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spk00: Good morning, my name is Christina and I'll be your conference facilitator today. Welcome to Frontera Energy's first quarter 2022 operating and financial results conference call. All lines are currently on mute to prevent any background noise. This call is scheduled for 60 minutes. I would like to remind you that this conference call is being recorded today and is also available through audio webcast on the company's website. Following the speaker's remarks, there will be time for questions. Analysts and investors are reminded that any additional questions can be directed to the company at ir.fronterraenergy.ca. This call contains forward-looking information within the meaning of applicable Canadian securities laws relating to activities, events, or developments the company believes or expects will or may occur in the future. Forward-looking information reflects the current expectations, assumptions, and beliefs of the company based on information currently available to it. Although the company believes the assumptions are reasonable, forward-looking information is not a guarantee of future performance. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the company to differ materially from those discussed in the forward-looking information. The company's MDNA for the quarter ended March 31, 2022, and the company's annual information form dated March 2, 2022. And other documents it files from time to time with securities regulatory authorities describes the risks, uncertainties, material assumptions, and other factors that could influence actual results. Any forward-looking information speaks only as of the date on which it is made. and the company disclaims any intent or obligation to update any forward-looking information except as required by law. I would now like to turn the call over to Mr. Gabriel D'Alba, Chairman of the Board of Frontera Energy. Mr. D'Alba?
spk07: Thank you, Christina, and thank you, everyone, for joining today's conference call to review Frontera's first quarter 2022 operating and financial results. Joining me on today's call are Orlando Cabrales, Frontera's CEO, Alejandro Pineros, Frontera's CFO, and also available to answer questions at the end of the call, we have Victor Vega, VP of Field Development, Reservoir Management, and Exploration. Frontera continued to deliver strong performance results in the first quarter of 2022, in line with full-year production guidance of 40,000 to 43,000 barrels per day. and annual EBITDA guidance of $175 to $625 million at $90 per barrel rent. Frontera delivered EBITDA of $138 million in Q1. Importantly, due to the timing of cargo sales, which impacted volumes sold in the first quarter, Frontera accumulated a large inventory during the quarter, which would be sold in subsequent quarters. After our 2022 guidance issued earlier this year, we continue to forecast annual EBITDA guidance of $575 to $625 million at $90 per barrel brand. And I would note that every additional $10 barrel increase in brand price average for the year equals an estimate of approximately $100 million of additional EBITDA as the company has on capped exposure to higher oil prices. Frontera expects further operational momentum throughout the rest of the year, which will drive higher production and profitability in subsequent quarters. During the quarter, the company renewed its NCIB program for the purchase of up to 10% of the public float and is reviewing other opportunities to enhance shareholder returns. Also importantly during the quarter, Frontera was recognized for the second straight year by Episphere as one of the 2022 World's Most Ethical Companies. The company was certified by Great Place to Work as the only oil and gas company with an outstanding work environment. And Frontera was also recognized as one of the best places to work for women in Colombia among the 2021 GPTW ranking. I'm very proud of Frontera's board, management, and employees for their efforts in these areas. I'm pleased to acknowledge the national and international recognition the company has earned. Finally, on behalf of Frontera and CGX Joint Venture, I am pleased to invite all shareholders, stakeholders, investors, and media to attend a virtual information presentation hosted by senior operational and technical team members from Frontera and CGX on May the 9th at 11 a.m. Eastern Time. The Joint Venture will discuss the Guyana-Suriname Basin the offshore current time block, integrated CAWA I exploration well results, and insights ahead of the WAI-I exploration well. The joint venture appreciates the high level of interest in our Guyana activities, and we look forward to provide an update at our virtual presentation next week. I will now turn the call over to Orlando Cabrales, Frontera's CEO, and our CFO, Alejandro Pinheiros, who will share their views on the results.
spk02: Orlando. Thank you. Thank you.
spk12: Good morning, everyone. Thank you for taking the time to join us this morning. Frontera reported strong financial results in the first quarter of 2022. We increased production by 6.5%, recorded net income of $102.2 million, increased our operating net back by 22%, and increased our net sales realized price by 17%. We also delivered EBITDA of $132.8 million, up to 92% compared to the first quarter of 2021, but down quarter over quarter due to the timing of cargo sales in the first year, impacting volume sold in Colombia, AND AN INCREASE IN INVENTORY WHICH WILL BE SOLD IN SUBSEQUENT QUARTERS ACCORDING TO REGULAR NOMINATION AND TYPICAL SCHEDULING OF CARBONS. OPERATIONALLY, WE EXECUTED $113.5 MILLION IN CAPITAL EXPENDITURES ON THE KAWA EXPLORATION WELL IN GAYANA, ON DISCOVERIES AT THE HANDAIYA I AND III EXPLORATION WELLS IN ECUADOR, and we maintain a high level of execution of development drilling in our base Colombian operations. During the quarter, we began integrating the petro-suit assets into our operations, which we anticipate will contribute to achieving the company's production guidance. Subsequent to the quarter, Frontera completed the acquisition of PCR's 35% working interest in Colombia's LDPC block. Proterra now holds 100% working interest in LDPC block, which, when combined with our acquisition of Petrosud's interest in Entre Rios and Rio Meta blocks, will generate approximately $12 to $15 million of annual EBITDA. The company hedged 40% of its 2022 production at $70 per barrel floors with full upside exposure and also completed 100% of its foreign exchange hedges in connection with 40% of the peso denominated cost for 2022. Importantly, the company is reviewing opportunities for increased production in the second half of this year. I would now like to discuss our first few operational activities and results. In the first quarter of 2022, the company drilled 14 development wells and one exploration well in Ecuador and completed 38 work orders and well services. At KIFA, Current production is approximately 17,000 barrels per day of heavy crude oil, including both Kefa and Kahua. In first few, the company drilled 12 developed wells at Kefa. At Guatiquilla, current production is approximately 8,800 barrels per day of light and medium crude oil. In the first queue, Frontera initiated production from the Coralillo 15 and Coralillo 13 development wells. Subsequent to the quarter, the Coralillo Subeste 1 well was completed in the Lower San and Barco formations, and production test is underway. At CP6, current production is approximately 4,700 barrels per day of heavy crude oil, In the first few, the company drilled the Amaca 102 deep well, which is currently under evaluation. At big one, Frontera 50% working interest as no operator. Current production is approximately 1,300 DOE per day. In the first quarter, the operator completed the construction of gas processing facilities, which are expected to be operational in the second quarter. Additionally, the operator anticipates spotting La Belleza II development well in the second quarter of the year. Subsequent to the quarter on April 27 this year, Frontera completed The previously announced acquisition of the 35% working interest in Colombia's LDPC block held by PCR investment for a total aggregate cash consideration of approximately $30 million. The PCR transaction was subject to customary closing conditions and approval of the transaction by the Agencia Nacional de Hidrocarburos, which has now been received. Currently, the company has four drilling rigs and four work-over rigs active at its operations in Colombia, and one rig at the Perico Block in Ecuador. Speaking of Ecuador, during the quarter, Frontera announced that it had made discoveries at the Handaya 1 and 2E1 exploration wells of the Perico Block in Ecuador. The Handaya 1 well encountered a total of 78 feet of net pay across three hydrocarbon-bearing reservoirs. The 2E1 exploration well encountered a total of 125 feet of net pay across seven hydrocarbon-bearing reservoirs. Production from the Handaya 1 and 2E1 exploration wells is being delivered to a nearby access point on Ecuador's main pipeline system for sale to export markets. Frontera and its partner are currently evaluating subsequent activities in the Perico block, including a potential development-raising plan for both the Handaya and TUI fields. Production in Ecuador for the three months ended March 31st of this year, was 279 barrels per day, share before royalties of light and medium crude oil. Additional prospects on the Perico block have been identified and are being matured for future drilling. In the Espejo block, where Frontera holds a 50% working non-operator interest, the JV is currently acquiring 60 square kilometers of 3D cycling, and anticipates finding the first exploration well on the block called Despejo Norte 1 in the second half of 2022. Frontera's accurate position and initial positive results in Ecuador provides the company with flexibility, optionality, and a potential future platform for growth. I would now like to turn the call over to Alejandro Perineros from Terra CFO to discuss our first few results.
spk02: Thank you, Hernando, and good morning to everyone in the call.
spk11: As you heard, Operating EVTA was $132.8 million in the first quarter of 2022, compared with $148.3 million in the prior quarter due to the timing of cargo, which impacted volume sold in Colombia, resulting in an inventory build while benefiting from higher brand oil prices. The company reiterates its 2022 operating EBDA guidance of $575 to $625 million at $90 per barrel brands. The company reported a total cash position of $323.5 million at March 31st, 2022, compared to $320.8 million at December 31st, 2021. The company's restricted cash position was 66.1 million at March 31, 2022, compared to 63.3 million at December 31, 2021. The company anticipates releasing additional restricted cash in 2022 as the company continues to optimize its credit line. Cash provided by operating activities was $115 million in the first quarter of 2022, compared with $113.5 million in the prior quarter. On March 31, 2022, the company had a total inventory balance of 1,432,111 barrels, compared to 807,061 barrels at December 31st, 2021. The increase in inventory balance in the first quarter is a result of one less cargo sold during the first quarter compared to previous quarter, which the company expects to sell in subsequent quarters. The company has various uncommitted bilateral credit lines. As of March 31st, 2022, the company had increased its uncollateralized credit lines to 106.9 million credit lines, an increase of 17.3 million compared to December 31, 2021. On March 15, 2022, Frontera announced plans to renew its normal course issuer fees for the purchase of up to approximately 4.8 million common shares, representing approximately 10% of the company's public float during the 12-month period commencing on March 17, 2022, and ending on March 16, 2023. As of May 2, 2022, Frontera has purchased for cancellation 1,246,400 common shares at a volume-weighted average price of $14.39 per share Canadian, excluding brokerage fees. Under the company's previous NCID that expired on March 16, 2022, Frontera's purchase for cancellation, 4,243,600 common shares at a volume-weighted average price of $7.38 per share Canadian, excluding brokerage fees. Capital expenditures were $113.5 million in the first quarter of 2022, compared with $135.5 million in the prior quarter. Capital expenditures during the quarter included exploration activity at the Kagawa One Well offshore Guyana, light and medium crude oil discoveries in Ecuador and the Handaya, and 2E1 exploration wells, and maintaining a high level of execution of development drilling in the company's base Colombia operations. The company recorded net income of 102.2 million, or $1.08 per share, in the first quarter of 2022, compared with net income of $629.4 million or $6.6 per share in the prior quarter. The decrease in net income quarter over quarter was mainly due to an impairment reversal of $586.7 million that occurred in the fourth quarter of 2021. The company's operating net back was 58.44 per VOE, up 22% compared with the prior quarter, primarily due to higher net sales realized prices, partially offset by higher production costs. The company's net sales realized price was $81.66 per VOE in the first quarter of 2022, up 17% compared to the prior quarter. The increase was mainly the result of higher rent benchmark prices, lower differentials compared with the previous quarter, lower loss on risk management contracts, and reduction in dilution costs due to the replacement of the dilution service by volumes purchased partially upset by higher cash royalties resulting from oil price increases. Production costs averaged $13.48 per DOE in the first quarter of 2022, compared with $12.71 per DOE in the prior quarter. The increase in production costs was mainly due to increased energy costs which added approximately $1.5 per barrel, additional road services, and maintenance costs. Transportation costs averaged $9.74 per VOE, compared with $9.02 per VOE in the prior quarter. The increase in transportation costs was mainly due to one-time prepaid services recorded as lower transportation costs during the fourth quarter of 2021 following the implementation of the conciliation agreement entered into with Oleoducto Bicentenario de Colombia and to resolve certain transportation disputes. The company recorded a realized loss in risk management contracts of 2.7 million in the first quarter of 2022, compared with the realized loss of 6.7 million in the prior quarter. The realized loss of risk management contract was primarily due to cash paid for the purchase of food options during the quarter. In light of higher oil prices, subsequent to March 31st, 2022, the company entered into new food hedges totaling 1,410,000 barrels to protect the company's 2022 capital program at $70 per barrel strike price with full upside exposure. The company's 2022 hedges do not cap upside price potential. The company also completed 100% of foreign exchange hedges for 2022 to protect downside and allow for upside exposure.
spk12: I would like now to turn the call back over to our CEO, Orlando Cabrales. Thank you, Alejandro. I would like to conclude today's call by highlighting Frontera's key advantages and value creation opportunities. We have a strong balance sheet and a track record of capital discipline. We have recently refunded our bonds, secured additional lines of credit and unrestricted cash, and at $90 per barrel rent, we anticipate generating between $575 million and $625 million in operating EBITDA and significant free cash flow this year. Second, we have a diversified portfolio of assets. We have a stable base Colombian assets with diversity, flexibility, and optionality with additional options in heavy crude at CP6 and light and medium crude oil at Coralillo and liquids-rich gas opportunities at B1. And we have had early production success in Ecuador at the Handaya 1 and 2E1 discoveries. Third, we are returning capital to shareholders. In 2021, we repurchased approximately 3.9 million common shares for $21.5 million under our previous NCID. And in the first quarter, we launched a new NCID for the repurchase of up to 10% of the public plot. Since 2018, we have returned $207 million to shareholders through dividends and buybacks. Fourth, we have exciting low-risk exploration opportunities with recent discoveries in Ecuador, near-field exploration opportunities in the lower Magdalena Basin in Colombia, and a potentially transformational exploration opportunity with world-class potential and scale in offshore Gallardo. Finally, we are an experienced operator with a proven track record in several basins with several operating and non-operated partnerships with recognized players in the region. We also have an infrastructure advantage through our strategic ownership position in the ODL pipeline and Puerto Aria liquids and dry terminal. And our independent marketing arm ensures access to infrastructure, superior sales prices, and flexible market access. With that, I would like to conclude by saying thank you to Gabriela and Alejandro for their comments, and thank you, everyone, for attending our call. I will now turn the call back to our operator, Cristina, who will open the call up for questions.
spk00: At this time I would like to remind everyone in order to ask questions press star then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Anne Milne with Bank of America. Your line is open.
spk03: Thank you very much and good morning and congratulations the good results. I have two questions this morning to start with. The first just has to do with the inventory buildup that you had during the first quarter. You seem to indicate that it was one shipment or one cargo. The number seems quite large given where oil prices are. Could you maybe talk a little bit more about how this occurs and if you can anticipate these shipments. I'm not sure. It's just so you can capture higher prices, when prices are higher, and if this has already been sold for Q2, and maybe how many cargoes you have per quarter. The second question I have is on capital expenditures. I know your full year guidance is, I think it's $225 to $255, but you already spent $113 in the first quarter. Are you likely to update this plan, or will CapEx drop substantially in the coming quarters?
spk04: Thank you.
spk02: Thank you very much, Anne, for your questions.
spk11: On the first question on inventory build in Q1, I think the one thing that is unique, and we think it's in the strategic asset forment area, is that we carry our own sales of cargoes. It's a little bit different from other players who sell at the wellhead. So by selling at the port or doing directly our own selling of cargoes internationally, we strongly believe and we know that we capture higher realized price that offset additional transportation costs by far. So by embarking in that process, we carry inventories throughout the system, not only fields, but also pipelines and the port. And to give you an example, in the first half of 2022, we have sold 11 cargoes. Five of them in the first quarter and six of them in the second quarter. So the timing of the cargoes varies from quarter to quarter, and when we have more cargoes, we recognize higher EVTA, and that's the situation that we had between the previous quarter and this quarter. And just to give you more color, we sold the one cargo perhaps of the inventory that we did not sell in the first quarter, we sold it early in April. So it's part of our operational programming and scheduling and regular elimination of cargoes. That's the first question. On the second question, on the capital expenditures, the number that you have for 225 to 255 is only for Colombia, while the 113 includes Guyana. So at this point, we're not thinking of updating our capital expenditures. We are in line with the guidance that we gave to the market. And, you know, you might expect 1.13 in the first quarter. It's heavily impacted by the capital expenditures that we incurred in the exploration well, Car 1.1 in Guyana.
spk04: Okay, great. Thanks so much. Thank you.
spk00: Your next question comes from the line of Oriana Covault with Balance.
spk01: Hi, good morning. This is Oriana Covault with Balance. Thanks for taking my questions. I had a first one just following up into Ratify regarding the inventories. This one cargo was already sold at April prices, or should we expect that additional inventory to be contracted at upcoming prices?
spk02: It was sold at April prices.
spk01: Got it. Thanks for clarifying. Just another one that I had. You mentioned inflationary pressures and your energy costs. So should we, and we see that lifting costs per barrel seems to be above your full-year guidance. So how should we think of energy costs and alternatives that you might have to end lifting costs within guidance for Frontera?
spk12: Yes, thank you, Oriana, for the question. Yes, as we said, I mean, energy costs represented about $1.5 per barrel. for the first quarter, but we are not, I mean, of course we are not changing the guidance and we are already seeing a decrease in the energy price in Colombia as of April. So that we are starting to see already a reduction in energy prices in Colombia.
spk01: Got it, thanks. And maybe just one last one on my side. Are there any updates you can share with regards to the Demerara commitments and the conversations that you had with the regulators?
spk12: We don't have, at this point in time, anything else to report apart from what we disclosed in the last quarter.
spk02: Those conversations are still ongoing.
spk01: Got it. Thanks. That was all from my side. Thanks again, and congratulations for the results.
spk02: Thank you very much. Thank you for your question, Adriana.
spk00: Your next question comes from the line of Roman Rossi with Canaccord Genuity.
spk09: Good morning, and congratulations on the good results. Thank you very much for taking my question. So the first question has to do with the mix of GAP It seems that it has increased slightly to around 6% as a result of PetroSoup's integration. So how should we think the mix going forward?
spk02: Thank you for your question, Roman.
spk11: I think we, as we have mentioned in other opportunities, gas is an important part of our portfolio. The acquisition of Petro Sud, and in this quarter we also completed the purchase of 35% working interest of PCR in LDP field is helping us. Gas is an important part of the portfolio in terms of ESG. and it's very stable in terms of prices. In the short term, we don't expect a significant change in the participation in our portfolio or in the mix, but it's very important to note that we have a significant acreage in the lower Magdalena Valley, which is a guessier area. We have, you know, positive results in the past from BIM 1 in La Videza. And we have also additional that we have acquired with the BIM 22 block, as well as the BIM 46 block, and also with the La Cresciente block that we have held for many years. So in the short term, we don't expect a significant change, but we expect that through additional exploration activities and development activities in the lower Magdalena Valley, we could potentially continue to increase our participation in gas.
spk02: Nothing to add. Okay. Thank you for the question, Robert.
spk09: Thank you. And I have an additional one in regards to restricted cash. You mentioned in the release that you are anticipating releasing additional restricted cash during the year. So can you share any details on the amount that you expect to release during the course of the year?
spk02: Absolutely, Roman.
spk11: You know, I think, you know, basically we have done significant progress in this process. You know, if you recall, we ended 2020 with $167 million of cash. We ended 2021 with around $56 million of restricted cash. So, you know, we did a significant progress during 2021 to increase our credit lines, which right now amount to close to $106 million. So right now, the composition of restricted cash is mainly due to two things. One is the debt service reserve account that is tied to the Puerto Bahia debt. That's around $30 million. And then the remaining portion is materially related to abandonment funds in Colombia. As we continue to increase our credit line, we expect to continue to release the part that is associated with abandonment funds. And we have made progress in adding additional credit lines that during the second quarter we expect that additional cash would be released in connection with abandonment funds. So the specific amount we cannot say at this point, but this is a continuous effort and something Conterra focuses very much, which is releasing restricted cash.
spk02: Okay, thank you very much, and congratulations again on the good results. Thank you, Ramon.
spk00: And again, as a reminder, if you would like to ask a question at this time, please press star 1. Again, that's star 1 for questions. We'll take our next question from Joe DeDonato, private investor.
spk06: Good afternoon. Thank you. I just had a question for Mr. D'Alba regarding next week's virtual CGX meeting. And I just wanted to know if you will be present at that presentation.
spk02: I'll be present at that presentation. Yes, I'll be present at that presentation. Thank you. Okay. Thank you.
spk00: Your next question will come from the line of Juan Cruz with Morgan Stanley.
spk10: Hi, guys. Thanks for the call. Going back to the credit lines, can you tell us, again, what tenors are we talking about? Are these revolving lines? What kind of terms? Any interest? What are you being charged? some of the characteristics of these lines and how much of those are drawn down at the moment, if any, or you just have them fully available?
spk02: Thank you.
spk11: Thank you for the question, Juan. I think of the $106 million that we have in credit lines for letters of credit, We have drawn close to 86 million, so we have still a remaining portion to draw. That's, we expect to draw part of that in the second quarter, as I mentioned. The nature of these credit lines is mostly bilateral commitments, or bilateral credit lines that we hold with multiple banks. We have credit lines from BCG Factual, Bancolombia, CT, BBUBA, and we're working with other banks to continue to increase credit lines. But most of them are bilateral. These are letters of credit that we need to post for the ANH mainly in connection with either exploration activities or abandonment activities. So that's the nature of this. In the past, we had other letters of credit that were cash collateralized, and we have been releasing restricted cash in connection with that. In terms of interest rates, they are relatively low, between 2% and 3% in that neighborhood, as this is kind of a contingent liability.
spk10: Okay, so can you repeat how much is drawn at the moment? Is that 86, is it?
spk02: About 86 million, yeah.
spk10: Okay, and you expect them to be fully drawn?
spk11: We expect to be fully drawn, and we expect to continue increasing credit lines.
spk10: And are these lines supposed to be zeroed at any point during the year, or are these long-term? Can you keep the balance as drawn for... No, I...
spk11: I mean, as a letter of private, it's a contingent liability, so it doesn't create a cash disbursement per se. So basically, this is something that we need to post for day and age. This is part of the continuation of business. As we pick up new acreage and we develop more wells, we incur an additional abandonment cost and incur an additional exploration activity. And as well, as we execute exploration wells, we reduce the exploration commitment. So it's a working inventory, if you will, that gets replenished. So we don't expect to go to zero in the near term.
spk10: Gotcha. And these are unsecured, not against reserves or anything like that?
spk11: Unsecured, not recurrent to reserves or anything. In the past, we had cash collaterals, but the cash collaterals is right now zero.
spk10: Yep. Yep. Okay. Excellent. Thank you. Thank you.
spk00: Take our next question from Anne Milne with Bank of America.
spk03: Yes, I have a follow-up question. Sorry, I have to ask this. It's May, and I think at the end of this month, we have the first round of votes. The differential between the two the two main factions seems to have narrowed quite a bit. I was just wondering if you have any updated views on the outcome or if you are protecting your income statement balance sheet or taking any actions in anticipation of this election.
spk04: Thanks.
spk02: Well, thank you.
spk12: Thank you for your question. I mean, I think it's too soon to say what the election results might mean for Colombia or the Colombian oil and gas industry. But we do believe, strongly believe, that the oil and gas industry remains a very, very important integral part of the Colombian economy. And we expect that that will continue in the future, you know, the participation of the oil and gas industry in the Colombia economy is very, very significant. So we also believe that we have, I mean, an asset base which is diverse and includes interest in Ecuador, not only in Colombia, but also in Ecuador and in the United States.
spk02: Thank you for the question.
spk00: And again, if you would like to ask a question, please press star, then the number one on your telephone keypad. Again, that is star one. And we'll go to our next question from Joseph. Schachter with Schachter Energy Research.
spk08: Good morning, everyone, and congratulations on the nice quarter. And this is my first time on one of your calls, so I appreciate the call and the details that you go into. I have just really one question. In North America, we're seeing a tightening up of rigs, top-tier rigs, fracking capability within the windows that companies want. Are you facing any long lead time issues? Are you having any supply chain issues? Do you need to order more pipe to make sure you have it when you need it? Can you maybe just give a little color to the logistics of operating in the countries you do?
spk02: Thank you, Joseph, for the question.
spk12: I can tell you, as I mentioned in my remarks, We have five active drilling rigs in our operations, four in Colombia, one in Ecuador. We also have four work over rigs in the operations. We have secured, I can tell you that we have secured the number of rigs we need to deliver our plan for the year. So that's what I can tell you now. We are comfortable from that perspective.
spk08: And are there any issues with drill pipe or any of the other services you need? Are they, are pricing going up? Is availability within timelines changed at all?
spk02: No, the answer is no.
spk12: We anticipate all the contracting of the different services, securing pipelines, and the different services associated with our drilling program. So we were able to anticipate ourselves, and we are, I mean, we are secure to deliver the program this year.
spk02: Super. Thanks very much. Thank you.
spk04: And if you would like to ask a question, please press star 1 at this time.
spk00: Again, that is star 1 for questions. There are no further questions at this time. Should you have any further questions, please email IR at fronterraenergy.ca. That concludes today's call. Thank you all for participating.
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