Okay, good afternoon. Our next presenting company is Adams Resources & Energy. It trades under the ticker symbol AE. Company is involved in crude oil marketing and some specialty chemical transport. Here today to start the presentation is the company's CEO, Kevin Roycraft, and with him is the CFO, Tracy Ohmart. Kevin? Thank you, John. Thank you for joining us today. Thank you to Three Part Advisors for hosting this conference. I won't get into forward-looking statements. My name is Kevin Roycraft. As John said, I'm the CEO and President of Adams Resources. I've been with the organization about seven years now, started as the president of one of our chemical transportation divisions, Service Transport. Been in the industry about thirty years. So with that, Tracy, do you wanna introduce yourself real quick? Yeah. My name is Tracy Ohmart. I'm the CFO of Adams. I've been here just a little over six years. Background is pipelines and transportation, a little bit of private equity, mostly public companies. So we have a complex story. We have a lot of different divisions. We'll go through it the best we can, but certainly, if you have any questions, our contact information is at the end, and you can certainly reach out to us individually. But as we go through the presentation today, we really wanna show you that we have a strong and historically peer-leading balance sheet. We're a very conservative company with diversified business units. We've paid a stable dividend over the years. We're in the right basins to leverage high returns, and we have the infrastructure to support future growth. We were founded in 1947 by Bud Adams. He's known... Pretty legendary guy, started the Houston Oilers, eventually moved the company to Nashville, became somewhat hated in Houston because now the Oilers were gone. Now, today, you know, he took the company public in 1974. In 2022, we repurchased 44% of the shares. Tracy will get into the details of that later in the presentation, so the Adams family is not directly involved with the company anymore. We bought back those shares at $36 a share, but you know, we've moved forward to get the Adams name because of the great history involved with that. The divisions that we'll be talking about today are Service Transport Company, which is our chemical hauling division, and then we have GulfMark Asset Holdings, and under that umbrella, we have GulfMark Energy, which is our crude oil marketing company. Victoria Express Pipeline, which is a pipeline we use to haul the oils that we're purchasing for GulfMark. Firebird Bulk Carriers is a crude oil hauler, and then Phoenix Oil is a hydrocarbon recycler. They take off-spec hydrocarbons and recycle it. All interconnected businesses, many different divisions doing the work. Just some interesting numbers for the company. Annually, we drive about 44 million miles. We market about 35 million barrels of crude annually. We have enough storage capacity for just under 1.9 million barrels of storage capacity, mostly on the Intracoastal Waterway, in Texas. We haul over 1,300 different chemicals. We pay, we make about 60,000 royalty and working interest payments every year. We have 118 consecutive quarters of paying a dividend. I mentioned the pipeline earlier, 56 miles of pipeline, and we've been in business since 1947, 77 years. We're more of a service company than we are an energy company. We're somewhat agnostic to the price of oil. This is just a chart of, you know, since 2016 of our EBITDA versus oil price. Really doesn't have much correlation outside of the COVID year, on that, when you look at those two, but one thing when you look at our results, we also put out an adjusted EBITDA number, and we don't just adjust up. Really, the only adjustment we're putting in there is the adjustment for the price of the oil and the volume of oil that is in our storage tanks at the time when the quarter closes. So this slide, and you can dig into it a little bit on it, offsets some of the, you know, shows the adjusted pieces of that, and you see pretty steady growth with the adjustments. The earnings decreases, the green ones, you sort of, that's where you top up, where we've taken earnings out because of the oil price decrease, and then the blue ones, you sort of ignore, 'cause those are sort of accelerated earnings because oil price increases for the month. So that's how our adjustments work. It's really the only piece that we're adjusting when you look at our results. We have ended the quarter in June with $38 million in cash on hand and about $13.1 million of long-term debt. Historically, we've always carried very little debt and strong cash positions. You can look here on our cash positions. Certainly dropping in 2022 when we did the acquisition of the family share repurchase. We spent $45 million that year on the share repurchase and another $31 million in cash to our Phoenix and Firebird acquisitions in that same year. Since then, we've really been working on reestablishing our cash position. As you can see, that's been growing and paying down the debt. We've been very aggressive in our debt payments. We paid, to date, this year, an additional $5 million in debt, and have about, as I said, $13.1 million in long-term debt. With that cash, we've been doing a lot of acquisitions. Historically, you know, when the company was founded, wasn't very acquisitive. With the new management team that came in, we have starting pretty regular acquisitions as the years have gone by, and the last most significant one is the family share repurchase back in 2022. Revenue is also a big number for this company, but it's largely ignored internally, and probably as an investor, I would ignore it as well. It's largely a function of our oil price. So if oil prices are high, we are doing such high volumes of oil marketing, as I mentioned, all the barrels we're trading. Our revenue can go up and down based on just the price of oil, so it's really not a huge factor in what we're looking at. What probably should pay more attention to is our EBITDA by division. With trucking being in a bit of recession the last two years, our GulfMark Energy piece has really grown as far as their portion of our EBITDA by division. You can see back in 2022, our trucking STC had the majority of our EBITDA, and it flipped a little bit in 2023, and now GulfMark has about 69% of our EBITDA right now. So it's diversified businesses. As one's up, the other one can go down, but that's just a little history on that. I mentioned the dividend. We've paid a steady dividend since 1994. We're projecting a $0.90 per share dividend this year as well. One of the things we feel strongly about, and this is really new to our investor deck this year, is, and a lot of people will tell you that while you're at this conference this year, is that we believe, management believes, that the company is severely undervalued at a $58 million market cap, and have a few slides coming up here to show you why we believe that. The first one really is just looking at the estimated value of our long-term assets, not including the cash. When you take our tractors and trailers, we have nearly $80 million in tractors and trailers. Properties at $27 million, rolling stock inventory at $7 million, and other assets at $18 million, including, you know, putting a pretty low value on the pipeline, which it's hard to put the exact value on that. We estimate value, not including cash, at $130 million. Our net cash, put another $15 million on there, so $145 million just in assets when you look at a $58 million market cap. The next few slides show a few different trends on that. The left to right red trend line is our market cap. The right to left, or I'm sorry, yeah, and then right to left, you see the asset value of the company from 2017 through 2024. In 2017, we had about $39 million in assets. Today, I just mentioned it's over $130 million, but the market cap has not been recognized by the street. Same with adjusted EBITDA. In 2017, we had about $12 million in adjusted EBITDA. In 2023, we had thirty million, over $30 million in adjusted EBITDA, and still a challenging market cap situation with that. And sort of the third thing is that investors are interested in is the free cash flow. Certainly outside of a year, we replaced a ton of trucks in 2019. The trend has been, you know, moving up in free cash flow, with the market cap not getting recognized by the street on the how, on the performance of the company. Not to mention the $38 million in cash that we have. Getting into the operations a little bit, these are the operating areas we are. We're heavy in the Gulf Coast, so most of our trucks and activity are happening in Texas and Louisiana, but we also have locations throughout the sort of east of the Mississippi. I won't go into ESG, but these are a few of the sustainability partnerships that we have. I'll touch on SmartWay as an association with the Environmental Protection Agency, where we report our carbon footprints each year. To maintain our status with that organization, we need to show improvement each year. Then Truckers Against Trafficking, being a Gulf Coast carrier, we train all of our drivers to recognize and report trafficking, since it's such a significant issue, especially in the Gulf Coast, being a border state. Safety is a huge piece of ours. You know, with insurance rates going up and carriers exiting the market because of insurance, we take the first $1.5 million of every accident that we have, 'cause we believe in ourselves. We won multiple awards, including the Tank Truck Company of the Year in 2021, and we're a finalist again this year for that. I'll flip through that. Describing GulfMark Energy, so that business is our GulfMark marketing company. We buy barrels directly out of the ground from the producers. We pick it up with our trucks in small quantities, so a hundred, hundred and fifty, two hundred barrels at a time. We consolidate that oil in our storage locations, either by running it through our pipeline and putting it in storage locations or one of our other four locations, where we can hold the oil, and then we deliver by barge to the refiners at the end of the day. So, picking up small quantities, making them big co-quantities, and delivering by barge to our customers there. And you can see, we do about a hundred thousand barrels of oil each day at GulfMark. These are the locations where we have the storage capabilities I talked about. This is sort of a breakdown of where our marketing is happening. A lot of it is happening in the South Texas and the Permian. We have about an 85% market share of all the barrels that are being produced in Michigan, a little production in Louisiana, and then we're doing some pipeline barrels out of the Rockies. That'll let Tracy talk a little bit about the purchase of our VEX Pipeline. Yeah, the VEX Pipeline is about ten years old. It was constructed originally by Devon Energy, and then Devon spun it down through their relationship with EnLink Midstream. We purchased it in late 2020, during the pandemic, when the line was completely empty. We had started to ship on the pipeline. We're shipping on it, then obviously, during the pandemic, the use of crude oil and obviously transportation, all that stuff was down. So we went ahead and stepped in and bought it. We paid $20 million for it. $10 million was seller financing, which we paid off in the following year, and the other we paid down cash. The pipeline itself was about between $250 million - $270 million. So, you know, it's anything's only worth what someone's willing to pay for it, but for us, it was very strategic, because it takes the driving from the north end of the pipeline to the south end and back north again. Round trip's about 140 miles. And if we're doing, you know, 12,000 barrels a day, you know, you're easily getting to 70 trucks a day. And so from an annual basis, you're starting to approach 3.5 million miles that we're not driving our trucks, because we own the pipeline, and pipelines are very safe and very efficient operations. So, we have expectations to grow the business on the pipeline with third parties. It does cross several other key pipelines in the state of Texas. We did complete a connection for our side to MAX Midstream. That's what's been done well over a year ago. MAX has a terminal down at Port Comfort, and they were gonna compete with the Houston market and the Corpus Christi market for exporting crude oil, predominantly to Europe. The people that own the MAX Midstream terminal own a lot of energy infrastructure in Europe. Unfortunately, the pipelines that they bought, that we would connect to, had some integrity issues, and so those pipelines that would connect immediately to ours is still not operational. It's not up and running yet. And we can't predict when they're gonna get that running and what they're gonna do. In the meantime, you know, there's several other opportunities for connections, which we're working on as well. In particular, the Ironwood connection would allow for barrels potentially to come down through the Permian, down to our facilities at the dock, or, you know, go on further on down to Corpus Christi. So, you know, it makes sense for us to own the pipeline. We do think there's a lot of opportunity. It's a slow process, kinda, tedious process, but long term, you know, we do think there's good opportunity there. As Kevin mentioned, we bought Phoenix and Firebird in August of 2022. From a cash perspective, we paid just a little over about $32 million cash. The Phoenix Oil dates back to... Well, here's the location. So the red locations were the GulfMark locations, and the blue locations were Phoenix and Firebird, and then there's a couple that are kind of the purple that were overlapped. Historically, GulfMark outsourced all of our maintenance. We used Ryder and other third parties to do the maintenance and all the inspections and everything. We didn't do anything ourselves. One thing Kevin did when he took over as CEO, started consolidating a lot of things at a corporate level, so from Service Transport and GulfMark, combined fuel-saving purchases, tire-saving purchases, our operations, our COO, big, strong trucking background, particularly managing fleets and things like that, so got Kim in charge of the GulfMark things, so what the Firebird and Phoenix acquisitions has allowed us to do is have mechanic shops. They had mechanics, they had shops. Again, so try to start doing that maintenance and reduce operating costs, do things in-house, and so it really kind of fit well with us, and then currently, well, I'll get to that in a second. So what Phoenix is doing, they are. If you think about a gas station and diesel gets put in a gasoline tank, Phoenix can come extract that product and then, you know, kind of take it off the hands, 'cause obviously, the longer that product is in the gas tanks mixed up, that gas station can't be operational. So they can get their equipment out there, get that taken care of. There's a lot of, obviously, chemical refiners and things like that in the Houston area, so whenever there's off-spec product or byproducts, Phoenix will come and purchase that product. Sometimes they'll do things with blending or other operational issues with the product to get it to meet a spec that someone else wants to buy, or in a lot of instances, you know, in excess of 50%, they're really kind of acting as a broker, if you will. Facilitating what someone doesn't want and putting together that transaction, and then using the Firebird trucks to move that product to be able to sell it. With the acquisition of the Phoenix and Firebird, the location is in Humble, Texas, just north of Houston, and it's all... It's pretty much right next door to the San Jacinto River. It flooded during Harvey. It almost flooded during Derecho, if I pronounced that correctly. Earlier this year, the big rainstorm that Houston had, we completely emptied those offices 'cause we knew the storm was coming. The mayor of Humble was telling us, "Evacuate. Just get everything out," and basically, the water came to the doorsteps. Didn't cause us any damage or anything like that, but we are in the process of relocating that facility to Dayton, Texas. There's a third loop around Houston, 99, Highway 99—no— Ninety-nine. 99. Yeah, Highway 99, and it's right on the 99 loop. It's almost straight north of all the chemical manufacturers out near Baytown, Pasadena, things like that. So it's a really convenient location. It's not in any flood plains or any of that type of stuff. So we bought the land a couple years, in 2023. We've spent about $3 million on this expansion. When we're all said and done with the purchase of the land and the expansion, it'll be close to $9 million, and then we'll get out of the facility in Humble. The facility in Humble also is basically in a residential neighborhood, so you think about handling the chemicals and the products. There's a lot of opportunity we've had to do business that you're not gonna do when you're next to a residential area. We're out in a, you know... The facility is on this. I think the park, industrial park area, and so, you know, this is what it's designed to do. So we believe there's gonna be good opportunity there. We currently rent or lease a railcar facility to unload the railcars for the product that Phoenix handles by railcar, so that'll go away. The rent we're paying in Humble will go away, and, you know, it gives us a lot more opportunity for products and growth and things like that. So we believe, you know, long, again, long-term, a lot of opportunity, a lot of new growth revenues. Firebird was created by the owner of the Phoenix business. Basically, he was running into difficulties getting reliable transportation for his chemicals he needed hauled, so we started Firebird. Now, predominantly, Firebird is a crude oil gathering company out in the Eagle Ford, in Texas, and GulfMark is its fourth-largest customer. GulfMark used to pay a lot of third-party costs for someone else to pick up the oil, 'cause we never had enough trucks, and it was a conscious decision. We didn't wanna have 100% of what was necessary, 'cause it's harder to ebb and flow as the markets change, than you can with a third party. So right now, we're able to use Firebird for that kind of ebbing and flowing. With that, I'll turn it back over to Kevin on Service Transport. Yeah, thank you, Tracy. Yeah, the last division I'll touch on is Service Transport Company. This is our over-the-road chemical hauling division. So a little different than our crude oil hauling, whose average length of haul is about 35 miles. Service Transport also doesn't own the product in the tanks, we're picking up for major shippers producers of chemicals. Our average length of haul is about 750 miles. The drivers sleep in the trucks. It's a little different environment than the GulfMark side. We have about 330 active tractors in 16 locations across the U.S. And you can see here, the breakdown of the different products we haul. We haul a lot of peroxides, acids, a lot of latex paint. And if you look at this business, if you look at Dow and BASF, and look at their guidance going forward, those are our two largest customers, and give you a pretty good idea what's coming up for service transport, if they're getting busy. And also, look at housing starts, look at automobile manufacturing. Those are the type of products that we're hauling, if you wanna see what the future is for chemical transportation. A blue-chip customer base, I think one of the things that's really changed over the years since the new management team came in. You know, back for 50 years, this company was basically a private fleet for BASF. BASF was about 80% of the company's business. And we had five locations just in the South. So in 2018, these are locations we have, really all servicing BASF. And the new strategy came along to diversify the business and bring new customers on. Also, expand our locations, so we can run loaded more often. So previously, when you only have locations in the Gulf Coast, you'd go from Texas to Chicago, loaded, you'd come back empty. Now, we have the ability, depending on the products we're hauling, to go to Texas from Chicago, wash our trailer, reload a new product in Chicago, go from Chicago to Atlanta, reload our trailer, and come back to Houston loaded. So it's really helped our profitability, helped our driver turnover, as you can see. Talking a little bit about these are some industry slides, but really do apply to Service Transport's business as well. We've been in a trucking recession for about two years now, and really, these slides sort of tell you the story of what's going on with this, and this goes back to late 2019, early 2020, and that green graph you're seeing, the green portion of this graph you're seeing, are new trucking companies entering the business, so as this is a boom time for the trucking industry, from 2020 to, you know, through 2022, and then things started to soften, and things started to get harder from an insurance perspective, and companies are starting to exit the market at a pretty rapid pace. We're seeing a lot of bankruptcies, we're seeing a lot of acquisitions, and it's starting to cause capacity to tighten in the industry. Over the same time period, this graph really shows the number of rejected loads. So if a shipper calls and asks if we can haul the load, in 2020 in 2021, about one of every four loads was being rejected by the carriers. They just didn't have enough driving capacity to carry that along. You can see in 2022, when the recession on freight started, the green line; it just starts to fall off the table there. It went from 25% of loads being rejected, down to 5%, 2023, flatline throughout the year. 2024 has been a flatline, but this little section here in April, some industry experts believe that that may have been the bottom for the trucking recession, 'cause it's starting to separate, and we're starting to see more loads turned down. That is somewhat evidenced by the truckload spot rates in the industry as well. So if you look again over that boom time, the rates peaked sort of at the end of 2022. The recession starts to hit from a trucking recession, and then you see rates bottom out in 2024, and we've seen rates start to improve. Now we think the bottom has been hit, and that's really been the same story for Service Transport. You can see they boomed, and the growth that we've seen through 2023, or through 2022, backing off in 2023. And so I'm not ready to call a recovery yet, but we may have seen the bottom. I don't know when recovery will come. I think, again, the housing starts, automobile manufacturing, all of those things will determine that, but our strategy at growth has really worked. We have the footprint to do, you know, $16-plus million in EBITDA with this company, in particular, when the market is cooperative and right. I mentioned driver turnover. You can see one of the struggles we had when I first came here was driver turnover, up over 80%, still better than the average. Trucking industry turnover rates are nearing 100%, but with new equipment, better rates, more opportunities for drivers to reload and stay loaded more and make more money, we've been able to consistently and lower our driver turnover, which we've been able to maintain over the last five years. With that, I'll let Tracy touch a little bit on the financial performance, and we'll open it up for questions. Yes, this is talking about the Adams Family share purchase. They filed in June of 2022, with the SEC, that they were potentially looking to divest of their ownership interest for our stock. We took that upon ourselves to go proactively, kind of meet with them, find out if we could just buy the shares outright from them. Ultimately, we were able to do that. We purchased them in the end of October, paid just under $70 million, so $69.9 million. With so doing, we used $45 million cash in the bank. We took out a new credit facility with Cadence Bank, and it's in syndication. We borrowed $25 million, you know, to help fund that repurchase, and that has a 5-year balloon payment of 50%. And we've accelerated that so far, so we paid an extra $5 million towards that $12.5 million that's due at the end of the five years. The quarterly payments are $625,000 on that. Then we placed, obviously, the revolver credit facility we had with Wells Fargo at the same time. $36 was the price of the share that we purchased. Then here's just kind of a little bit of summary, some information basically at the end of the quarter. You know, that's the. And then just an update, our stock has continued to decline since the end of the quarter. And I guess with that, you know, we'll open it up. Oh, just a little summary of the, again, kind of focusing on the value of the company. Just different ways of looking at the market, looking at the stock, the company assets, and trying to at least help educate people. I know it can be a complicated business. We've got different segments. Some of our segments have a lot of intercompany revenue, which from an SEC perspective, gets eliminated. But a lot of that detail is filed in our 10-Q to dig into it more. And again, just kind of our little circle of who we are. And I guess with that, we'll open it up for questions if there's any questions. Looks like we have one here. Okay. In the last Q, I noticed that the logistics and repurchasing business isn't exactly, you know, profitable. Yeah. Do you know why that is, and what that business actually is? Yeah. The question is, on the latest quarter, the repur- the recycle, repurposing and logistics business is not very profitable, not profitable. I don't know if you wanna take it. Yeah. So for that quarter, the biggest event that we had... Well, you asked me to explain the business first. So that is the, we've separated out the acquisitions of Phoenix and Firebird. So that's the Firebird trucking, which is just picking up crude oil. They don't, they don't market it like GulfMark does, so we've got about a hundred and twenty trucks picking up crude oil. And then Phoenix is the off-spec hydrocarbon recycling business. The biggest impact of that business for that quarter was that the Firebird trucking division had a significant accident. As I mentioned previously, we pick up the first $1.5 million of self-insured retention on that, so basically a $1.5 million deductible. We took that hit in the second quarter of the year. That big drop you see in that business for that quarter is the reason for that. But overall, that business is underperforming for a couple reasons. The repurposing business saw a slowdown in some of their products they're able to deliver to the end user, because end users wanted to start receiving in larger quantities instead of trucks. 'Cause if you can receive by barge instead of 120 trucks, they have to test the product in each one of those 120 trucks. We have leased a tank on the Houston Ship Channel, and we're going to be delivering by barge to the end users. Our first barge delivered this week, so you should start seeing improved performance from both of those units moving forward. Thank you for the question. Anything else? Yes, sir. What is the disconnect between your sort of free cash flow and earnings? Like, is there a significant difference between depreciation and your real capital? I'll make my circle there. One of the immediate things is, we do have, with our acquisitions, some customer intangibles, both on the Service Transport side, left over from when we did the CTL acquisition, and on the Phoenix and Firebird side. So there's amortizations that are in the D&A, depreciation and amortization, that are not part of equipment. And offhand, I don't remember exactly how much those are, but I think it's a couple million dollars a year. The other is the depreciation predominantly on our tractors and trailers, you know, which do have a pretty short life. We typically depreciate those over five years. The tractors, we're replacing about every five to six years. Trailers will last 15-20 years, and so, you know, after the 5 years or 6 years, some trailers might have 6, but then, you know, then, then we're kind of riding them for free. There's some you know, there's also some pages in the back, on the appendices that show kind of what our capital spending was and our net proceeds and things like that. So, I don't know if that, that was enough of an answer. If not, I'd be glad to follow up and get you more details, but there is, there is a lot of, depreciation and some amortization expense. Yeah. So the drawdown in your cash by that, and then the trucking section, kind of a perfect storm here this year. Repeat the question. Acquisitions are probably not an option. Yeah. I'll say that the question was: With the use of the cash to buy back the family shares and, you know, with the recession that we're seeing on the trucking side, how would we be in a position to do acquisitions, or are we looking at acquisitions? Yeah, it was a great question. You know, so we are seeing. I showed the slide with all the exits from the market. We are seeing a pretty robust pipeline of acquisition opportunities. And we do look at those. Now, we certainly are gonna stay within multiples that make sense for us. Trucking is generally between three and six. The right ones have been going for in the eights to certain private equity group, and we won't be playing in multiples that high. But we do have dry powder. We have entered the quarter with $38 million in cash. We also have a $60 million credit facility that's untapped, so we can use that for acquisitions. So we are looking at that. We most likely won't be going at these stock prices to the equity markets to raise any money at these prices, but we do have the $60 million in cash that will allow us to do some pretty decent-sized acquisitions in our tank truck side of things. ... Versus buying back more stock? That's something you can do with the money, too. Yeah, absolutely. Like he said. Oh, he said, "Versus buying back more stock," which, I can't comment on. So... Yes, sir? What is management's ownership? Yeah, do you wanna take that? Collectively, management's ownership's, as I'm gonna say it, it's about 2.5%. Historically, when the Adams family was involved with the business, he generally did not believe in having employees own stock. There was no stock plan, you know, the employees chose not to do it, the board of directors didn't get stock. And so it's really only about the time Kevin and I started in 2018, that was the first time that any kind of incentive plan associated with stock was put in place. It was a very modest plan. For the higher level executives, half the shares that we receive are based on time, you know, so it's a three-year vesting. The other half are performance driven, and if you look at the proxy, there's targets that we have to meet in order to get to earn the performance shares. There's been a couple years we got zero, 'cause we didn't meet our performance targets. There's at least one year that exceeded the 100%, I think it's about 127%-132% of the target, and there's another year around 97%. So from the historical perspective, there... Even the board of directors, there wasn't a focus on owning stock. We've cautiously did it. You go back and look, 30% of the stock that I own, I bought on the open market. So it's not like I've just been given it. It's not a great quantity by any means, and none of the executives have that, so... But I think that answered your question. We're about out of time. I don't know if there's any more questions or not, but... Well, you guys, thank you for your interest. Oh, got one more. The Victoria pipeline, what's the missed opportunity there, you know, the problem today? Yeah, the question is on the Victoria Express Pipeline, what kind of missed opportunity is there? The MAX connection that we'd anticipated, it would use about half the pipeline, at really no incremental expense to us, 'cause we wouldn't have a pump or anything, and the posted tariff on the pipeline today is about $0.62-$0.65. So one could assume that, you know, we're gonna... We would get less than half that tariff, 'cause we're going through less than half the pipeline, so call it $0.22. And so I can tell you, at one time when we were first talking to MAX, they were worried about looping the line, 'cause they were concerned that they were gonna have more than 90,000 barrels a day going through it. We didn't really believe that. We were optimistic would be 10,000-15,000 barrels a day, and I think once it initially happens, I would expect it to start 3-5,000, and maybe grow over time. So if you do that 3-5,000 barrels times, you know, $0.22 and, you know, 365 days, whatever that number is, that's, you know, a reasonable, foreseeable kind of target. And then other opportunities to connect the pipeline, each of them are kind of unique, 'cause they're different locations and different things like that. But- I'll touch on one- Yeah ... one thing about that. So that, the pipeline has a capacity to do about 80,000 barrels a day. So and we're doing, call it 15,000 on a, you know, a strong quarter for us would be about 15,000 barrels a day. So there's what, 65,000 barrels unused, you know, so you're talking about missed opportunity on that. Tracy mentioned the $0.60 tariff rate, a 60 cent tariff rate on that. There's also additional money to be had on the, the storage at the front end of the pipeline, and the storage at the back end of the pipeline. So call it- Using the barge. All- Using the barge dock. Yeah, using the barge dock. So call it $1 per barrel, per day, that's available on that. So if... And it's unlikely you'd ever use 100% of the capacity on that line, but it's, you know, if you talk 65,000 barrels a day at $1, $1 a barrel, you know, pretty easy math then. Yeah. Thank you very much for your time. Appreciate it.