to the data through three batting was also completed, substance to the quarter. Startup of this water hub is expected to allow for up to 55% recycling water means and reduce capital costs by approximately 650,000 per well. On our most recent wells on the 1921 pad, they were completed in significantly less time than previous wells, used at approximately 30% less water, resulting in approximately 15% completion cost savings or a million dollars per well.

Darcy Kerwin: They expect to bring these wells online in late Q3 2024. Construction of our water hub infrastructure adjacent to the 8033 battery was also completed subsequent to the quarter. The startup of this water hub is expected to allow for up to 55% recycling where water needs to be used and reduce capital costs by approximately 650,000 per well.

Dion Hatcher: We continue to drive efficiencies and our mountain operations as our activity level increases.

Darcy Kerwin: We continue to drive efficiencies in our Montany operations as our activity level increases.

Dion Hatcher: I will now pass it over to the lawyers to discuss. Sure, hold the returns, and I will look.

Lars Glemser: Thank you, Dion. As Dion mentioned during the beginning of the presentation, we significantly increased our pace of share buybacks during the second quarter. As you recall, we achieved our 1 billion net debt targeting Q1, and in early March, we announced that we were increasing our ROC allocation to 50% of EFCF on an annual basis.

Lars Glemser: The chart on the left of this slide illustrates the steady increase in shareholder return since 2021. In addition to dividends and share buybacks, debt reduction is an informal return to capital as it transfers value from debt holders to equity holders. Including these three components, we have returned over $10 per share of capital to our equity holders over the past three and a half years. The chart on the right shows the cumulative effect of share buybacks over the past three and a half years.

Speaker Change: The chart on the left of this slide illustrates the steady increase in shareholder returns since 2021. In addition to dividends and share buybacks, debt reduction is an informal return of capital as it transfers value from debt holders to equity holders.

Lars Glemser: The achievement of our debt targeting Q1 of this year marked a pivotal change in our return to capital framework, and Q2 2024 was the first full quarter executing under our revised ROC parameters. Two days this year, we have already repurchased and canceled 6.1 million shares, which is more than we repurchased in the full year of 2023. We have further reduced our share count to 157.3 million shares at July 31st, 2024.

Darcy Kerwin: and Q2 2024 was the first full quarter executing under our revised ROC parameters.

Lars Glemser: To date this year, we have already repurchased and cancelled 6.1 million shares, which is more than we repurchased in the full year of 2023. We have further reduced our share count to 157.3 million shares at July 31st, 2024. In addition, we will commence drilling operations on the second exploration well in Germany, while we conduct further evaluation and testing of the successful exploration wells in Germany and Croatia.

Lars Glemser: To date, this year, we have already repurchased and cancelled 6.1 million shares, which is more than we repurchased in the full year of 2023.

Lars Glemser: We have further reduced our share count to 157.3 million shares at July 31st, 2024.

Lars Glemser: We continue to believe our share price is significantly undervalued, and as such, we plan to allocate the majority of our shareholder returns to share buybacks. Given the strong operational performance year to date and anticipation of new production growth during the second half of the year in Micah and Croatia, offsetting some planned down time, we are increasing our annual production guidance to 83,000 to 86,000 B.O.E. per day while maintaining our capital budget guidance of 600 to 625 million.

Lars Glemser: Given the strong operational performance year to date and anticipation of new production growth during the second half of the year in Micah and Croatia, offsetting some planned downtime, we are increasing our annual production guidance to 83,000 to 86,000 BOE per day.

Lars Glemser: All other financial guidance remains unchanged. Our Q3 2024 capital program includes completing and bringing on production the five wells from the 9 to 21 pad in the BC Monty and commencing per second half 2024 drilling program in Alberta and Saskatchewan. In addition, we will commence drilling operations on the second exploration well in Germany while we conduct further evaluation and testing of the successful exploration wells in Germany and Croatia. We expect Q3 2024 production to be in the range of 83,000, 85,000 BUEDA, taking into account plan turnaround activity, including a third party turnaround deferred from Q2, 2024 in Alberta.

Lars Glemser: while maintaining our capital budget guidance of $600 to $625 million.

Lars Glemser: In addition, we will commence drilling operations on the second exploration well in Germany while we conduct further evaluation and testing of the successful exploration wells in Germany and Croatia.

Lars Glemser: We expect Q3 2024 production to be in the range of 83,000-85,000 BWE a day, taking into account planned turnaround activity, including a third-party turnaround deferred from Q2 2024 in Alberta. Higher downtime during...

Lars Glemser: Higher downtime during periods of high temperatures and approximately 800 BUEDA dry gas production Alberta that we have curtailed due to low gas prices.

Lars Glemser: periods of high temperatures, and approximately 800 BOE a day of dry gas production in Alberta that we have curtailed due to low gas prices. With that, I will pass it back to Dion. Thank you, Lars.

Lars Glemser: With that, I will pass it back to Andrew Larris.

Dion Hatcher: Well, in closing, it was another strong quarter of a million as we delivered on our production guidance and achieved several milestones on our strategic growth assets. In addition, we benefited from our diversified portfolio of the rise exposure to premium price European gas, which resulted in the corporate realized gas price of $5.69 quarter for a 4.8 times multiple to the equal benchmark.

Lars Glemser: Well, in closing, it was another strong quarter over a million as we delivered on our production guidance and achieved several milestones on our strategic growth assets.

Lars Glemser: In addition, we benefited from a diversified portfolio that provides exposure to premium-priced European gas.

Lars Glemser: which resulted in a corporate realized gas price of $5.69 this quarter, or a 4.8 times multiple to the ECO benchmark.

Dion Hatcher: We are excited about the upcoming test results from the recent discoveries in Germany and Croatia, as well as the ramp up where our mountaineat battery increased gas plant and the forward providing an update and a later date. As Larris mentioned, we have made significant progress on a sure buyback program and plan to continue this momentum through the balance of this year. We truly believe the compounding effect of combining modest production growth with a growing base dividend and share buybacks will drive shareholder value in the months and years to come.

Kyle Preston: We're excited about the upcoming test results from the recent discoveries in Germany and Croatia, as well as the ramp-up of our Monteney battery and Croatian gas. A growing base dividend and share buybacks will drive shareholder value in the months and years to come.

Kyle Preston: We're excited about the upcoming test results from the recent discoveries in Germany and Croatia, as well as the ramp-up of our Montigny Battery and Croatia Gas Plant, and look forward to providing an update at a later date.

Kyle Preston: As Lars mentioned, we have made significant progress on our SURE buyback program and plan to continue this momentum through the balance of this year.

Kyle Preston: We truly believe the compounding effect of combining modest production growth with a growing base dividend and share buybacks will drive shareholder value in the months and years to come. Well, that concludes my prepared remarks, and with that, I would like to open it up for questions.

Dion Hatcher: Well, that concludes my prepared remarks, and with that, we would like to open it up for questions.

Operator: Thank you, sir. Ladies and gentlemen, as mentioned earlier, if you would like to ask a question, please press star followed by one on your touchtone phone. You will then hear a three-tone prompt acknowledging your request. And if you would like to withdraw from the question queue, please press star followed by two. And if you're using your speaker phone, we do ask that you please lift a handset before pressing any keys. Please go ahead and press star one now if you have any questions. Once again, ladies and gentlemen, if you do have any questions, please press star followed by one.

Speaker Change: Thank you, sir. Ladies and gentlemen, as mentioned earlier, if you would like to ask a question, please press star followed by 1 on your touchtone phone.

Speaker Change: You will then hear a three-tone prompt acknowledging your request. And if you would like to withdraw from the question queue, please press star followed by 2. And if you're using a speakerphone, we do ask that you please lift the handset before pressing any keys. Please go ahead and press star 1 now if you have any questions.

Speaker Change: Once again, ladies and gentlemen, if you do have any questions, please press star followed by one.

Operator: And at this time, sir, it appears that we have no questions registered.

Dion Hatcher: Well, thank you, Sylvie. Thank you again for participating in our Q224 results conference call. Thank you.

Operator: Thank you, sir.

Operator: Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending, and at this time, we do ask that you please disconnect your lines. ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ �

Speaker Change: Thank you, sir.

Speaker Change: and the the the the the the the