UNT - Earnings call transcript Q1 2019

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Operator

Welcome to the Unit Corporation's First Quarter 2019 Earnings Call. My name is Paulette, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded.

During the course of the conference call today, the speakers may make statements that constitute projections, expectations, beliefs or similar forward-looking statements. The company's actual results could differ materially from the results anticipated or projected in any such forward-looking statements.

release the materially that today from available today's concerning results cause is information Forward-Looking in differ heading to the press detailed important could factors actual readily Statements. Additional the under information given

the on Additionally, will today's certain financial over during President. document press call non-GAAP to release. measures. discussing also now can available those non-GAAP GAAP of This the measures may Pinkston, company the reconciliation be Larry be I CEO the Pinkston, measures Larry conference, turn begin. company's will website. The found to is in and you

Larry Pinkston

Thank be today you, at morning, are providing call. about their you you Bob responsibility, Young, Thank me Les us the Merrill, and for Frank with then questions Austin, updates joining Paulette. take Good of we will David John the areas With will this and of Each morning. end Cromling everyone. Parks.

influenced be they David of factors. by XXXX different first with you provide these The expanding their comments. was quarter several will items Les and as

XXXX Our during year. activities accomplished to mostly of be half first the drilling plans for to most, for the

our We third rig X are our reducing in and count division currently and begin to in rigs production the quarter. plan exploration operating operated

year. results We activity, the the appropriate at second of the and will level drilling prices, monitor midyear commodity drilling of half of levels debt to determine activity for

levels. then ramp during the year-end very and remain prices the bounced Crude were back in should relatively half production up Our volatile. prior and gas half during year. quarter oil of flat second the Commodity the to prices first

gas widen Panhandle. Western first year as during quarter. Oklahoma prices and gas the is into these The of infrastructure the pricing should We half differentials to differentials believe deteriorate put natural Texas start However, improve second natural in new on the to place. to continue during the continue

the call drilling We to David plans have these the turn for Merrill. over differentials. I'll year now to our due altered wide

David Merrill

pipeline has is negative. been is takeaway constraint. isolated mid-continent Western in project Releases has the early Permian pipeline issue, Pipeline, in or was leading on with Gulf as X.X indexes temporarily horizon gone the Pipeline, and around and Texas Permian a completed lot of to XXXX Waha There impacting be Oklahoma Midship be takeaway relief scheduled further connection basin. targeted to this going a natural completed some Louisiana. you, Natural to Coast any X region, the year, gas cases, late however, certain That prices Bcf per and oil as constraint day Thank Oklahoma per the Larry. further to into publicity to is a East Express such the not associated possible and late and negatively has some the Bcf Offering moved Texas in seeking to crude XXXX. Western outlet Oklahoma Panhandle day a gas Bennington, for production for such

of production. Without daily XX% liquids gas in, the index with we production plant quarter shut and our production. for the more processing best shut field production significantly we believe Granite Panhandle Wash our As having what oil from reduced would increased discussed, have some Oklahoma Larry XX% return we quarter-over-quarter. approach our all natural heightened our Furthermore, differentials, of third-party Western weak first by have the unanticipated natural core Texas will where temporarily is areas we activity approximately follow oil from negative rig priced at natural prospects. composition, gas segment. impacted The in our and for prices have areas, the Wilcox multiple of prices play East relocated Texas play gas validates our the target X% in core has production, to With rates Wilcox

running and normal up recovery The at were third-party improve that and the is we rates, made. repairs should completed the expect plant with now processing

contract business first BOSS quarter, during drilling new count bringing the the rigs our service in placed to X XX. drilling Our BOSS rig

to volumes our gathered in as volume system. midstream to Mills I'll out significant business BOSS gathering and at to reading Further call over cash-in The building turn to XXth We the at the recently continue growth the is flow. saw Les pad processing anticipated a plant systems, long-term now begin has rig. new come opportunities the Pittsburgh primarily online pursue new online contract begun increase incremental Austin. have from coming

Les Austin

share utilization, share. natural rig primary loss in and diluted per gas Thanks, processor million million third-party excludes by income $XX.X prices or a noncash the early attributable a net contract effect million gas fourth production diluted $X.X liquid Unit lower the prices, to diluted share Adjusted of termination the the XXXX. down, contributing change lower per reported factors the of lower quarter somewhat X% first $X.X quarter-over-quarter or fees $X.XX $X.XX Unit segment. which quarter of David. gas natural in to The derivatives, net We $X.XX for from declines or XX% versus attributable the was to included offset per for shut quarter, drilling plant

Our non-GAAP in financial our measure release. reconciliation press included is

primarily processor last equivalent. higher production plant lower XX% with oil also third-party of the the in Equivalent credits. quarter barrels production last absence the as resulting and due increased prices, For of saltwater the X,XX,XXX first gas natural the revenues due down, the gas of year from gas tax production first last fourth lost first of NGL for shut decreased to in fourth oil over and X% segment, natural quarter cost Wilcox for year the quarter X% disposal of quarter Operating of and discussed. the a year from to decreased previously quarter quarter fourth

of the for offset the first operating fourth the year For in X% X% compared for were to contract first costs operating. due fewer last by revenue primarily lower rigs from fees. early year termination of less quarter drilling Operating the due quarter quarter quarter to quarter segment, day rates $X.X the last XX% a decreased and rigs fourth the increased million in to partially

borrowing volumes quarter quarter revolving debt due cash notes, natural first million to offset and the $XXX liquids X% segment, net the last with and quarter X% somewhat of by million gathered. cash For revenues gas gas, issuance fourth fourth million. quarter for Operating at primarily the debt agreement. prices, the long-term of gas credit debt $XX Unit's the Long-term decreased discounts senior decreased from unamortized increased first on the base credit the million, quarter. and ended first quarter our million natural $XXX consists because facility from $XXX unchanged and million credit purchase of decreased outstanding first cost We cost of year condensate subordinated The year, $X.X the of for the last and remained of midstream decreased undrawn prices. $XXX superior at of remained equivalents and agreement of Unit end of total

Our was At Xx of for will quarter. this to our net I the leverage ratio over segment oil at call Frank the and time, the turn update. end gas first natural

Frank Young

Gulf equivalent quarter. associated of for compared Wilcox unplanned per decrease by early and Unit's quarter oil repairs compared quarterly Good Coast XXXX oil have XX oil the was XXXX XX,XXX equivalent processing of of shut of the first first with emergency area full quarter wells plant X% to of a in by approximately in barrels XX,XXX forced daily the averaged downtime barrels production, operational roughly first to X% Production X% XXXX days, X% quarter day, fourth of to be The reducing a XX% back over fourth third-party respectively. would for barrels morning. Daily Without hurt plant this was production that processing in at production been per daily and downtime, XXX,XXX increase quarter to equivalent. and capability April. production day,

gas STACK the These Texas As plays west from and Wash operations amount Express response in drilling basin, should we our during the Cheniere's current Permian economics Wash and Northeast Coast Granite SCOOP price mentioned, in decrease the later online. Midship in will and Texas and Gulf XXXX us environment Pipeline Morgan's pipelines coming David better the suspended Oklahoma quarter, come providing expectations from Panhandle, improve first of that low prices Texas' competition Kinder gas XXXX. the drilling Pipeline when Panhandle in gas in to Granite

us in largely is by position area land pricing held when allowing drill warrants. this to production, Our

prospect sands quarter. drilling Field the within more SOHOT to completed accelerating X conjunction We second the X have of remaining of XX new the X the Marchand during area, the end drilled Panhandle, new oil-prone stages Red are various all on in early associated economics are extended being Western currently and the of second lateral to bringing at during this Oklahoma of third in Thomas quarter the with expected nature take suspending first Of Fork drilling the operations wells, better Superior, of being area. stages we X is expectations quarter located are with In Granite Penn Wash in the wells our completion, are rigs running play, prospect online online of currently X subsidiary. various our in schedule. in midstream come wells quarter to with our or Unit both with XX Unit's flowing and drilling Texas play advantage

being oil the a with Red IPXX well equivalent oil. an During had of of first with approximately barrels completed that day X lateral XXXX-foot Unit XX% quarter, Fork XXX per

would we of a pleased well. Although lateral the part drill better Red located component typically longer reservoir percentage, the we with Fork in than this were oil

cumulative Red this online of the of oil exceed feet in barrels million the in initial gross equivalent, day and production Unit's XXXX commitment the gas which to basis, of XXX,XXX XXX Fork and XXXX, was Thomas Field, continues per However, came of our to drill oil Thomas day. expectations. is Field. well well barrels in the acreage latest the cubic has part in a X.X of location acquisition September of the of On per production

Red continue limited high expectations is wells. a have to play, we for curve data top our the of Fork on horizontal X set based While

us also of of lateral being further an what this remains our Marchand IPXX well oil for be a throughout of XX% from results we the oil. than with being reservoir will This in oil. with XX% anticipated. barrels gathering equivalent the that with clarity per curve day at Overall, completed range of than top X,XXX-foot Marchand Unit X our additional future However, being XXX to expect continued thinner be well have oil was due then and to provide year more barrels of allowing XXX,XXX outstanding, data equivalent well expected location the to to wells.

acres area, have $XXX on focuses acreage successful Coast approximately the drilled oily locations into per that been an we Gulf price acre XX Gilly at X,XXX beginning area and net drilling the adds nonoperated in the year. of prospect average targets Penn operated within wells In horizontal on, This potential adding currently inventory. Field XX are We various since and X sands approximately development stages of the in our completion. about our of in

in drilling delineation are varied Blackstone of significant the feet have oil second production the We successful, more is of the stacked mid-December lead Shoal prospect will when our Blackstone being of Shoal quarter million quarter, the lower being upside, quarter Also prospect found interval, to X The XXXX. well, to continuing the Wilcox. exploration GX million size in has of that, stacked X the in current intervals during seismic the further multiple wells. we the pay first the objective discovered Creek be day the during of Creek the X.X to we feet also intervals, After day been with exploration and production delineation cubic Blackstone with GX and between GX equivalent well. lower if per disappointing. XX% drilled per will X After north the and pay drilled evaluated of drilled encountering million cubic of in prospect, completed that Wing it the appeared pay the reprocessing, while and we XXXX

add delineation well, Fracture identification lower in the interval later However, of #X, approximately additional the In southwest potential this an this additional pay well X well improved the the prospect. drilled Gilly year. Creek play area high the prospect, for resulted scheduled Field. the Cherry Wolf we and to our in Pasture quarter of of the is first second stimulation potential located our in with this geologic miles of Wilcox the understanding

resource at also Creek program in but about Coast quarter, Creek provide in exploration the We with are drilling continuing Menard prospects activity not Unit the the and significant second the optimistic Cherry prospects. the exposure with a Creek potential. These Gulf with of only Shoal with our prospects,

adding a of cost Oklahoma Western We development cost be executing our Gulf continue Coast inventory, strategy areas our flow on provide margins. in and operating drilling competitive planning acreage successful cash in that prospects to and at lower and

activity latter begin of the this will over drilling half update. for areas term, levels that to will is activity first half. the competitive now in we John company the Our reducing provide At and Longer we organic year, evaluate concentrated both the to in and I'll continue turn acquisition time, throughout the call cash margins. opportunities drilling

John Cromling

the and The relatively in during the able additional fluctuations began the completed the Permian is operator a rigs $X,XXX obtained active suffer commodity intercompany rising to decided In the was reduce most and immediately the XX the stable XX We the for quarter. of commodity rigs to contracts with an on BOSS XX our daily the placing any $XX,XXX, have on basin. fourth reputation of are year an with the increase of finishing rig. first regional our the rig are thereby, rigs, the operating of and quarter. quarter contract rigs the XX was total of under continued collected drilling this rig, same for BOSS during The Wyoming the quarter. early to morning. XXth loss rig $XX,XXX, average quarter extended a activity. We of of in them service contracts. also our fourth and contributed operator. pricing and We The termination per BOSS drilling we began in All This of before presently rigs affecting rigs we of by BOSS and rate rigs it a quarter maintain rigs operating. a day before fees of BOSS the pricing we not contract the quarter. did almost year already due quarter operating. XXXX XX our contract new the of during increase time. to The over number operating, completion mid-February, rig over high average X XXXX, $XXX count operating term the to X terminated Good rig term We throughout revenue were for XX of day fourth eliminations first Because long-term the

$X,XXX, higher operating labor increase quarter quarter to rolling primarily was indirect as per from increased the to Our settlement. by resulting $XXX workmen's comp quarter. total and over of cost the over average daily cost The elimination intercompany of profits The before before day the due first an for taxes is certain operating was fourth. eliminations margin cost for compared increase $X,XXX first intercompany which employment due previous the to

grow the and release. reconciliation another Our remains press today's non-GAAP fleet. evaluating BOSS contract can Interest in found high, very be our rigs we are possibility in of BOSS to rig long-term our

upgrade to also SCR rigs. continue will We

of projects important flow CapEx a to by note financed However, total refurbishment all rather be these rigs a at are It particular this cash operating rig. being of our on time, that this and within items restricted will than budget. X is

to opportunity to I'll turn We time, optimistic Bob the the to update. call Superior XXXX. during be Pipeline in over continue grow our for This

Bob Parks

Thank you, John.

was throughput financial of in long-lateral volume profit fourth XXXX, was quarter an to increase of quarter million outstanding Appalachian the X% Oklahoma $XX.X per XXXX, and facility. million XXXX, new the of solid first wells XXXX. to continuing our adding $XX.X projects increase our the year from a Cashion of our wells additional day wells a midstream the invested first driven to expand cubic is fourth Cashion the This system expand new over quarter facilities. in at connect of million increase over throughput expenditures new volumes The for extracting quarter in Mills these producing before by We and the Cashion and spent to area a our and depreciation XXXX, system. XXXX. total Cashion X off Following had during due the XX Operating for quarter and were add Pittsburgh central by majority of continuing the XX% which good our We plant reading capital in at start foot was results. Mills approximately the segment to first Pittsburgh facility, in to

new Additionally, initial quarter wells this million was gathering to during deliver and production Pennsylvania, cubic Kissick million facility to our facility feet of million approximately the the XXX the due XXXX, in late connect the some portion This cubic connected day, week gallons our our quarter located produce volume day gas increased approximately compressor increased of cubic of for day. of the of construction per new wells X-well to was per XXXX feet connections first XX southern where volume At of gas and in our total liquids were throughput gathering first total feet XXX,XXX DTI the Panhandle, complete January, into of natural Texas This XXX approximately pipeline. average approximately production system, we cubic we the our around is expect Mills pad per Pittsburgh a Hemphill assets. gathered the was capital XXXX. first new and next pad new X well February. the wells now The these volume of production throughput the in by pad expenditures first volume discuss per of the Pittsburgh The them station the midstream completed day. to several At to this from in the feet our X-well to months. on continue XXX to additional for our million began day, was several system. adding in new I'll average total total of per to and gathered increase January, our in pipeline Mills production X key the during quarter of pad began the

of connect to quarter, Buffalo quarter. processing wells the second increased connecting Oklahoma, in wells this facility system, process X but we're to first throughput the continuing cubic connect Wallow quarter day. system per new Cashion to gas X approximately volume average continues the the XX rest new production active million expect the wells Cashion first the the during and of Cashion in we our first XXX,XXX of any We're XXXX, natural connected to Petroleum our expand feet to This per systems. And not quarter increased gallons to liquids be XXXX an Unit during for and At day, did area. approximately new additional During of we XXXX. central the wells the in located to

reading the both Cashion processing segment. first With operational we XXX capacity In our results system of approximately plant the to midstream pleased addition, are per our total summary, cubic increased with for and day. on the financial the quarter million

addition positive pad Cashion of Appalachian our continued the new we are of the the With and results well expansion several in in key areas. system, area with producing

a Superior, the Larry final during the for to and continue stand-alone grow credit midstream now comment. turn back established over for are of segment million positioned his the $XXX we rest facility well having to expand to call I Additionally, XXXX. will

Larry Pinkston

Bob. Thank you,

each segments portfolio to another well of our we direct we continue will of allow natural through closed segment our oil X efficiently. progress XXXX. and As position advantages out its The quarter, move of as capital gas us very remainder business the in to

our rig drilling to Our fleet. grow business to see opportunity continues BOSS drilling contract

Our has prudent organic continue acquisition. see of we through growth able while growth been segment take to to opportunities, midstream advantage

our questions. I'd will approach strong the This in committed capital many anticipated today like a tomorrow. that we see to our flow. maintain disciplined call with continue we we for ensure keeping spending remain turn over of line financial now While profile and maintaining in opportunities, cash

Operator

our [Operator from Instructions] Adkins from first question Raymond Marshall And James. comes

Marshall Adkins

of drilling up in want side. both the to help year? where John, understand me I rig back start rigs, see the on demand QX shaping the, half the and you for

John Cromling

guess Marshall, now. right that's to hard

the will of on constraints to follow, now have that the alluded gas. already, because we know the We right comments drilling As several activity. of operator's rigs natural and course, subdued other the

Then think Wyoming, Dakota I even first this be Seems the as stay same So will we've Rocky mentioned for Permian. constant, a the Mountains, will pretty for the next the like very we're even what and differential mid-continent it as increase relieving hopeful, North the probably seen the been about we in bit region mid-continent maybe the and little the the the much activity for in in has see gas quarter, again better. on Permian. pipelines that

Marshall Adkins

directional me Larry, that let same of fill Okay. kind question.

I a it you different from have perspective. You, lot mean, seen of

all you smaller the to oil of now year? are good, playing out? of back in of E&P's, a $XX there's the be, back of private and it clearly, just they're $XX, that's the $XX year. Let's opinions range on oil services. I seemed and for there the in mean, E&P And different in hearing it right if the We're half broad-spectrum kinds increases spent looking the out obviously, the capital stays $XX, half say, see from the do here range. economics public but say, very here stays guys How with the Let's the lot

Larry Pinkston

you'll I the all see directed rigs. think, for

utilization. see think rig could, you on movement I a steady-to-upward you

I think somewhat I going but, quarter. mean, half second second to soft, the be is

$XX to And increase think And I we'll oil it prices. out lock more year. in a then And where in the much That's if starts is not half, could be needs is see some rapid be stronger next that in it's quarter. going so you years. my out that a months in stabilization $XX Marshall. happen, actually Second crude get you'll to for when think, for prices to those thought I crude, today, you'll, oil, some much the on

Marshall Adkins

all I'd shift base? future? mean, modeling going like Number in one. quarter to gears today? things should of of two, pretty off-line sits being I like It's the us in Is was happen possibilities we thought, hedging I'm again being start some Frank, your or some over or indication this really Last, could to not give where helpful. Frank. this to the get Yes, you this obviously plant that's to kind good. something totally going that Number

Frank Young

did on question. Les discovered. think, They occurring that far plant was second in discovered as they July. this to decided move The plant the projections. in in to of it. in a they was when Canada. them question we and We issue tower. routine equipment fabricated they that some. that's modeled the our hedging, the get But that the modeled the have a the maintenance goes, plant And answer their into that, discovered happened I It They the done, And a as And this X-day budget equipment operate of problem. I'll piece shut that still part having problem had resulted up replacement The several with they will at days answer. didn't needed. the A-main to plant get without have happened couldn't or

maintenance have So to for some like we'll, of year. general, don't in kind They'll happen anything that plan we'll will you're plant in we every that our we expect see again. correct saying that other generally But that in budget.

Les Austin

gas. And XX-Q hedged on the year natural our XX% the balance for rate the we the and quarter, the the Marshall, we on did there, hedged XX% about in at average for production balance that disclosed oil year we're earlier first before call. had about we in And of of the file

Marshall Adkins

Anything XXXX? in XXXX? about How big

Les Austin

Nothing in No. XXXX. really

Operator

from question next from comes SunTrust. Neal Our Dingmann

Neal Dingmann

the when I the of see Definitely, some this. of, a at oil kind when look something to shift that I seems breakdown to you I'm just of and you or like start may is mix? question. mean, on changes the content. just wondering that for bit focus wondering, broader noticeably increasing you actively of again, by the I'm I on have it you're the year? the the certainly wondering, know just a I'm components start pace addressing Frank. guys today? overall end just we'll that how maybe

Frank Young

first our we current the and quarter. oil goes the in to beginning total quarter daily into fourth increase continuing our to for the production stream. along, year. year, in the I expect rate XX.X% really a significant XX% see go comprised flow the quarter expect rate Neal, year third our excess as of through production as see of And we as about increase

Neal Dingmann

Frank, year? me to Penn pick externally, other nice is the just to there out the sands. And bolt-on you've been pieces in Are to there unlike that here up that, add a remainder continue additional you're to seeing there of on

Frank Young

Yes.

other areas several like make said, bolt-on the and first identified, we type like that to in together, can deals inventory. companies They're add have difference were, they you acreage. a to we're in with talks smaller drilling our but significant We of quarter, all, that

Neal Dingmann

sorry. to, just turning And Okay. maybe go lastly, then I'm ahead,

Frank Young

No, that's all I had.

Neal Dingmann

be give any termination fees thinking one just your rig for then wondering And you're per quarter? you of Okay. including about maybe just margins day. you're the potential last seeing nice we could should move this operation kind question on that, John. John, thoughts us if what on, I'm How quarter-to-date? about thinking

John Cromling

the down. decreases on but significant And fleet market. are count day in go the rig level. will spot know quarter overall continues were the to What rig saw with and rates not the rates there we Well, rig go activity decline, if will decreases, we first a the the land

rig It will way around So until we increase. it. the continue that overall activity see no just

Operator

question from from comes Our John next Wong RBC.

John Wong

call you and the has at You XX X mentioned par to that, outstanding to earlier in longer-term month down to debt. just past Xa call. par this stepped the referred your The

Given the have discussions relative about opportunistically final maturity? potentially out conditions, any favorable extending been their there market

Larry Pinkston

be the course, market, we're where of opens when that to it's we'll to in a starting position think And we market it. up at look timing. Well,

to any out it's but more we yes, get emergency, timing prudent of think for certainly I sometime. market us it's need to here It's go something get done. a issue. But them and extended not

John Wong

would if side? movement any far rate partake guys' a are catalyze Is a potential waiting on Or there like that? your like target as Okay. what you on funding are as there, from

Larry Pinkston

wide the watching for or we're to more this market what thing that's are to been but open, activity are the open energy bond advisors our we're opened on get really up has and mean, pretty But continuing investors energy two. of toward one the has more, financing right that market up. waiting The kind The side this The to there up back I broader now right now, us. Well. with ready been waiting into for for open to much. financing of reminding market the of side. hasn't segment we're for energy

Operator

Craig [Operator Gilbert Instructions] our from Advisors. next Linden And question comes from

Craig Gilbert

And you additional about fund mentioned free additional expectations fund purchasing similarly, Can would potentially for that on And the draws on that? to How that your cash spending? you with you acreage. plan you guess, assets, the the year? your with remainder I capital update any Is revolver? talk flow of something along that,

Larry Pinkston

Well, basically the is each established again at budget at cash year. midyear. of this the what of we flow always expect, our set year. our to in end that the in or We budget review was We'll earlier beginning our we the But what we what anticipate year on be. year budget previous our

on year, anticipate don't of beginning outstandings depending don't we So revolver. year anticipate to using, any the our end the of the from we

line down, than have immediately. for. acquisitions large was comfortable drilling acreage-wise, we just of nothing budget. on we're don't budget producing of timing larger But acquisition our with year, operations. our be would were line on and in the some our more or line of the amount of operation other would drilling for of If our operations we'd slowdown our plan borrowings, used course be that. because that pay the not, any will during we be maybe wouldn't enough Anything kind acquisitions within increases all and or outstanding we that back buy We Now drilling the lease the revolver. acreage-wise use of acquisitions properties under pay down. the But Any year-to-year, to our

year line. So year-end borrowings anticipating the we basis. into on to don't go a our under year-end Again,

year, work but the that it's During yes, it could period. over the XX-month out not way,

Craig Gilbert

mean does I'm sorry. that So we that should,

Larry Pinkston

used cash just we I year. on your of cash Well, We mean, each available up have follow don't, flow. our free with questions all about budget that flow to was I going our we

this fleet X reserves, year. hopefully, this new grow, grow already oil We've into rigs drilling will gas We our our reserves year. added and

there's hope cash the plan growth factored of certain of free number. but into that reinvesting answers growth a capital amount made, cash the, into company. overall that's flow on we expenditures, I our the the We So flow our

Craig Gilbert

the mainly CapEx? Or that to include is spending expenses? free Does, flow, cash interest is that just free, does

Larry Pinkston

kind that's We don't of debt. expect any back to debt. everything. Again, it No, comes

expect the end we the debt of We year. the at with year of beginning to same the amount had

everything, hope I covers you comfortable G&A. that with it. interest, are getting So

Craig Gilbert

Okay.

see $XX So repaid the we the to should drawn throughout million expect year?

Larry Pinkston

Yes.

Operator

showing back for are to questions. no comments. now we call turn will the Larry And further Pinkston closing I

Larry Pinkston

this morning. your They all us you appreciate hope many as Thank you we see travel few questions. questions, and we again. were of And joining the around. we Thanks, good to months for next in

Operator

concludes and ladies gentlemen. This now for conference. you and today's Thank disconnect. may Thank you, participating, you

Unit (UNTC) 5 May 192019 Q1 Earnings call transcript