Matador Resources (MTDR) 6 Aug 182018 Q2 Earnings call transcript

Company Profile

Participants

Mac Schmitz	Capital Markets Coordinator
Joe Foran	Chairman and Chief Executive Officer
Matt Hairford	P resident
David Lancaster	Executive Vice President and Chief Financial Officer
Craig Adams	Executive Vice President, Land, Legal and Administration
Billy Goodwin	Executive Vice President and Head of Operations
Van Singleton	Executive Vice President of Land
Brad Robinson	Executive Vice President, Reservoir Engineering and Chief Technology Officer
Scott Hanold	RBC Capital Markets
Gab Daoud	JPMorgan
Dan McSpirit	BMO Capital Markets
Philip Stuart	Howard Weil
Neal Dingmann	SunTrust
Gordon Douthat	Wells Fargo
Jeff Grampp	Northland Capital
Sameer Panjwani	Tudor

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen and welcome to the Second Quarter 2018 Matador Resources Company Earnings Conference Call. My name is Sonia and I'll be serving as operator for today. At this time all participants are in a listen-only mode.

We will facilitate a question-and-answer session at the end of the company's remarks.

As a reminder this conference is being recorded for replay purposes and the replay will be available on the company's website through August 31st 2018 as discussed in the company's earnings press release issued yesterday. the to turn now will call Mr. over I for Schmitz, Capital Coordinator Markets Mac Matador. Mr. proceed. you Schmitz may

Mac Schmitz

Sonia. you joining Quarter Call. Matador's for everyone us Second Conference Earnings Thank XXXX morning for Good and thank you

earnings today of Matador contained in of release. accordance measures by measuring press such will Some financial and the the presenters reference non-GAAP end with regularly resources performance. financial financial company's are calculated measures with at certain of the non-GAAP GAAP used measures Reconciliations company's financial the comparable

As the or morning's on and future such a could now including may presentation events materially this based future is differ reminder certain in company's statements. statements from available. be forward-looking and anticipated Actual the events forecasts reflect information that expectations results current of those

factors most results report Additional on quarterly contained and that materially is earnings actual its the recent Form its most could and differ recent cause in XX-K to company's release report XX-Q. Form information on concerning

XXXX to earnings the and tab. release page call you earnings addition quarter the a slide short Finally, press find of on I summarizing our presentation issued turn would presentation would to of second under everybody release can in website our Investors Foran to to highlights the the and on now like over like Mr. CEO. Joe? the remind I call on Joe webcast Chairman our our yesterday

Joe Foran

you for and and in today's questions and Mac, interest we the in morning and to participating you your good thank We on comments. welcome Thank much time appreciate everyone call. very Matador and your line

a Land; congratulations Lancaster, along Chief team senior Executive of questions. Vice and all Billy by Adams, in President Brad of joining a committee of staff who President Van of David new Executive Matador Robinson Land, Financial Matt our this Executive Technology your management the Administration; is and I'd Singleton, Operations; Officer; Now introduce Executive members like Reservoir Vice for are call and Brad. Goodwin, Officer; President, and and morning President this other to Executive Craig Hairford, me are and Vice They President, Legal standing Vice Vice with executive Engineering Head President Chief who

Brad Robinson

you Thank Joe.

Joe Foran

Now you're the receive. comments to we're and part that about of questioning sharp in

yesterday the our as departments together departments their best the worked acquisition yesterday released overall legal quarter for and of continued both XXXX make team. to want outlined example extraordinary a history among recognize to As I the moment and staff past in and where have Matador's the on the in this was acknowledge production $XX second financially. and an earnings midstream improve very to personally combined to was think all teamwork quarter quarter operationally the take have everybody for Matador achievements within teamwork year their them and of combined I the land and and the raw; real different how pushed and million a a this

is staff weather in and working has all executive program So flaring like who and work and just drilling to we're program and Maxcom have conditions, shout in the team happen. any making tough the our wells, with a connecting out extraordinary from that so over over with it field really guys been not the been gas our the

not questions them. take of example than that of questions address there will; items that June same taken, from this want summarized continue average then and term selective a assurance I different around additional to leases issued that and and want and previous the that a in your but flow move the An of only very it just we made that yet. and and Since conference our this back I you progress is about worked our in comments weigh year them. into is some do One has or choices So is in we improve X. be that made press the all towards with are to and release that to is and to to everybody that then we've be someone on quickly minerals We're feel we and just know a an by we're They We're done didn't to is pleasing way it working moment and long is you addressed not outspent I'd going great discussed to updated and a some we it that in us when the these now don't recognizing do for third returns, and concern in we've but that couple views. midstream outspent takeaway together to turn ways done if have go way all we to happy we this won't conversations we the deals the going just of here now. is we without and of I opportunity else any that on be we're better has do can we've discuss very think views like have questions. going

Operator

from comes Thank Our [Operator you. Hanold Instructions] Markets. first of Scott Capital question RBC

open. line is Your now

Scott Hanold

guys. morning and Thanks

Joe Foran

morning Good Scott.

Scott Hanold

some a on strong you more you incremental? know especially where seems was assuming OBO that activity I'm talk little areas there's pretty it's us It in basis about on returns. and scale guys we've you happening Could is wondering of is operators us hearing are kind on the there a at that of this - some that lot color also if concentrated doing could is are these I some the and a Are these development Hey. gross like economic of of you a on - this? others? can like like give you where the color of larger lot lateral? So some activity been give you pads that from these longer did big mention is bit

Joe Foran

when will is one and Matt of first want because and first wells but our thank motivators I I'll others by outspent Scott. the follow outspent David is because then the to you major this operated returns you for take the in these up these Thank than projected, you. don't wells it more many non-consent wells laterals. go and have rate the because and high they're proposed big reserves these want to said being proposed wells as two-mile we are of from had from you

five as be going that So have aggregate in OBO million this I wells net in think the to $XX OBO wells the with the associated to we the and amount and two clearly drill said a of year addition pad overall additional some are and half CapEx large is return want to of part you somewhere these and to think to we and rather net do a recovery big high that to wells it the that and of there are than we go had non-consent. economics I drilling projected be

in be to the liked is the and the a that do we you when further? you're the being and OBO comment felt just and David more want goes have factor better and that OBO best was the we've with going of So you or best of core to the basin of always what competition. territory accepted areas proposals that core

David Lancaster

said asked basis we're the those [indiscernible] in but and Scott, been think from a that about wells time ranger as Joe. arrowhead the some up in releases participate and I to in of we've non-operating of the wells. of on previous results I well talked Joe seen be think most do to time where we've what non-operated proposals areas just we have little two in Sure. I'd happy the Yes. probably add to a to have all

are I I think of you the of the know areas past we've that mean with talked in that about we've are in wells similar kind sorts folks in been marathon. we [indiscernible] the

this the that some are that smaller tracks we're in way we're for us So of the been has great to our those a some outside in positions that the the pieces, areas tracks have we in folks times get that at held. cores smaller areas are do and

think I us the with chance been pleased learn we've some also a to So that things. It results. real gives

some talking about in in chance and talking area [Rustler example these I day that an breaks quarter were too. little wells were bit down wells learn think or last and we for a us the gives we [indiscernible] a about about always participating doing to so analyst Breaks]

to to in participate wells. these continue So we're happy

Our always interested we're job we with as good like long and good a participate. us doing feel peers as returns them make to are they're fellow going to

Mac Schmitz

us Scott to get good very to Mac important with jump for and on is wells learn that to the always think smarter. what think this I reserve is Joey very just we there right and David ability the I participating David mentioned we're and

also offset opportunity it collaborate think to an gives our I with partners. us

offer the which technical another it we and works set relationships wells targets position a that and for operating on win-win that up active and and us pretty us could we're them both we believe going may in them of in to complete they're something sets drill these are and we thing situation folks all both up When want It's picking how to discussing are calling us. for So to ways. into trade and good it is just then deal; on up potential a trades. up they're rolling

David Lancaster

midstream for The enhances oil, our in gas it San feel [indiscernible] drilled water out every systems last Mateo. our there also gathering there because in we and well for thing out

do the we we're gain also we're but it that to through San in in more then Mateo can and there. system So they'll to represent send well less we an if for effect can gas that there's and opportunity fluids from much our chance participation it not

a to taken OBO that relationships system. all view going outspent ever drilling others forward. never So very factor. we chance develop learn the to a it's the an from always selective production the or and completion some on will on important off that answers There's again We've pay bid is had

Scott Hanold

little all going party color some And the disposal sort and not-too-distant the of in Marathon that's or how signing us more piece on the on Great. the does with my the you're there of one of planes give versus the think just I did of seem you with deal you second on of it should there's kind water. -- of part the gas can you sign complete progress down bit streams oil the question me a operators? interest or the Can system there future little we pipes up us have? third and sense San interest in bit you do is be on their is lines in leading Great. saltwater give see Mateo more and progress on other like general

Joe Foran

sometimes stands we we probably Scott they'll that shut more gas flare those believe they're then three to of would but out disposed other you that on feel the on gas one options truck well say the remain and all be that I than all can't on necessarily progress or that out you oil water can and of to path you can in off has there. having or

well So in where capacity that's deep up day. disposal and area a we're that have don't and our is to we very of it lot midstreams doing have because teams our in a drill knowledge most worked we've together capacity the built saltwater have well another every

So want them that that completed uninterruptible pleased on done gas with our for to that contracts with gas to we've two reveal business it ones come moved say own are it further we're disposal saltwater who working basis had of or wells drilling so our the we entered attract we from so coming XX,XXX clear just announce into; and feet and time we've can oil a disposal helps our that I don't the I contracts ones and wells and both are and get and we rigs saltwater enhances feel practice exchange or that did an are some with need couple make for but drill to we are as yet things through. the offer third-party third-party working and

ahead which an time forget are We've they BP year target them set done on million achievable EBITDA our on so of for and and improvements, an have BHP $XX running that pipe gas mean quarter we'd this is will we with of achieved and our it's natural liquids line selling not plants example, what and we're we likely curve efficiently a number I given now they to as right to our more on goals feel put six interconnect said guarantee. while in guarantee they've in can't are than something did gas if there? do along or the of commodity we would uplift fourth in have a of So position to the as the either believe a and quasi ago are Mac months was working I pricing. months and or we the to do ethane guys helpful recovery. our to yet three we prices the that and us be full recovery be the ready Again ago it that a recovery

Mac Schmitz

No.

well the going saltwater day in you XXX,XXX about place. of where I just to Joe. wells kind of additional we're talk we're San to think summed it in we've up ultimately got at well Scott relation pretty north disposal that's mentioned But Joe barrels us Mateo so a put drilling system get to capacity. two

So that's a team thing Mateo to sell people. out for San go good to the and

feet end Additionally, by design bring of year. where which inland we've cubic on our will capacity be the XXX we got full can million capacity million XXX

pipeline we'll so the the position tailgate third-party they've pricing got in Breaks gathering guys to gas that process ethane said to that's system I there thing agreement to at them in we oil is one of and oil Joe go for bring plant think assurance make and for start is of a it's a that sell. We've for powerful operators, go able important ready whole as the got recovery out to As client's infrastructure talking our the the into so to ethane water available pretty we flow with the but planes well the system, Rustler be the complete onto place us as us, to a recovery having sure as system, being can selling NGLs there. about are ability the to then to the into say the at nice the get really go when option

Joe Foran

is system Rustler pipeline Scott thing pipeline our is in oil Last Breaks that and gathering complete operational.

take like gather go on turned and flow that we're planes line. we on as on this We that barrels assurance to pipeline selling they'll gathering and their away note that can at up away to and at we our So wellhead. our over the Wolf

give smoothly them and been to very to the midland out. - have improvements. have that's back with midland it It's about enjoyed and going They've and working we're concern wellhead to piping sold at markets. don't to give with there professional is the to it like shout think hard it the don't the have we planes planes. Their really a buy us any I'd we've other So option but the we and obligation we work to of or

Scott Hanold

Thanks. that. Appreciate

Operator

you. Thank

question next of Gab Our Daoud JPMorgan. from comes

line Your open. is now

Gab Daoud

put you're this Could mention your in guys. Hey you either rig one good oil about Mac for [indiscernible] point be about sense at a or You the little David differentials at it to you or the absolutely and Joe talk do may Ford. think I guess morning release did quarter this makes just Eagle third bit thinking expectations point? about Xth how the

Joe Foran

why David this. don't take you

David Lancaster

be I'd Sure. Morning happy. Gab.

made are but haven't to do which decision actually a put in evaluate sort we I where we to we what are continuing So it yet. we think what reflects is the that of release that on

I putting the for for for tell the for rig. of rig reporting Eagle also the of we're SSD so and giving that the down think been but consideration Eagle and [indiscernible] area, the that the period seeing a excited to still rig. we've early we're think go the you next it that putting and possibility by pretty some rig we're on the bridge potential considerable with results. ready I'll I candidate at I when could time pleased be mean from Ford the short the candidate it we're We're being seeing a with certainly we're maybe Ford looking analog also to the an Clearly in into for Permian. things that the that weighing of the against Xth we're

we or bit I to is matter high-class working So we together debating might do at moment problem. thing internally what and that kind no two Gab. teams think three a could that We of where the but and put different a be decide to it's little rig this ready probably the options still of have right we're our are

Gab Daoud

said continue problem makes high-class be to guess point a there you Definitely helpful. sense like think then That's and do pace a make but a Xth rig add but could question maybe the it differentials current Permian in get thoughts down I any just of David. now to around activity? you if not sense the but also similar Thanks only where the not worse slow Just that?

David Lancaster

clearly prices two decline the like point duration things years did it price consideration. I made slow commodity have down differentials impact Well will we so commodity to mean stop. suppose way I it's what looked will we that that certainly ago be, our a an on and be. felt what at the we the of sense as a always thinking I to that and did didn't they and when mean and but they obviously at

that in have if faster do. of what to and slower a we a than a optionality to should year we've them really you the pace. in we on less ability added X the optionality thing we've have to rigs decide terms than that slowdown go I that it of we will I how a so long at rather issue we a now very that's entertaining seeing go are of goes. the we fact for resolve or have today remain like good because rig later contract under terms a think itself lot that we've the I'll we given One basis this watching that continued even ourselves by rigs feel don't We think we done term is job moment back certainly that comforted I say short think as know in are and as I'm but I sooner think the and done it term vigilant always terms of

So I necessarily I the decision quick. it's entertaining at something think right we thing moment environment the it the indicated one do there know but that we're was not pretty get if is Gab could

Joe Foran

were to even I and commodity price making again go price still also when but little Okay of demonstrate mention like would or $XX focused returns. cost rate that thing return a that here just can XX% XX% down think and we're down Gab your is that and bit we and on achieve to we still I in consensus. goes were was the we generally oil you less beating of not just if One chime money that

for in so that be adjustments over Now years on proper to if maintain sheet. straight that ours XX seen returns and not is be over driven you've strong says quarters taking get growth as price as XX and Mac you've how and measured as into years focus pace the make and desired environment in best of measured sheet balance and a account maintaining the a we ratio still kept and we we've the a going to of being at you're in been returns balance got just at a and the times I've aim but belief industry business by core to this debt EBITDA five to one strong that that's to means

those tougher maintain actually some through progress. and as your says you because David it's ability to of So carry more you flexibility make times where it's

all and but a it's So we're based in we that added plan just this can growth would right the on not of if committed and to value profitability for any we're growing like there and to for profitability have the you selective of do you're it's comfortable everybody sake the definite still kind out you circumstance. I rock the almost acreage select, fortunate growing returns feel that that's have you've and and still can enough with to have think that

a bit be to little got put extra just creative a You've and Matt? little in a effort. little

Matt Hairford

of just assured Yes. optionality really about we do drilling for different the rig are I a that high-tech Gab Xth all like going Patterson decide we rigs. we're with the just talking have going going rig about want. just be want just get them exactly get if pretty to to we mentioned add we and we and across It's what add the activities consistent to things rig. it we're continues with think with one thing We've what kind to been discussion way to we David is a the

or On with hand we or we two down to any [frackers] the obligation that. that number can of if fracker to other we same rig absolutely them number wells don't like stages discussions anything with need in do the or go have a of

a anything Delaware us that still about have still said hinds We it allows agreement We a there. is we the long to up nobody down time for of option a or versus go Eagle Ford pricing option. but have

is list open options our one midstream our we've in still things even options are day one got all the of good. business that the keeping his So since Craig of head marketing

and built into could we a outlets the into those outlets we gas of built plant number of bringing us. we offload So our ones one it turned and into has gas now

all optionality important So our us. just business is to maintaining in lines very

Joe Foran

return hope unless senses. and it that at deal Gab for and you to to question that that's have it's invite again asked. really us do doesn't we discuss really, makes you us provide that I a was see flexibility we a come we're sufficient not economic don't if continue it's I and do we have that important length would answer but - to we great

much that how We know You our stock executives salary. our make do more these our own. board from in we stock than

things pretty everybody's other That and have and friends family don't in a pretty but So shareholders believe invest out that and we're values so that value here corny we not to of sounds conscious. really value. and lot

Gab Daoud

else. soon. everyone All answer Joe, and Matt color Talk definitely right. great That's great and thanks David and and

Operator

you. next Capital Markets. BMO of Dan from comes question McSpirit Thank our And

open. is line Your

Dan McSpirit

Thank morning. Good you folks.

risk and not Lakes for assess turn no you working could the to and if assets the capital? and it just do how how it next the and driving driving value Joe do for ignoring the of chapter shareholder competing How to Lakes of value frame company. Speaking could Twin not what write growth shareholder inventory you we help mean importance could Twin the

Joe Foran

to Well, in be other over to a finish in your that Question Dan we'll in taken let me try of portion like question relation with your very Delaware have acres and basis. the year the fortunately XX,XXX this we take assets has company. to probably

great engineered got there. Lots XXXX of No shortage. We've locations assets. So down options. got we

what So you average most up exploration is weighted we additive in probably on $XXX basis have very Lakes It's that have. acreage require the Twin of to already $XXX. what part we for a to

in and So everything. terms seen we've but we've of on what other it investment we've hand up there the approached much isn't like that been encouraged we've done

up until If XXXX We announced in more that progress drill you delineate in that's the our well on or Delaware a exactly thought position up. went that XXXX as that few what with we drilled and begin then we to a We our geared in follow about did. it and be we position. would gear really think we Delaware it wouldn't public small XXXX XXXX

that's by completing but very up better than done there wells we've ourselves exploration The is appear one so and So good I of only up in what the and a deliberately most Others that we're encouraged we're done deliberate not have that over we've at in process by we're to [indiscernible] encouraged the now DGP, there drilled data. of be And area have all interested approached. game. think period it's time that ones that a gotten three expected. the in

waste go wells. you two fast If we chord some but you money too

billions that better so gentle expected to and go they're additive. we couple much look but faster you our still thing to a have and those didn't acreage. very initial on it and behaving be are should more whole there's think there. produced promising it's It's me mean things like permeability and promising think there you'll They pay they're over we and dollars we've not better would and able a barrels. have estimates and than happen into they an would was to area know of where to are wells going it's to good little porosity that reserve is raised hundred the compare. most time I oil moving decline area up in not headline-grabbing but of projected we rates We contribute come If I up exploration

reservoir the Now of of some to that? done you companies seen what is what Brad other would our kind engineering. as and momentum. results Brad that's that we've have building so add head

Brad Robinson

we're and I It's well Joe we're point the should quarter. the really a on to towards you something we'll data is well points and with be that the better our up there. this could we're we're we're I the Culberson our you some things be into hit be and which and what and probably make little think Wolfcamp do there completing collecting and targeting it that about month that learning can that's at just it's point excited big we're finding this key think all from and and that difference I [indiscernible] better especially that a done probably targeting really we're different learning producing slightly we're applying made know third different pleased. than now in expected over

up all little we've in for the that asset different the down a a [indiscernible] and there is future. of the us to basin a heart got it really science So the going but geo-science excited that his with major in we're be team it's data then team great and analyzing

Joe Foran

but aim additive. way think at could Certainly we'll profitability we that XX% the be be or it achieve we a we're to way but it it in upon growth dependent we're any our for not going

You in again like explorations for did areas. in we're what our Rustler and to for is to Breaks midstream have the area that in then opportunities and we going continue because possibilities Wolf has gone we've the this here block methodical opportunity longer it laterals. and other Also down approach there

not again the in just anyway possibilities of which there's a feel Wolfcamp we a of So and is though side very of lot also areas target [indiscernible] up too showing of and [indiscernible] held your the well. exceeded number the but not I two expectations drilled [indiscernible] oil that there's well and and so upside question. it other see well much hope that lot strong was We downside the in both answers on vertical we that and a just thick all the has zones area a

think than It's get area So be of going don't Breaks hard of I any but superstar looking tell you and could going to success to kind a want that. to really productive or to good. meet good be I that Rustler better it's it's

Dan McSpirit

that Well with I folks appreciate and have great day. a the thoughts

Joe Foran

Dan. Thanks

Operator

you. Thank

Philip from comes Stuart Howard question next Our of Weil.

Your line is open. now

Philip Stuart

a guys. great morning Congrats on quarter. Good

Rustler add guys done the of a partnership just there where have acreage - set kind the forward have another kind your San adding where opportunity kind you you're if that's and you look there? just acreage prospects running most likely and maybe of in operating maybe obviously existing Breaks see spot area is you know most of to kind kind one given going I'm area operating add what you if out are Mateo to continue to to your rigs very that You of larger of curious any areas. a of job good particular

Joe Foran

we it's thing a much drilling of even success opportunity measured to is problem in It's CapEx to we're across more high-class wells acreage acreage think some good but good and and $XX Rustler there time Lakes. drill website existing again the the our a are we're map that It ask good which for did in We as pretty they're Antelope Twin acreage having in there's in just add to adjacent time. us we said up ourselves the would each our acreage pleasant trying operating A as good Ridge we spent of and asset eighty there the each David same a that that refer [indiscernible] asking shows a Wolf our Ranger proposing included this pace. But good. of and really add million and more where on tracks. acquired acreage in feels we deal and that amount and very course this on that that question yesterday all Breaks up teams our and still and for or I on amount of being people good to question keep and all of I of that showed added

I So going there in down did you and our south they're think Ranger but Trust Jackson opportunities all areas core to but just of job going that our see would [indiscernible] in to I good Wolf, in Lake. guys you're tell a up that be Twin

next see do over want I to the analysts So wanted time XX who really those and we expect you in again the other areas all and a to thank months last map. additions

XX there's, land years over area there's had, stopped idea in that to haven't back and be when want to did think we of to money a other our and to I this we've said an was - My what part in be and sections, in did So and feel to your acreage here the can fill is experience our win-win responsive going there I offering that such they with be was yet. to in map had trades which do acreage, we picking to tied deals done always equity up steam people you that's and give trades. the the be acreage are people out race around that - in that that to the include companies man and this document our being we acreage rental we're and a lease because acreage you good think exactly a that this to we do had, see we that proposition go buy we and

pull [indiscernible] opportunities and up night and that the shop he So going set I see in still never just the his at all to RV you that courthouses. and he's continue out know has

Dan McSpirit

operator an us area think it's is present start to that opportunities time these will you themselves over Rustler entirely good important good in very reasons I'm to you're maybe more activity opportunities areas those there's you're ones that Wolfe, drilling number in and coincidental in in and active and had you. you're Breaks, levels of not come sorry while to where of and a areas more show increase one and to get in is that we can add and I when efficiencies the those Ridge for you wells opportunities [indiscernible] Antelope most come our

as opportunities and coming or Arrowhead increase activity see in think or Ranger our I in level in as year think well. Antelope there up Ridge up we're additional So the so we I going to

David Lancaster

to of last is that quick those slide you're at reprint the and I X go slides this it placement if I And morning see opposed slide up kind in X where one this about doing box In the had to deck was release earnings as bought wanted and little today. Phil the that call the that getting as I on in call-out acreage just box we all and preparation we happened of corrected materials we make acreage talking listening last actually last maps. Ridge actually to comment the one review for night peek-a-boo we was On last you says that the have fullness the just acreage back particularly of out show if call-out - we're X we David. of Antelope interested the the but while anyone website cover who night in there. that noted map may X the kind you'll so of and updated its we night of the that chunk best sent are in X part be you'll as Ridge the you that the probably to had Antelope so know slides our for not see

Philip Stuart

and time guys. the I right All the Thanks. color. appreciate

Joe Foran

Thank Yes. you.

David Lancaster

Thanks Phil.

Operator

Thank you.

Neal from of question comes SunTrust. Our Dingmann next

line is Your open. now

Neal Dingmann

just I'm guys Joe that always kind know ready to Morning trip. of road and there's let me on room RV. if

Joe Foran

You are anytime. welcome

David Lancaster

for that. is piece development Your ready

Neal Dingmann

David, see. on opportunities my and is continue Joe just to question the you really

term long [indiscernible] great a agreement did guys deal. You

beneficial agreement more about my as kinder are You've you is talked these there there or a forward? opportunities sales been question of continue lot as it out guys and firm more needs Joe going call that's well this see for to things you really really as are

Joe Foran

duration to done to have think tempting term deals can some made then than or it'll I'm be options, improve I terms that and we say speak, yet. not about up arrangements like little be can We that agreements do longer further very shorter us have saying see things When set We're prices, yes. where more Neal volumes, to terms. improve our give so lives we'd they're some we're looking we're term we at at deals a but favorable. that looking talking

trying we in what better we're the days we a where to want it Coast we did processing for to do with Hub. Gulf barrels options which or our market to We're like flow going and to towards Henry get provide to working good buy never when So deals stop takeaway might just send Gulf those gas we're to or planes even Coast assurance and midland [indiscernible] the is back we market and options. think the out working to down

good really all marketing more them been about can and is of to learned I mean credit. those marketing of and sophisticated which his of come. So really building going group they've you be pipes what and business give good a more lot more I getting from this done Craig there's job that options opportunities lot think relationships will more is I've be those creating we mean opportunities and and a to a there have be. have

year to us how October So and the and position. end our going the Matt? of they more to I from you're think further in continue comment at have

Matt Hairford

I the to this way is San Neal Matt think is Hey question the in regards phrase and you Mateo important. I think

about Mateo capacity San So for with gathering third to will on the volumes claims we're deal party the take brings in about that talking that be system same board agreement. [indiscernible] away any

about NGL. bit as flow little the, the firm got only discussion in the the regards have group getting firm bought to wellhead your in say buying think Mateo we to the and NGL So takeaway comes have them of BP up the also which now to to away a assurance thing go in doesn't things full residue for for I are would couple this think is starting actually do but and gas offer opportunity the that Matador be of operators agreement money to going much we've at people your it have to prices that capacity he is more that of become for so tailgate take issue mean a it that's at too. that has continue would third-party the take look deteriorate more the sponsor recovery even pipeline but but I and We're a there NGL one one plant the as away plant. gas but San we able the all ethane buy same barrels we things the certainly valuable the I that the that's [indiscernible] talk now the NGL heads not to they the to tailgater have back planes have option can near with get is with that's

So they Matador their pretty Mateo. for on so and fractionation capacity a and good system where away that's deal own got and they're they've to them taking both putting San

Neal Dingmann

continue in there vertical cost basin like difficult sand about Pretty to about more further you good things down Delaware. local when wondering I lowest or costs to a you're one local the bit opportunities Joe the well talked like just then that quick about in just getting follow-up and be up was among sand are at integration you are or by? there little more looking come bring to the

Joe Foran

question the at here lot for good of to is a Every and all begun all arrangements. pretty looking Billy want because we're phase of excellent yes We're Matt out some with some of pitch credit and and to Yes. cost answer there's sands those. local almost working that I in experimentation sand. Billy Again an we doing and of those really

you a where money the geology, goes geologists the got learn because drilling which the doing the the drilling We that's geologists the between XX/X have of out or engineers well offices learn engineers teamwork three in don't engineers and are lot program saving them, working the engineering the have and middle and Maxcom up and a we're our amazingly they've of decision in hours. make takes and a night two wake to directional

already ton Our guys a are money. making That's saved them of us instantly.

let ever, for better I they and get me let your running group have beaming and that the Billy know just guys pride better because his just at rigs he's Young with speak question. are

Billy Goodwin

time in we're didn't. working doing be zone we just The we not geology and at all that. what thinking same and They and the doing zone more but and slowing going target the target Maxcom drillers part but zone in and asset We XX/X the that spend We've found were drilling lot staying together faster might department time. other lot in in down Joe. thinking room there and we're tied preferred to the that be meetings That's we of right staying started there zone a actually watching having the together the of a teams. it's each in and

faster, and So whole money all a those making the hours guys drilling thing each matching XX XX/X become section us saving like great in and better wells, to a for keep set so not records they'll in an become we've but record one-off we a curve to to like and hats They'll that's it. hours from off just down X they say consistent. and just XX hours to knock area we've X.X then

continue. to a at and performing expect consistently high level we're So that

chime doing you and let slick-water Matt So evaluating sand and the also there there side we've tracks job spacing and and then great in like new been here. completion testing and the a all techniques, I'll the mentioned local we're

Matt Hairford

team research low-cost Yes. that the to at fact sand what said regional do to we're we're going elective moving were make comfortable. we're the really I towards we talked and your and trying mean sure testing, we're our quarters maximize past the value completion so too is our to going do were looking going you in that and about to near

pretty I at think this we're point. comfortable

The with we had or are the not and or IP about we've we're anticipated an XX days that as going XX XX good. far cost from or sand to talked plumbed actually jobs there. even know so So savings some before things but look we've regional

for increase willing can but slick-water if So spend the may some we that. reserves the little That's but there's do mentioned a reason more that production we're us Billy very to in we money do where jobs. area a to an actually

to for large lot of year try a just for again got we as of we're put that number this year, also we've next to wells we're So the we and maintain schedule drill. optionality going a the drill together this with

We component pad of some drilling. have will

you going well So two-thirds to too only we but component talked focus not have some multi we're to structures at efficiencies. analyst so know will cost also about continue on

Joe Foran

more. made set have has then can really on they describe. with those as a as And they want they pump because lot hole have I do difference. they will to thank They're working these are systems again, mean us of rigs powerful the for Patterson rigs I state-of-the-art helped a and the records Billy in and Billy? more section better each

Billy Goodwin

together Right. out That's front separators the capacity got drilling We done in gas system, HP it's pumps. the with the we XX,XX high right the the with packages and higher higher us and helped putting Joe. in We've manage face to mids those PSI as BOP really they're popping and challenges also pressure rigs and with in when Patterson added pressure, XXXX we've just us lot for moved walking and a can around be appear drill of Joe us with the right like a or mud pressure and mentioned blow helped hole money. get they and packages the through wells we That's saving working the different them. then efficient we rigs there also asset teams batch sections the

Neal Dingmann

and much so Thanks I will guys. details do invite great from inside Dan. It's

Operator

comes Fargo. question our Thank you Douthat from and Wells Gordon of next

now line open. Your is

Gordon Douthat

everybody. morning good Hey

Joe Foran

Gordon. Hey

Gordon Douthat

Hey.

a Spring, strong benches any are projects economic areas. your standpoint in from you've across just Wolfcamp the in pretty top kind the an with rising to you to of development rise at that top? the see what of playing you kind do looked at as as there these across in Bone various results put the multiple question Are multiple benches wells various on So had benches,

David Lancaster

Hey Gordon interesting it's David. question. That's an

area in we're I in. think it's a ways that some the little bit on that dependent

and that think Breaks both the with restive. returns XY Rustler from in we've very B the been I pleased

try third pleased been there we're the the I Arrowhead but and we've and Ranger and seeing the focused upper doing even we're Spring to North. Wolfcamp. and we're test Wolfcamp farther speak They're we up test most get a areas the think we what on the we're to Bone continue that on second another Stebbins You in probably to with little what to the at as

but Spring I say a I fancy. to and our Ridge excited targets of get is about first Bone that would that I think this our over one begun think attention is there's number target you catch we're Antelope catch really

to the Of well down the of in you continue we probably drove Spring we and seen course last strongest to Wolf do there. Wolfcamp in stand lower while what the we've we're over down but the well go hoarseness where Wolfcamp the Jackson - the quarter has certainly of you've the the in going and of is the and area part been certainly Bone Trust part the the parts Wolfcamp lower then I like probably lower been think and it's XY to that

and more it So say it's kind hard just asset becomes to of specific think. I

Gordon Douthat

you Okay. That's very all I have. Thank much.

Joe Foran

time. told shareholders Norris-Thornton the [indiscernible] make easy a that's get to it's decided in were got and we our held Honor want efforts have well of in guess hadn't you that speak to give gotten that leave a Medal the promise of and had Gordon wells. we named so it a have test the quite gauge going sure a recipients I of out some out really before I that took them to just that good really their gotten here's alone deeper two more their well of that zones we has the but to of we coming the just test deepen day It showed to I one so shows appreciate a who don't some million to. well long our some to out We hadn't of by other but options well a nomenclature really that have we deeper targets you these after we to three for to very of vertical made to steadily

a yet two sounds anywhere there the so yet Delaware XX about to was was as three so about different the reasons Eagle XXXX you area that formations and for of there of make when the if we going there column with we full to XX on got having out hot the for the than got we was as Brad as Ford talking there out before reached so that felt mode and we Delaware we from feet said the XX a we're we twice done was up there sometimes and or different end country out that two were well. the we've XX had even targeting shells may losing is just the strength in So was found story the I a many doing picked and had zones more what oil It can the and one as -- stopped went hadn't development has you our we're on old Buda because IPO it zones and been these these well just or very favorable in it's coming back old the production application it the and now else [indiscernible] hadn't out Chalk coming Eagle in there Austin down you culpable and but is area has Ford drill. turns the little give

important looking over potential. that any ones figuring formations steps proponents as most offer been the some targeting will we've be out time which as the of of other So and at

of get all most innovation offer to watching we earning can they the zone and which is assessing So XX% targeted [indiscernible] across the XX% we're where acreage the we're and pleases should got new on returns and a have that and still economically. that that where our we the most thing try new that effect to go to all big

Gordon Douthat

that for Joe. you Thank color

Joe Foran

great asset the going that hard hold. good said and to investment and other and they've question compelling can't as happens. so what Gordon say here Well keep up you all teams a been there's thanks this very in it's to and cases each go say we're put make see area to -- and it's I All over area

Gordon Douthat

you. Thank

Operator

you. Thank

question comes from Jeff Capital. of next Grampp Northland Our

Your line now open. is

Jeff Grampp

couple sense in. reference me you squeezing you can trucking I'm kind what's what's release your oil next curious Thanks. oil? conversations curious Thanks might in just was on could with on few the give in guys. be the for if How your general us side guys of months of of times guys truck just and your Delaware. of Delaware companies the what the of a a availability thing. potentially your that of that over the I versus sense pipe in change Morning how on then trucking trending

Matt Hairford

Thanks is Matt. Jeff, this

all everything talked at that we we Wolf is get about on pipe. Rustler As acreage Wolf planes be there the Breaks into on and when pipe so currently will up

So of probably and successful I on knock innovation far certainly in the be but XX% looking on been and we've it got term of stuff The of in remainder even how that We you're and got that not pipe. and trucks firm securing capacity think of for successful that Antelope on the will at north is we'll willing Ridge oil the all far been there. capacity wood on long Ranger stuff stuff - thus we've thus sign but from we've on it's it typically we've we're negotiation there the pipe. at to the Arrowhead to

Jeff Grampp

And production those follow-up acquisition the in today hand for mineral give coming things can where of acreage mineral that's I'll kind of number is you stands hop [indiscernible] what side my maybe of Great. a the from of Okay. kind minerals? and then us but on

David Lancaster

David, Yes. This Jeff. is

sort disclose I we we had acres deal. said just that this in forgive you that you'll us think If think not we're I minerals closed in to ready of XXXX of here quite

ready not we see disclose as still want advantage our you They're what we've of I there previous and there. to of a and still we we competitive just - of we're releases back quite as can little to to and all do we bit what done can. to maintain think kind had have work go much but

plus we bit time certainly about will the indulge know you'll So we talk little the as that once Rustler more there they that do us a we I can as going I will that BOE goes acquired minerals we're example I day we the for a you area of at had the on. time think think closed. probably said offering recall or if minus as Breaks - that over XXX add to in

that. begin we to see So will

tracks to have actually or us those it's on have exciting what's and think production of a certainly there's already minerals so one activity. production that I lot an many are of that is area under where we will in

other of kind them. that same in acquired likewise the should to So things get we the those expect areas we have minerals on activity the drilled

I we're So far but as to hope adequate about that's that's probably ready today. as go

Jeff Grampp

in Yes. that tuned I appreciate it David I stay will future. the and

David Lancaster

you. Okay. Very good. Thank

Operator

Thank you.

comes question [indiscernible] from next Our Institutional.

open. Your line is now

Unidentified Analyst

Morning.

Joe Foran

Morning.

Unidentified Analyst

wells about the the then expected you is of still of that know want the drilled expected is position was and but have in kind go just minute been far water wondering cleanup relative to lower I pre-drill? back the Lakes a I water that for it's to was has so [indiscernible] out the features be than wondering of base from like I again the and I the the Twin there know elsewhere to early is I content and sort of oil

Brad Robinson

Brad. is This It is.

to that's be up or maybe right the of the We the less basin. XX% found than expected XX% cut main part lower what substantially it little and so now there averages a in we water

So expected. I'm we not too a little is but lower surprised pleasantly am it I that surprised than actually bit

Joe Foran

lower In you're barrel water the having basin and you barrel times of a four water. the here for of part for barrel half of Yes. the each oil have up each a Delaware may

and both like certainly areas. but we makes the will and of add that's kinds one production your you as advantages wells value. costs believe economic I we of lift different both it So There are better said know

Unidentified Analyst

to point of partners sort a corners the along plan are at acreage of out just to next going sense trend your going four be all of develop your might are you you this how as going follow towards to you're And it. or formations to a you more you and the Thanks. the between heading more Great. there across doing just to that up do happen are wells get

Joe Foran

Brad? anybody they to the to controlled the go a to I else out describe and then go four expand basis. very what can to and We don't tend we would step speak tend is corners. I'll on but out want say core then way it

Brad Robinson

Joe. agree I

were help we and and Lakes interested and in very wells that some in we you we our identified data we went data to help we where to to right use our can specific to developed based the are I our Wolfcamp different where there. go the be and areas us believe geologic acreage in right what and areas think Twin in had we directions area on and and looked we models to try the drilled test reservoir middle where good we all position can the acreage the be think core from in that collect tell we of two extrapolate and acreage predict us to models the

So we're that and excited well test really we've this new to complete drilled.

Joe have mentioned years what planning wouldn't looked we're As been earlier there's excited that's there on. and about two of so ago bit at up but have really we're it you quite on activity reactive area would that if going a

Unidentified Analyst

lot. a Thanks Great.

Joe Foran

you. Thank

Operator

Thank you.

Our [indiscernible]. next comes question from

now is line Your open.

Unidentified Analyst

guys. Morning

Joe Foran

Hey Mike.

Unidentified Analyst

this I wanted million to there? or complete I something there's am math fault for about XXX.X my just the in which out works of [indiscernible] math well to capital first always you to per here ballpark some about to is is half to right million is X.X DNT see trying me a challenge sounded that but XX.X if with do wells

Joe Foran

I'd faulty accounting be to don't so Mike [indiscernible] number my say head guarantee I probably the but the of Yes top can have with progress. math a will and you take is salt. of in there be were what you drilling costs have that XXX is that I a sales standpoint the capital of that wells to accrued exactly in but with I think The always on there's yet chunk wells have that's of always been for the process that of completed significant completion to grain of because had been either million that so a not and turned they just or drilling or in and term

until on second July. first wells didn't Rustler example completed, come Breaks or drilled, were and finished our Coleman there had that they up the of [indiscernible] absolutely and online we two day For

into report they shown the but the So cut that I make numbers guarantee costs only turn are list all already. their on in well didn't line they so weren't number

all math I think a I that's at hindsight that of through year that you that hard work. get of kind chance little kind and to look a have it's So in - of make kind to a until think

Unidentified Analyst

you. Got

Okay. zones XX Wanted tested. on to that Joe's commentary follow the up on you've

testing guys is point guess of have at foresee the zones and been you really my acreage the that pioneer Do year I foresee? think do question some have you in of There's plans when delineated. at on with any a you basin next the you child a look a number I When development you both how for or beyond maybe people to do or you set lot full issues and up to about issues XXXX full parent have development your infrastructure. talked have scenario? would

Matt Hairford

we're drilling section going I off what type a know full in pace section. a both there's types vertically we We're drilling. a is way going it's and Mike think in able we go Joe where actually likely approaching a out the adjust to what proper is at but in take to jump before are is to more doing want section testing of multiple into we it's do think. we that currently as full to as Matt it's a wells while development horizontally cube we'll on others and we're approach I here do we're before more spacing that a spacing some measured right that a be I but this on do there development methodical wells a that going the exactly of are the are it looking little kind that think we determine our to I we think said about learn or as we

Joe Foran

a that wouldn't the until high drill sections drill any a over notice that likelihood there's see a just going about you something you you're didn't was risk - on first [indiscernible] can't the and of development in after Eagle that do that XXs year is so to and interference or we began and you rush the XXs, full thought wasn't of say into these you Ford interference it could month big you the to when the - there that as discovered this in is result Mike on the full you were that. pad. rushing I drilling

line I thing think risk seen. production depends there's there's say between six end on be you bright and wells data and and tension lot a delineation you and that the the at It's will a a can to you'll and begin it to a points the pretty of but do and a always go wells a interference be should in circumstances. single there section year not of four no path different to take it's at full that path of in can't months have or you and you to think factor some the time it too whether same first section fashion and to push-pull methodical you know you the hey much some need the a

Brad Robinson

may This each acre do spacing in reservoir the properties XX might the what because change one so develop exactly I acre in different we area we on area is and area little be a spacing might a agree and essentially That's XXX treat reservoir. differently same Joe. Brad. for

and wells are development we're in and would spacing now areas we're the we in so constantly mode So that exploration the expand doing and more our mode and new we as still at little in where parent there the to data and Wolf bit say areas for a the bread XY. we development these in collect looking we some full we right just a we're down production optimizing drilled are delineating well still while are It's been other some but I reservoirs. butter there analyzed

Joe Foran

Mike? Does that answer question your

Unidentified Analyst

that yes, or next It like sounds year a sound through but seven there still wouldn't year development but for type six cube areas you're It expect like sounds primarily then too I anticipate did. probably isolated early does Yes. you're delineation like a in next section to probably zones big like. Wolf

Joe Foran

that's Matt? I Yes, think fair.

Matt Hairford

going together just we're Y and piece in piece. work think accurate. we'll start where what's drilling kind Bone doing Spring Yes, think don't to Like said X and to second just it's that of like to and we're [indiscernible] take what's third and I I work by the areas Spring in ready quite I for said it first the going Bone in Brad

Joe Foran

by some And see trying bigger those how results in gather a from like compare. to our that Mike that and others we're operated data are of mode development

So letting of first smarter. OBO through with us our a go kind else get chance and to somebody it give

Unidentified Analyst

Make sense. Thank you guys.

Joe Foran

Thanks Mike.

Operator

you. Thank

of next from Pickering, Holt Tudor, Company. comes Panjwani Our question Sameer

now is line Your open.

Sameer Panjwani

Hey guys. morning. Good

Joe Foran

Sameer. Hi

Sameer Panjwani

to that more Is the over in aggressive based wide to trying development? control the specific activity] done spending get and increase I'm stance is better [lot pushing and Permian trades have of companies

David Lancaster

Well, Sameer. David this is

more we I done mean out think may seek it are partners of in part there characterize just section those the as to and times us and to that the it that. proposal a opportunities issue prefer that discover both from have ability this of a compliment would in it land result an situation do activity or that and interest recognize for that us standpoint and operating that us for that our I proposals I is provides for your our to swap to when on interest you could win-win section they issue certainly hey that's it we out. in would, mutual many both willing it might and that very and situations I do we're staff of to them times

done I with. but So done like I'm felt think get that done we've for that trades. partners they we We've us about a added and for really number we've a of we confident several lot we've traded trades I the that think value that talked

with see companies that other and we pleased we're relationships that have. that and and yet we think I So with cooperation work of the the the we appreciative

doing this can proven be I'm open lives and way is and and best industry to we're sort glad very good all thing. a is trying that I to prove to the we improve the think our of just that

Sameer Panjwani

sense. makes that Okay,

presenting it be to guess has opportunities would that fair say accelerated. a at I themselves So which pace those are

David Lancaster

I of being think because opens that just that picked kind that activity there's but are is fact are activity more they as that just of of the fair up proposals everyone is these opportunities. probably when being and that's the up up picked issued and for

Sameer Panjwani

Okay.

the side might midstream guys kind Okay. EBITDA on like on stand you the make and two it to scale feels a that opportunities today required feet are It that do own think from $XXX business? able far are third-party there incremental then you approaching are of quickly that's achieving to guys the away available of any future on million the how be generally where Great. mark. And you its point decision

David Lancaster

I Well, already are I think David think again, is they that of sometimes this their on think midstream that standing guys own two first all the feet.

Mateo. I you don't a So midstream push want that be continue we Matador opportunities back to of little San like there to with they and might to lot think available a look to what there bit I feel but be but that's

up as facility gathering So about the place infrastructures for job natural of the out and for place, San finished all the trucking we both all Wolf oil streams those at The up. is drilling all in Breaks getting in oil, Rustler there Mateo water has now saltwater and two for done disposal area in a speak. gas, is for great three infrastructure infrastructure, more just

from time. terrific put just There's another well is was when the Mateo additional that purchase as we've It ready basis as in in but there great. midstream planes opportunities. we Antelope I another San some what and we are this Joe in their the there to was another line party and clearly going release of gas so signed I all had having volumes the and areas starting always other on where do past be and of the where Ridge, the to and quarter agreement all and significant our third the we're the areas agreements the are want already ability Rangers that with that Arrowhead place side talk we're are in deals about we on company there's midstream to those this working arrives mean the process mean mentioned to we're to might earlier. other where acreage the year that'll add guys water areas producer there's So at

that opportunities. to I we to we're pleased will very these very think are third-party we continue but where So optimistic add optimistic

Joe Foran

basin if things a gathering more the It's and and I us the Breaks, the we in that point one disposal think saltwater very make opportunities that that a have disposal to are good continue another you add plant, have And we systems a instance thing got gas add there's we and XXX to to gas present to the full and to assets water for is is these point saltwater these we've plant number the thing day of advantageous of oil disposal, just and gathering add million for can more easily very I opportunities build drill think we've to grow where a gas the got now as It's on with where grow. footprint gathering, those well themselves on and business. at get point we a now easy even all online. pretty processing come continue and pretty a Rustler to wells another processing third-party easy volumes drill

So very it's in nice growth. place for a

Sameer Panjwani

second coming full-year trying coming for out-performance just one helpful. quarter of from Last that understand and is That's guidance Okay. the production increase I'm of the the from to really acquisitions? how and that is how me to with operations the much much

David Lancaster

almost coming It's operations. entirely from

numbers round-off add to are acquisitions there those are. the to what going So

Sameer Panjwani

you. Thank Okay.

Joe Foran

other think there. You companies distinguish the know we Sameer one from that's many Matador out of that things

a We drilling seller that but that to a properties. generally may things drilling lot our that organically growth over organically a by is can of are. all there's haven't come because into producing of than time, low grow bidding and you're almost his and as you of likely when been get that all and in wells much opportunities of you production the When you grow return return. have out We buying and of it rate rates auction acquiring you have really right he to for as XX% and return from work way get less what should do to higher one be best in you're or another competition turns like

$X Matador it's to of the a met that we're and oil organically drill bit start Now have of when our level we billion barrels trickier grow went day and off making and with challenge it's at $X oil. barrels that and public million now teams with we were the the XXX XX,XXX

Ford three you the of teams made the and to and now got Delaware. various out good credit Eagle our [indiscernible] that in production give basins to comes decisions we So the and

and be steady well I are So well, it We've the doing very rate think of the growing forward that think think has that's areas teams decisions together, I thing and back are good over fully we return. a value wells like couple noted the midstream. put All the XX in market outlook never money a to we is the better. had the for years one done that of that organically of things we've going very are in the and expectations the company exceeding expectations. don't really recognized The exceeding working one are looked and of

a great that there has you good venture we it and pleased their that it going. partner and I job As the with noted don't in they're when reaches doing know with have areas. really us We're critical studying a are we is mass. joint very worked way

us are that we there and options other growing development then or building our and in various plan are teams finished minerals further Our We're scale. the gives that our and have. value targeting ongoing zones not zones

just throughout the depth of Matador the got going all quarters We each in So would from have we pleased just departments. and company of us continue to come and momentum executive best to history. leaders like invite forward and above. see in here with we our that with I enjoyed our we've two see the committee company and like we'd contributions chances of opportunities will the you the think young because the are very rising and

finding We've just lot to chances. got very our got here. like hard ways in We it of I like front say us. improve promising looks I but of keep look a now work So to to

Sameer Panjwani

color Thank Joe. a That's you.

Operator

of this call any management gentlemen portion the now like and the for Ladies Q&A you. morning's call. Thank ends remarks. this I'd to to turn over conference closing

Joe Foran

just did it. Compliments of Sameer I I think

want helps of do all. thank your We that to you again, and more but more We it do report and think do you questions near If you better all comments. you see we and hit rewind appreciate make hope and in the future. us soon

Operator

the This Ladies for participation program. gentlemen today. concludes you your thank and

now may all disconnect. You

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.