Hello and thank you for standing by. My name is Tiffany and I will be your conference operator today. At this time I would like to welcome everyone to the Tetra Technologies third quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks there will be a question and answer session. If you would like to ask a question during that time, simply press star, then the number one on your telephone keypad. I would now like to turn the call over to Kurt Hallett, Treasurer and Investor Relations. Kurt, please go ahead.

Thank you, Tiffany. Good morning, and thank you for joining Tetra's third quarter 2025 earnings call. The speakers for today will be Brady Murphy, Chief Executive officer and Aligio Serrano, chief financial officer. Before we begin, I'd like to call your attention to the safe harbor statement in our Form 10-Q. Some of the remarks we make today may be forward-looking and are subject to risks and uncertainties as outlined in our SEC filings. Actual results may differ materially from those expressed or implied. In addition, we may refer to adjusted EBITDA and other non-GAAP financial measures. Please refer to our press release for reconciliations of GAAP to non-GAAP measures. These reconciliations are not a substitute for GAAP financials and we encourage you to refer to our 10-Q that was filed yesterday. After Brady and Aligio provide their comments we will open the line for Q&A. I will now turn the call over to Brady.

Thanks Kurt and good morning everyone. Welcome to Tetra's third quarter 2025 earnings call. Right last week, our colleague and good friend Aligio announced that he will retire at the end of March next year. As part of Tetra's succession planning process, Matt Sanderson will replace Aligio as CFO. Matt is currently Executive Vice President and Chief Commercial Officer, having joined Tetra in November of 2016. Through the end of March 2026, both executives will continue in their existing duties and responsibilities to deliver and execute on the company's OneTetra 2030 objectives. Upon his retirement, Eligio will continue to serve in an advisory capacity for the company. Since I became CEO in May of 2019, Eligio has played a key role in working with me and our executive team to refocus the company on our core fluid chemistry expertise and the results speak for themselves. From guiding the company through arguably the industry's most challenging period during the COVID-19 pandemic to the divestiture of our general partnership in CSI Compresco and shaping our OneTetra 2030 strategy, Elihu has been a strong contributor to our current success and future outlook. I, the board of directors, and the rest of the executive team are very grateful for his contribution and are pleased he will continue to serve in a non-executive advisory role. Fortunately, we have a strong executive team that many of our investors had the chance to see and hear from at our recent Investor Day at the New York Stock Exchange in September. And as part of our succession planning process, Matt is well prepared for the transition to CFO. The recent addition of Kurt Hallad as VP of Investor Relations FP&A and Treasury, along with Catherine Kotinas as CAO, has significantly strengthened our current and future financial organization. I'm confident there will be a smooth and seamless transition. Now I'll summarize some highlights for the quarter, provide an update on our strategic initiatives before turning the call over to Eligio to provide some more details about the financials and our guidance. Our employees delivered a very strong third quarter results against the backdrop of an ongoing challenging industry environment. Our third quarter, combined with our first quarter year, first half year results, allowed us to reach the highest revenue of $484 million and adjusted EBITDA of $93 million in the past 10 years. Mainly driven by chemicals and deep water completion fluids, this 10-year record is further highlighted by the fact that the overall deep water rig count is 40% lower than it was 10 years ago, emphasizing the significant deep water market penetration we have achieved. For the quarter, we achieved revenue of $153 million and adjusted EBITDA of $25 million with adjusted EBITDA margins of 16%. This represents an 8% year-over-year increase in revenue and 7% rise in adjusted EBITDA, driven by continued strength in our offshore completion fluids and industrial calcium chloride business. Third quarter completion fluids and products revenues increased 39% compared to the previous year period, with adjusted EBITDA margins rising by $6.9 million. Through the first nine months of the year, completion fluids and products adjusted EBITDA margin reached 34.5%, a 500 basis point improvement compared to the same period in 2024. This was driven by a successful completion of three tetra-neptune wells in the Gulf of America, increased demand for high-density zinc bromide completion fluids, strong contributions from Brazil deep water projects, and robust calcium chloride results in northern Europe. For full year 2025, we believe completion fluids may reach a 10-year high. As highlighted at our recent investor day, the long-term outlook for the completion fluids and products business remains strong, driven by deep water completion activity, exceptional performance in our industrial chemicals business, and a material increase in battery electrolyte revenue as our customer ramps up deliveries from its first automated production line. Water and flow back services revenue declined 2% for the second quarter and 18% year over Adjusted EBITDA rose 18% sequentially due to better cost controls, but fell 33% from the same period last year on lower activity. Sequential adjusted EBITDA margins improved by 200 basis points to 12%, driven by higher utilization of our patented automated Tetra Sandstorm and Auto Drill Out units, efficiency gains and cost controls. This performance was achieved despite a 12% sequential decline in U.S. frac crew count and a 27% decrease compared to the second quarter of 2024. Despite a muted outlook for the U.S. frac crew count, we expect our onshore testing and flowback business to benefit from three industry trends – longer laterals, increased sand and water usage, and a continuous rise in overall volumes of produced water. outside of the u.s we are seeing the benefit of material increase in overall unconventional activity in argentina and the middle east we're currently 100 utilized with our automated sandstorms units in argentina and have recently been awarded tetra sandstorm work in the kingdom of saudi arabia in argentina's vercamorta region we've been awarded five contracts related to production testing sandstorms and two production facilities one of which is now operational and the second and is expected to go live in the first quarter of 2026. These recent wins in Argentina, utilizing the technology we've developed in the U.S. on conventional shale plays, are expected to almost double our revenue next year in Argentina, helping to minimize the uncertainty in the U.S. onshore activity. With respect to our Arkansas bromine plant, we've generated 58 million of base business-free cashflow and invested 28 million in the project through the first nine months of this year. we are on schedule and under budget for phase one of the project and remain confident that the plant will be fully operational by the end of 2027 the plant will have a capacity to process 75 million pounds of bromine per year which is more than double that of our current long-term third-party supply agreement this will also enable tetra to generate between 200 to 250 million additional revenue and between 90 and 115 million of adjusted ebitda As noted in our Definitive Feasibility Report, the adjusted EBITDA target contribution is underpinned by lower input costs and additional volumes for the battery electrolyte and deep water completion fluids business. At our investor date on September 25, 2025, we unveiled 1TETRA 2030, a strategy focused on leveraging our core fluids chemistry expertise into new high-growth and markets, notably delivering battery electrolytes for long-duration energy storage, as well as oil and gas-produced water desalination solutions. Algoros do more than double revenue to over $1.2 billion and triple adjust the EBITDA to over $300 million by 2030. We're very appreciative of the attendance and the interest in our Investor Day presentation. The feedback has been overwhelmingly positive and supportive of the strategy and the executive team that will deliver the 1TETRA 2030 targets. On the electrolyte front, we're encouraged by the progress EOS Energy continues to make in automating their first manufacturing assembly line and its recent announcement that it will expand its manufacturing capacity in 2026. As the AI push continues to drive increasing energy demand, the importance of power stability through zinc bromide long-duration storage systems appears to be gaining traction, mainly due to its safety, scalability, and domestic sourcing. To account for that, we have completed the installation of our bulk delivery system, which will significantly increase the electrolyte volumes in 2026. Moving to water treatment and desalination, the U.S. oil and gas industry is facing an increasingly urgent challenge in managing produced water, particularly in the Permian Basin, where over 6 billion barrels of wastewater are injected into saltwater disposal wells annually. This traditional underground injection method is becoming less feasible as downhole formation pressures keep increasing and storage pressure storage core pressure fills up with the commercial launch of tetra oasis and the engineering design of the industry's first 25 000 barrel per day produced water treatment and recycling facility texture is well positioned to lead in solving this problem the front-end engineering and design has been completed and the estimated capital and operating expenses are within our initial projections for the project this step is facilitating commercial discussions with multiple customers and remain confident that we could sign our first commercial contract in the coming quarters. We have a strong free cash flow generating base business and our OneTetra 2030 strategy will enable us to leverage our fluids chemistry expertise into new high growth end markets. We believe this transformation will enable Tetra to generate over $100 million in annual adjusted free cash flow by 2030 and drive meaningful cash returns to our shareholders. I'll turn it over to Aligio to discuss the financials.

Thank you, Brady, and thank you for the kind words. I'm not going anywhere nor slowing down between now and next March. We've got a job to do. We ended the third quarter with $67 million of cash on hand and net leverage ratio of 1.2 times. Throughout the year, our focus has been on generating free cash flow from the base business to maintain a strong balance sheet and to self-fund as much of the bromine project as we can. We have accomplished this through aggressive cost reductions in our onshore business, carefully scrutinizing all capital expenditures, and remain very focused on managing our working capital. Working capital was $113 million at the end of September, an increase of only $4 million from year end. As a comparison, third quarter revenue of $153 million was $19 million higher than the fourth quarter, yet working capital is only up $4 million. DSO has improved two days from the fourth quarter. This highlights the focus we have on generating cash from the base business by managing inventory and receivables. Since the end of September four weeks ago, our liquidity has further improved, increasing $10 million from $208 million to $218 million, inclusive of the $75 million dollar delay drop feature that is available to Tetra for the bromine project. In an effort to further reduce our cost structure and reduce corporate G&A expenses, we are expecting to relocate to a new corporate office later this quarter. The new office is a short distance from the current office in the woodlands. Compared to our current lease, we expect to reduce lease expense by approximately two million dollars per year. We updated our 2025 guidance. Income before taxes will reflect on a fourth quarter non-cash charge as we early terminate the existing lease and move into a new lease with significant lease concessions for the first two years. With respect to the outlook, total year projected EBITDA is now expected to be between 107 million and 112 million. This compares to our prior total year estimate of between 100 million and 110 million dollars and this takes into account the stronger than expected third quarter they benefited once again by strong offshore activity the fourth quarter is expected to see continued weakness on the onshore site the timing of deep water projects in the fourth quarter will dictate whether we are near near to the lower or the higher end of the guidance range recall that as deep water activity improves some projects moving between quarters can have a meaningful impact on this or the next quarter, and some of these projects are hard to predict exactly when they will be completed. U.S. onshore remains challenging, but we continue to leverage automation, technology, and strong cost control to keep our margins in the double-digit range. The winds in Argentina will be a tailwind for us next year and are expected to improve our onshore margins. EOs and the deep water market will also be a tailwind for us next year. Let me close by summarizing what I believe to be the items everyone should focus on. First, the third quarter was another quarter where we outperformed with strongly expected revenue, EBITDA, and cash flow. We like the cadence that we are on. Second, we continue to win work both offshore and now with significant wins in Argentina that Brady mentioned. The base business is performing in a challenging market environment. Third, the immediate milestones we laid out as the road markers toward 2030 are materializing. EOS volumes are increasing and EOS is launching the build of their second line. The bromine plant remains on schedule and within budget, all self-funded. The front-end engineering study for the first desannulation facility was completed on schedule and confirmed by capex and opex numbers now we are changing terms and pricing with customers and we're expect we are expanding our business internationally with the argentina wins that roy mentioned during the investor day as a goal their journey towards one tetra third 2030 remains on schedule brady let Let me turn it back to you for closing comments.

Thanks, Eligio. Despite the ongoing macroeconomic and energy market uncertainty, we have strong conviction in the longer-term outlook. Our proven ability to differentiate in the markets in which we operate and our one Tetra 2030 strategy. With that, we'll turn it open for questions.

At this time, if you would like to ask a question, press star, then the number 1 on your telephone keypad. To withdraw your question, simply press star 1 again. We kindly ask that you limit your questions to one and one follow-up for today's call. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Bobby Brooks with Northland. Please go ahead.

Hey, good morning, guys. Thanks for taking the question and want to congrats, Ali, on an incredible career. um just first on the oasis commercial engineering it's great to hear you completed the feed study but i just wanted to understand are there any further engineering work that needs to be completed or just maybe more broadly what are the next steps there yeah no certainly bobby um yeah no the feed is an important milestone because it validates um you know what we had estimated in terms of the capex and the apex and the overall financials, you know, for our desalination technology.

25,000 K is still a relatively small scale commercial plant. We expect, in fact, the discussions we're having are, you know, much larger facilities where the economics will even get improved from there, you know, as we get higher volumes. But the next steps are really socializing, discussing the economics financials with the customers that we're engaged with. As we've mentioned before, we've got seven NDAs in place. Those customers have been waiting for us to get to a point where we could have commercial discussions, and those discussions are initiated. So, as far as additional engineering, we have enough confidence in the the engineering that's been done to this point to enter into uh commercial discussions and a contract um but there is still the you know detailed engineering that has to be done in order to construct the uh the final plan so that that'll be part of the next steps would that detail engineering to then construct the final plan would is it reasonable to think that that would be kicked off once a commercial agreement was signed or that may be come before that that when yeah we'll most likely I mean we have high confidence in commercializing this technology

and so we're already getting a proposal together from the engineering firm that we're working with to start detailed engineering ahead of any commercial contracts very helpful color and And then just on the CFP sales, so a step down about 19 million sequentially, but obviously it's more importantly up 15 million year over year. And obviously a big factor on the sequential step down is the absence of Neptune jobs and the seasonal industrial calcium chloride sales. What I was hoping to get a little bit more color on is thinking about that 19 million step down. Is that all essentially the absence of those two factors? And then reversely, looking at the $15 million year-over-year increase, could you maybe break down what were the different factors that drove that growth? Leo, you want to take that one?

So, Bobby, the vast majority of it was the European calcium chloride seasonality. And recall that we also had a Neptune, a well in half of Neptune that we completed in the second quarter. So it was those two partially offset by the ramp up in activity in Brazil that we've been talking about.

Fair enough.

Your next question comes from the line of Martin Malloy with Johnson & Rice. Please go ahead.

Good morning. Leo, best of luck with your future endeavors upon retirement. Thank you, Marty. First question I wanted to ask about was just in terms of the offshore market, it seems like it's been strengthening for you all. And when you look at the subsea tree orders for the industry, they've been trending up. Can you maybe talk about your confidence as you look forward to 26, 27, and any early indications as to whether Neptune projects are a possibility in 26th?

Yeah, sure. Thanks, Marty. Look, we see the same thing you do with the offshore activity from our customers' discussions as well as in subsea tree orders. So, yes, we have a strong confidence in 26th and 27th and beyond, quite frankly. We think that the deep water market is going to be on a pretty nice long run, certainly as the U.S. shale play starts to starts to plateau. But in terms of Neptune, I think our pipeline is as strong as it's ever been. So I would say we have a fairly high degree of confidence that we will be executing work in 2026 and beyond with Neptune.

Obviously, we don't want to give any specific uh uh information on that until we have the the well defined the project awarded and then we can give more detail but we have a we have a high confidence level great thank you and for my follow-up question wanted to ask about um on the desalinization side and very encouraging to see the you expect a first commercial project in in the early 2026 can you remind us of the the capital cost for one of these standard facilities and maybe your outlook for initial couple commercial projects, whether they're going to be owned by the customer, the facilities that are owned by Tetra, how that breaks down?

Yeah, I'll answer the commercial model, Marty, that we are utilizing. First of all, the core technology within the plant will always be owned by Tetra. We have a couple different commercial models. One is a licensing model, a long-term licensing model, but Tetra will continue to maintain ownership. We have a shared capital project financials as well as one where the customer funds the capital if they have a lower cost of capital and they prefer to do that. So we have a couple of different models with that type of flexibility, but in either case, Tetra will maintain control and ownership of the core technology within the plant itself. As far as the CapEx goes, I think general industry numbers that are out there are a million dollars of CapEx for every thousand barrels of desal. I would say that those numbers are relative to the core technology that we bring to the equation. There's also civil works, and depending on where power is derived for the project that would be addition to that, but those are order of magnitude type numbers that we're confident in.

Great. Thank you. I'll turn it back.

Your next question comes from the line of Stephen Gingaro with Steeple.

Please go ahead. uh thanks good morning everybody good morning steven i apologize if you if you touched on this earlier but at a high level when we think about 26 versus 25 and we think about the first half of 25 and the fluid side can you outline the the the puts and takes into 26 maybe even off the back half of 25 if it's if it's easier given what we know about the deep water fluid business in the first half and then and maybe along with that you did mention confidence in the deep water business what's the timing look like because it sounds like the ramp recovering deep water is kind of a mid 26 event based on what some of the larger cap service guys are playing and how does that kind of fold into the timing of your product sales yeah i'll take First, Steven, and then Aliyah will let you add some additional comments.

So as we look forward to 2026, there's a couple of really strong growth pieces of our business. We mentioned Argentina. The awards that we've recently received, as I mentioned, we should double our revenue in Argentina in 2026 over 2025. even the middle east with the with the recent sandstorm awards that will be um some additional growth for us uh eos will be uh is anticipated to be a very large uh material ramp up from us um you know eos activity for us in 2025 you know is well up over 2024 but it's still i would say it's not really has not been a material uh part of our business so far uh it will we believe it will be very much so material business for us in 2026 as far as the deep water work uh you know the markets that we're strongest in the gulf of america brazil north sea you know particularly on the norway side we have good visibility into the projects and our customer plans for those markets in 26 and so we that's why we have a confidence level and because of those markets in those customers for us in 26 now you know the neptune can move the needle for us as as as you well know our confidence level as i've mentioned is is is high for 2026 now whether those come in the first half of the year or second half of the year you know we'll give a little more color as we get into uh uh you know the start of the year a little bit there's a visibility on that um but

those are all contributing factors to what we think will be a pretty strong 2026 for us on the deep water side melio did you want anything kurt yeah hey steven you you you reference an interesting point just on rig activity look um as you know right uh the the rig count doesn't necessarily um it under represents what our opportunity set is from the completion side so i would not necessarily take what you're hearing from the the drilling contractors about a little bit of a lull in crime contracting activity and suggest that there's any direct correlation to our outlook for the completion side of the business.

Yeah, and even to add, if you want to sequence the second half of this year to the first half of next year, Brady mentioned Argentina. We got a ramp up occurring there. Obviously, we expect yields continues to increase volumes. Every second quarter, we see around a $15 million increase in our Europe calcium chloride business and the Brazil market continues to perform quite nicely for us. So there's quite a few tailwinds that I think are going to benefit us in the first half of next year compared to the second half of this year.

I don't know if you'll answer this, but if we exclude EOS, does fluids grow 26 over 25?

We believe so because of the deep water market and the uh activity that we're seeing out there okay great um that is all for me i appreciate all the color your next question comes from the line of tim moore with clear street please go ahead thanks and congratulations to leah for his retirement plan and he will be uh well missed um so you know just maybe starting out on desalination um can you maybe provide us with an update on the beneficial reuse you know at growing season you know for eog you know i can't remember if that needed maybe two growing seasons and then just just on the topic you know you talk about feed

study and progress and everything can you just maybe remind us of any remaining regulatory related milestones that that first customer might have to do in texas to get sign off to uh really start the construction yeah i think that the regulatory side of that equation is um you know has really been constructive tim over this past past year i may not work again a reminder that you know we're not the ones that apply for the permit our customers are so they're they're the ones who will still own the water and will be responsible for the permitting but all of the information that that we have um you know tells us that that that is being uh you know well facilitated by the regulators these days so no real concerns on that on that side of it You know, as far as the program we have with EOG, you know, we do have an NDA in place on that project. And so, you know, we're limited to the details that we can give. We can say it's going very smoothly, very successfully, and very encouraged by the progress of the pilot. It is a grassland studies, as we've mentioned, is actually a grasslands growth project. But that's really as much detail as we can share at this point, other than it's going very well.

I understood, Brady. That was helpful, Collar. And then just, you know, switching gears to EOS Energy. You know, they hold a quarterly earnings call next week on the 6th. Can you just give us a sense of maybe, you know, Tetra's lead time visibility, you know, rolling orders? I mean, is it kind of a rolling, you know, 60- or 90-day advanced planning period, you know, know, for you to get the solutions ready for PureFlow Plus and ElectroLights, just kind of thinking about that, you know, as we model out the fourth quarter, and that probably ramps up for them and you benefit.

Leo, you want to take that one?

So, we're in constant dialogue with EO on a weekly basis between our manufacturing team and their procurement team at the executive level, appears to be almost like a weekly or the other week call. Once we get purchase orders, we can turn it around quite quickly. As you know, we're producing the electrolyte out of our West Memphis facility. That facility is producing the zinc bromide that is either used for the offshore market or we further purify it and increase the purity levels there to meet the EO's demands. And all the incremental products that we buy are available on short notice. So we can turn around purchase orders within 30 days from yields.

That's really helpful, colorily, you know. And then my last question, just because most of the others were already asked, you know, and my favorite thing in the last few years has been desalination, but, you know, you don't get asked a lot about your calcium chloride business, and, you know, we know there's seasonality drop in the third quarter every year. But how would you kind of quantify maybe that overall business, you know, nine months year Has it grown more than 5% this year, the industrial calcium chloride?

So, Brady, I'll take that one. One of the things that we joke about is the leader for our calcium chloride business, Tim Moller, every time he gets in front of the board, he talks about a record quarter. And they literally have been achieving a record quarter with the calcium chloride business. They have found additional applications for the calcium chloride. They continue to expand and gain market share. So that business is one of our little crown jewels that probably isn't recognized and appreciated as much as it should. And they've been outperforming the consumer price index by a nice factor.

And if I could just add to that, Tim, you know, if we look at we laid out in our investor day, that business tends to outpace the growth of GDP by something north of 300 basis points. no no yeah it's it's i'm pretty familiar with it you know i think the investors just really haven't caught on the last few years that i mean it was something like i calculated you know 35 to 40 percent or you know your ebitda you know last year the year before so i'm always curious to how that's going it seems like it's going great so uh that's it for my questions thank you tim i will add that we updated our investor deck and posted it on our website this morning to reflect q3 numbers and it includes tpm q3 calcium chloride revenue and the trend

and I encourage you to take a look at it to appreciate how that business is performing.

That's great. That's good visibility.

Your next question comes from the line of Josh Jane with Daniel Energy Partners. Please go ahead.

Good morning. Thanks for taking my question. First, just as we think about offshore opportunities in the next year, you've hit on it a little bit. Maybe you could just talk through your key markets, Brazil, Gulf of America, North Sea. And in the event that, you know, we've seen this over the last couple of years, things can slip to the right when thinking about offshore projects. Could you discuss which of those markets you may expect to hold up better than others in the event operators become increasingly cautious and just talk through those opportunities a bit more?

Yeah, sure, Josh. I mean, I think, keep in mind, the Brazil awards that we were awarded, we've really only seen a half a year. of benefit uh from brazil this year so next year we're expecting to see a full benefit and you know not really anticipating any any change uh to that uh that program i would say the same for the for the gulf america we've mentioned in our investor days as you know more and more operators start moving out to the the lower tertiary these wells are absolutely have significant productivity And even in a lower cost environment, we anticipate those projects to continue to move forward. So no real change in our outlook for Gulf of America. And then North Sea, I'd say the same. Equinor and the businesses in Norway continue a very strong pace. Again, we're not anticipating much change there. Now, keep in mind, the rest of the markets, even though we may not have a strong service operation in a lot of other deep markets around the world, we do sell our completion fluids through the major service providers. Since, again, they don't manufacture their own completion fluids, they buy them from companies like Tetra. So we actually have a pretty strong market presence around international markets around the world, but through the service providers, that can probably be a little bit more volatile than the three key markets that I've mentioned. And we'll see as we get into the 2026 planning process with our customers. But again, everything we're hearing about the deep water market is a multi-year growth story for us.

Josh, the other thing I would add is if you look at our investor deck and our historical results for the completion fluids and product segment, those margins hold up in almost any cycle. During COVID, we saw margins improve during the two COVID years over the prior year. So that business has strong, resilient margins even during slower periods.

Absolutely. And then as the follow-up, I just wanted to – maybe you could talk about Sandstorm and opportunities in Saudi just as a – how do you see that evolving as potentially a multi-year opportunity? Could you speak to that a bit more? And is that the type of product and business that is ultimately going to consume more of your capital over the next two to three years? Thanks.

Yeah, absolutely. Yeah, I mean, it's a very exciting opportunity for us. I mean, we're starting to really see, you know, unconventional activity outside of the U.S. ramp up. As I've mentioned, our Argentina growth, which really was fueled by sandstorm and our, you know, production testing capabilities, is going to double next year compared to this year, is anticipated to double compared to this year. Now, Saudi, we're not seeing that type of growth yet, but having our first award with Sandstorm is a great start because it typically leads to the, you know, growth of other pieces of our business, as we've seen in Argentina. So, yeah, we're very excited about, you know, getting a foothold into that market with such a key piece of technology that will be a catalyst for growth for us.

Thanks, I'll turn it back.

Again, if you would like to ask a question, press star, then the number one on your telephone keypad. There are no further questions at this time. I will now turn the call back over to Brady Murphy for closing remarks.

I appreciate everyone joining us for the call today. Again, despite the current macro energy market, certainly, again, we have very strong convictions in our base business performing to the levels that it is as well as the future outlook again related to our 120-30 strategy so thank you very much for your participation we'll conclude the call ladies and gentlemen this concludes today's call thank you all for joining you may now disconnect