Greetings, welcome to the Aris Water Solutions fourth quarter 2022 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, David Tuerff, Senior Vice President, Finance and Investor Relations for Aris Water Solutions. Thank you. You may begin. Good morning, and welcome to the Aris Water Solutions 4th quarter 2022 earnings conference call. I am joined today by our President and CEO, Amanda Brock, our Founder and Executive Chairman, Bill Zartler, and our CFO, Stephan Tompsett. Before we begin, I'd like to remind you that in this call and the related presentation, we will make forward-looking statements regarding our current beliefs, plans, and expectations, which are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from results and events contemplated by such forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Please refer to the risk factors and other cautionary statements included in our filings made from time to time with the Securities and Exchange Commission. I would also like to point out that our investor presentation and today's conference call will contain discussion of non-GAAP financial measures, which we believe are useful in evaluating our performance. These supplemental measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with US GAAP. Reconciliations to the most directly comparable GAAP measures are included in our earnings release in the appendix of today's accompanying presentation. I'll now turn the call over to our founder and Executive Chairman, Bill Zartler. Thank you, David. Thanks everyone for joining us this morning. 2022 marked another year of tremendous progress for the company. We grew both volumes and adjusted EBITDA for the year by more than 20% over 2021. We continue to expand our footprint backed by long-term contracts with premier operators in the core of the Permian Basin. Over the course of last year, the company further established itself as a leader in water infrastructure solutions, as evidenced by our strategic comprehensive water management agreement with Chevron and our collaborative beneficial reuse efforts alongside ConocoPhillips, ExxonMobil, and Chevron. I'm excited to continue this momentum in 2023 and well beyond. Looking at the market for 2023, we see steady growth from our largest customers, though as several have communicated publicly, slower growth than forecasted six months ago. As our system expands and covers more ground, we also see additional contracting opportunities with our current and other operators. Capital discipline and shareholder returns remain the core priority for both us and our customers. No one has been immune to inflationary pressure on operating and capital budgets. For us, that means steady volume growth alongside customers who have extended inventory runway in top-tier dedicated acreage, which we are connected to and is reflected in our CapEx for 2023. We also believe that we are at the forefront of solutions for the beneficial reuse of produced water. We began by recycling produced water for the oil and gas industry's own water-intensive operations and believe we can continue to expand our services into other industrial uses. Amanda will elaborate further on our position and efforts in this sector. We also believe we are positioned to be a natural consolidator of the fragmented private and operator-owned oil field water infrastructure industry and adjacent opportunities treating complex water for other verticals outside of the oil and gas industry. We have a proven track record, public equity currency, flexible balance sheet, and a platform that can be efficiently scaled through M&A. In 2022, we evaluated several transactions, but none, other than our acquisition of Delaware Energy's assets, met our key cash flow and earnings accretion targets. We see future opportunities for consolidation and remain focused on strategic fit, complementary capabilities, and financial discipline. While we're excited about our ample growth opportunities, this year we remain primarily focused on realizing further operational efficiencies. With our asset footprint, blue-chip customers, and unparalleled team, I'm excited for Aris's growth in 2023 and beyond. With that, I'll turn it over to Amanda. Thank you, Bill. Our business delivered significant growth in 2022, with full year volumes up 36% and adjusted EBITDA up 24% year-over-year. As we previously announced, the fourth quarter fell short of our expectations, and we have not yet realized the full earnings potential of our infrastructure. We were impacted more than we anticipated by continued high-cost inflation, severe weather, and changes in customer activity, as well as lower skim oil revenue. Some of these factors were beyond our control, but we are taking steps to continue to address what is within our control. We began to mitigate the impact of inflation on controllable expenses in the fourth quarter, making sequential progress in our adjusted operating margin of $0.01 a barrel versus the third quarter. However, we did not make progress on costs as quickly as we had wanted. For our core produced water business, we saw downhole disposal operating costs stabilize in the fourth quarter as we focused on controllable costs. We also saw the impact of lower skim oil revenue on operating margins due to lower skim recoveries and lower oil price in the fourth quarter. We have made improvements in how we capture skim oil and are now seeing increases in oil recovered. In our water recycling and sourcing business, we continue to be challenged by elevated costs, particularly power, equipment rental, and pumping costs in areas where we do not have permanent power and are using diesel generators and renting pumps. We have projects underway to reduce these expenses. To provide some context, we grew our recycled produced water volumes by nearly 2.5 times versus 2021, and significantly increased the number of active facilities, and it has taken time to adjust the way we operate and move water for a more complex network. We have three fundamental challenges impacting our sourcing margins. The first is related to industry supply challenges and extended lead times for key components for our newer reuse facilities. We are renting equipment in the interim, leading to higher OPEX. We expect these components, such as rental pumps and tankage, to be replaced by permanent capital equipment over the course of 2023, reducing OPEX by approximately $3.2 million on an annualized basis. Second, we are waiting on public utilities to connect our newer reuse facilities to line power. Prior to making these line power connections, we've had to incur rental and diesel fuel costs for temporary generators. We anticipate these connections should be made over the course of 2023, reducing operating costs by approximately $4.4 million on an annualized basis once complete. We've seen lower inlet quality water in some of our newer operating areas, particularly in Lee County, which has resulted in increased costs related to higher levels of chemical treatment needed to achieve specifications required under our contracts. We are implementing improvements to our chemical dosing systems, working with our customers on the quality of water they are sending us, and how to manage water quality more cost effectively. In addition to focusing on our controllable expenses, we are also implementing projects to become more capital efficient. As we look at our expansion program for disposal wells, we have recently redesigned our facility configurations and expect to save approximately $2.5 million per disposal well on average and see incremental operating cost savings. As we connect to new customer locations, we are also increasing the size of our trunk lines to provide additional capacity in future years. Turning to our outlook for this year. Lower fourth quarter completion activity on our acreage slowed our volume growth in early 2023, we are already beginning to see produced water volumes ramp in the past several weeks. While we are seeing produced water volumes flat to slightly down in the first quarter of 2023 versus the fourth quarter of 2022, we anticipate growing produced water volumes 15%-20% overall in 2023. In contrast, while produced water volumes are growing, we anticipate incrementally lower completion schedules from some of our larger customers, consistent with recent revisions to their production forecast for the Permian. This lower level of completion activity is expected to reduce the amount of our produced water which is recycled, which will in turn impact us in three ways. First, we will see lower total margins in our water sourcing due to reduced customer activity. Second, because we are not recycling as much, we will dispose of more volumes down hole, incurring additional operating expenses. Third, with reduced recycling, less disposal capacity is opened up, and we're not able to take as much higher margin interruptible volumes because our available disposal capacity is required for our contracted volumes. Now turning to Delaware Energy. While we have now connected the primary disposal well to our system, upgrade to the assets we acquired are currently behind schedule due to supply chain issues related to the procurement of tubing. These delays are impacting our performance in the first half of the year with volumes approximately 35% below where we had anticipated. We expect our upgrades and full integration to be completed by the second quarter and should see an increase in sustained volumes as this work wraps up. We believe annualized EBITDA will still be in line with our original expectation of $11 million-$13 million per year for the second half of the year. While substantial efforts are underway to maximize returns in our core produced water handling and recycling business, we are very encouraged by the progress we are making leading collaborative industry efforts on beneficial reuse of produced water. We're excited to announce that ExxonMobil has joined our previously announced strategic agreement with Chevron and ConocoPhillips to pilot and implement technologies to treat produced water for beneficial reuse. We are now in the execution phase and expect to have the primary pilots associated with this program completed by Q1 2024. In the interim, we are actively looking at opportunities to commercialize the beneficial reuse of treated produced water in verticals outside of oil and gas. Additionally, last month we announced the U.S. Department of Energy and the National Alliance for Water Innovation selected Aris' pilot as the only known project focused on the treatment of produced water using desalination technologies to receive a federal funding grant. We also recently completed a six-month agricultural study with Texas A&M University, which successfully used treated produced water for irrigation of cotton and ryegrass. We are excited to share that this project also quantified and confirmed the significant potential for carbon sequestration in ryegrass, cotton, and their associated roots. We are now beginning to evaluate how we can partner with other stakeholders to develop full-scale projects in this area. In addition, we recognize that raw produced water contains various concentrations of minerals such as lithium and bromine and other inorganic compounds such as ammonia that may have commercial value and are exploring and assessing the feasibility of various extractive technologies. On the sustainability front, we are also pleased to announce that we successfully exceeded the 2022 sustainability performance target of our sustainability-linked notes. Our recycled produced water exceeded 70% of total water volume sold versus our sustainability target of 60%. In conclusion, while the fundamentals of our produced water business remain strong, we recognize we have more work to do in managing our reuse costs. The Aris team remains focused on optimization of our operating costs, capital efficiency, and selectively pursuing additional growth opportunities where we feel we can invest capital at attractive returns. With that, I'll turn it over to Steve to discuss our financial results and financial outlook for 2023. Thank you, Amanda. We recorded adjusted EBITDA for the fourth quarter of $36.1 million, up 1% from the fourth quarter of 2021, down 9% sequentially from the third quarter of 2022. The sequential decline was largely due to the volumetric miss and operating cost pressures we've previously communicated. We were also negatively impacted by lower skim volumes and lower realized skim pricing by approximately $1.6 million as compared to the third quarter of 2022. For capital, we invested approximately $147 million during the year in line with expectations and guidance. Looking forward to 2023 for produced water, volumes as expected have begun the year slightly down and should average 925,000-935,000 barrels per day for the first quarter, so we expect year-over-year volumes to average 1.01 million-1.04 million barrels per day. Our forecast assumes higher margin spot volumes are a lower percentage of our overall volumes relative to 2022 as a result of lower recycled volumes, though we will look to capture short-term opportunities as geography and contracted customer activity allows, which could drive this number higher. As we evaluate our results sequentially in the first quarter of 2023 versus the fourth quarter of last year, it's worth bearing in mind that there are two fewer days in the first quarter relative to the fourth, which impacts us by approximately $800,000. For 2023 revenue, produced water rates are expected to increase approximately $0.02-$0.04 per barrel on average, excluding the impact of skim pricing due to contract mix and CPI escalators in our contracts, which go into effect over the first half of the year. We expect adjusted operating margin for produced water, excluding skim, to be relatively flat year-over-year, as these revenue increases will offset approximately two and a half million dollars of additional well maintenance expense, which is planned to take place throughout the year. We see potential upside for margins to improve above these levels if we are able to increase our rate of recycling relative to our forecast or accelerate some of our cost savings initiatives. For skim oil, we have made some operational adjustments to address the shortfall we experienced in the fourth quarter and forecast recoveries of approximately 0.09% of produced water volumes for the year as compared to 0.08% in the fourth quarter. While overall skim oil volumes are expected to increase year-over-year, revenue from skim is forecasted to be down as we assume an average realized price of approximately $68 per barrel as compared to $86 per barrel in 2022. It is worth noting that relative to our outlook, a 0.01% increase in annual skim recoveries equates to approximately $2 million of EBITDA, and a $1 per barrel change in annual skim pricing impacts EBITDA by approximately $325,000. For the water solutions business, our expectations are for slightly lower completion activity from our customers in 2023, resulting in volumes of 360,000-370,000 barrels of water per day for the first quarter and 375,000-395,000 barrels of water per day for the year. We believe revenue for reuse water and groundwater will grow $0.02-$0.05 per barrel on average in 2023, which should offset some of the increase in operating expenses, which continue from the second half of 2022. We have several initiatives underway to drive improvements, as Amanda mentioned, but our outlook assumes reuse and sourcing total adjusted operating margin will be down approximately 5%-10% year-over-year. Our outlook also assumes we recycle approximately 20% of all produced water inlet barrels, so to the extent we increase that rate, we could see additional margin as a 1% change in our recycle rate equates to approximately $1 million of EBITDA, including downhole OPEX savings. Taken together, we're forecasting $33 million-$35 million of adjusted EBITDA for the first quarter and $150 million-$170 million of adjusted EBITDA for the full year. This outlook reflects the strength in our core produced water handling volumes, which continue to exhibit consistent growth offset by the impacts of inflation, lower skim pricing, and lower rates of recycling. Turning to capital, for 2023, we forecast $110 million-$120 million in growth capital, which is weighted towards the first half of the year. This capital is primarily related to existing contracts and includes required connections to new well pads, expansions of key sections of trunk lines, and 6 new disposal wells. We also plan to spend $16 million-$18 million for high return, non-recurring system optimization investments to drive the operating margin improvements previously mentioned, as well as approximately $3 million-$4 million for one-time capital associated with new accounting software implementation, SOX compliance, and office space. We also have $11 million-$13 million for maintenance capital to ensure asset integrity and system availability. Taken together, capital expenditures are forecasted to be between $140 million and $155 million for the full year, including $45 million-$55 million in the first quarter, excluding the impacts of working capital. Our growth capital spending generally has a 6-9 month lag between investment and revenue, we have good visibility to grow and produce water volumes and realizing the benefit of our capital program in the second half of 2023 and early 2024 as additional wells are connected and our system optimization investments deliver anticipated operating cost reductions. Looking at our balance sheet and credit profile, we ended the year with a debt to adjusted EBITDA ratio of 3.0, at the midpoint of our target range and have no debt maturities until 2025. In the fourth quarter, we utilized a portion of our revolver to fund working capital and growth CapEx and have approximately $150 million available under our credit facility as of today. Finally, we recently announced our sixth consecutive dividend of $0.09 per share, which will be paid on March 29th to shareholders of record as of March 17th. With that, I'll turn it over to Amanda to wrap up. Thanks, Steve. While the fourth quarter fell short of our expectations, we're proud of the team's performance across 2022. We've continued to grow, we provided safe, reliable service to premier operators, we exceeded our sustainability goals, we led collaborative industry efforts to further beneficial reuse, we managed through unprecedented inflationary pressures. We are highly focused on operational improvements and continue to work towards improving our operating margins, both through cost reduction initiatives and pricing increases. We expect our adjusted EBITDA to increase significantly in the back half of 2023 as we realize the benefit of our cost optimization efforts, the full impact of the Delaware Energy acquisition, and CPI-linked escalation in our revenue rates. We also see continued growth into 2023 and beyond with existing customers and through additional business development efforts. While Aris has been a growth company since inception, we will remain selective as we evaluate new growth opportunities and work towards becoming free cash flow positive. With that, we will take questions. Thank you. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from the line of John Mackay with Goldman Sachs. Please proceed with your question. Hey, good morning. Thanks for the time. I appreciate all the new detail on some of the specific OPEX savings that you're kinda working through. I'm just trying to think from your perspective now looking at it. We've been talking about some of these margin headwinds for a couple of quarters now. Just wondering if you could spend a little more time talking kind of the milestones we should be watching for to, you know, for you guys to actually start to hit some of these, you know, margin improvements that we're waiting for from here. Maybe if you could just comment overall kinda how comfortable you are on the guide right now. Thanks. Thank you, John. Appreciate your question. We'll have Steve take you through the list. We have been committed to sharing more details, so you are able to track our progress. All right. Thank you, Amanda. Good morning, John. I think if you look across the year, what you heard Amanda speak to in regards to some of the rental equipment and electrical, we think that's all going to be addressed in the first half of this year. We really think that the second half of the year, you're gonna see that improvement in operating margin, in sum of about a $0.015 per barrel across all volumes. We should see an improvement across the second half of the year relative to the first. Likewise with Delaware Energy, we should have all that work done by the second quarter, so we'll see a step up in Delaware Energy volumes and resulting units as well. I think the other piece of this from a revenue standpoint on the CPI, we have different contracts come in in January, April, and July. By July, we'll have benefit of all the CPI escalators. That's really where we're gonna see a differentiation between first half, second half. John, the other thing that we're going to see, and we are tracking is obviously power. When we IPO'd, we were working on getting power to all of our SWDs, and we were able to be successful. At this point, we've got over 18 booster pumps out in the field moving water, both for produced water, disposal, as well as related to our reuse. Working with Xcel, a little bit out of our control, but we are now on the schedule. That schedule may slip slightly, but we're able to work throughout the first half to get connected to line power, so we will be able to report back what we've actually connected. As we've explained, that impact of just getting that line power connected is approximately $4.4 million. it is meaningful and, you know, we're pushing them as hard as we can. Okay. Appreciate that. Looking forward to, kinda seeing that unfold this year. Maybe just as a follow-up on the completions outlook, just curious if you could spend a little more time walking through that one as well. How much of that is, you know, is it kind of? Leaning on one customer slowing down more than others. Is it more of a kind of impact of seeing kind of higher interruptible volumes in 2022? Kind of the year-over-year moderation and activity isn't naturally as high as it could be. Then maybe last, just, you know, lower completions this year. What does that mean for 2024 potentially? We have guided that we expect our completion outlook to be lower. You're right, that doesn't turn impact interruptible volumes, because when we do recycle, we open up capacity to bring interruptible volumes. I think in terms of leaning on our customers, it's really understanding their forecasts. We have very large customers, and we are impacted by one large customer in particular that has reduced their forecast and outlook. Again, this is a short cycle business, so we may see changes as the year progresses, but what we are sharing at this point is our best estimation of where the forecast is right now. It is a function of geography. It is a function of where customers are moving their frac crews. you know, we're continuing to just stay on top of that, but some of this is out of our control. All right. Understood. Thank you for the time today. Appreciate it. Thank you, John. Thank you. Our next question comes from the line of Spiro Dounis with Citi. Please proceed with your question. Thanks, operator. Morning, everybody. Amanda, you mentioned in your closing remarks, just around being a little bit more selective around growth going forward. I think the release also pointed to maybe a path towards being free cash flow positive. I'm curious if you just expand on those remarks a little bit and if that's a sort of a slight shift in maybe being more discerning about growth projects than you have been in the past? When it does come to the free cash flow outlook and getting to that positive point, you know, you guys talked about this in a lot of different ways on the call so far, but it sounds like 2023 exit rate should be much stronger than current levels. Also sounds like we could see a sort of meaningful drop off in CapEx after some of these one-off items occur sort of later in 2023. Is it sort of crazy to think that 2024 could be that inflection point on cash flow, or is it still a little bit further out than that? Great question. Something we talk about an awful lot. You're right. We do see the exit rate at the end of this year. I mean, Q4 to 2024, we see 26% increase in produced water volume. Our core business and our volume story continues to be just very strong. We sort of see exiting again in accordance with our current forecast of sort of over $180 million in EBITDA. Selective growth, I mean, this is really a function as a midstream company where you've got fixed rates and where you have some CPI and you know, in our case, some of our CPI escalators are capped. We are going to become more discerning. Nobody anticipated inflation, but we have now seen the impact inflation can have on margin degradation. The projects we want to be looking at are going to have to really achieve a certain return threshold and really be additive to our system. We are going to be a little more selective, as you said. In terms of free cash flow, again, we understand the importance of this. We do see CapEx coming down. Growth CapEx came down this year by about $25 million. We do see some of the projects that we are doing this year impact EBITDA in 2024. There's always that delay. We believe that CapEx will be down next year. In terms of free cash flow, on the basis of our current outlook, current forecast, you know, looking at the operating margin improvements and efficiencies that we expect to achieve, we do at this point see that early 2024 should be that inflection point. Wow, great. Okay. That's, that's great color. Thanks for that, Amanda. Second question, just wanted to touch on M&A as well. It came up in some of those prepared remarks. You know, you mentioned that you all have been sort of evaluating several targets last year, but none quite hit that hurdle rate. Curious how you'd characterize the M&A market now as it softened a bit where maybe you can get maybe more alignment on price. Just curious how you're thinking about that today. Again, very disciplined. We talked about that last year. We would've liked to have done a deal last year. It wasn't for the lack of opportunity. It was for the product and the price did not sort of achieve what we wanted. I'm gonna have Bill address that in terms of this year because it is a strong pipeline. Well, I mean, I think the integration and consolidation of the upstream industry has led the efforts across whether it's midstream or services. You know, the realization between private and public markets in terms of what these assets and businesses are worth, I think is beginning to get more apparent. I think that to the extent opportunities, you know, reveal themselves, the recognition of, you know, where valuations ought to be, not where everyone may have expected these things to be over the last several years, but where the market says they're worth today. Hopefully there's some consolidation opportunities in having a public currency which allows, you know, sellers to continue to achieve upside, you know, in the public stocks as the market valuations, you know, rebound over time, is more than likely what we see happening in the midstream space. Got it. That's great color. Thanks again, everyone. Yep. Thanks. Thank you. Thank you. Our next question comes from line of Samantha Ho with Evercore ISI. Please proceed with your question. Hey, guys. Thanks for taking my question. Maybe we can stay on the M&A topics just a little bit. Are you guys still going to focus on, like, midstream targets, or, not midstream, I'm sorry, Permian targets? Any sort of information you can share in terms of how you're thinking about, you know, like maybe by geography or customer mix in terms of how you're targeting potential M&A opportunities and how you might want to fund that transaction? Sure, Samantha, good to hear from you. We've been, you know, again, pretty consistent that if you're in this space, the Permian is a great place to be. We certainly have looked and will continue to look at other basins where fundamentals may support the type of growth and returns we want to see. It is, you know, geography is very important in our analysis. We're not only looking sort of at the midstream space. As we sort of explained before, we will look at sort of some of the adjacencies in sort of water treatment, which may not be geography specific. As it relates to our core business, we look for things that are accretive, that strategically make sense with our system, where we can potentially use, you know, underutilized capacity of the target and where we can potentially bring in more reuse opportunity and more effectively utilize the volumes across the systems. Okay. As the segue to the beneficial reuse, you know, initiative, I was just wondering if the pilot, the field pilot that you guys are planning on rolling out in the first quarter of next year, can you maybe talk about it in terms of the size of that pilot? Is that going to be sort of like a small scale field trial and then, you know, you have to go back into the engineering room and really try to scale that up over time? Great question, Samantha. It actually is a series of pilots. We have set up a site at our Xanadu SWD. Working with Chevron, with ExxonMobil, with Conoco, it's just an amazing lineup of talent and capabilities and sharing all of those costs with them. We will be piloting a series of different technologies at scale. All of these technologies have either, you know, been tested out in the field before, or with some of the more promising ones, it's coming off some bench testing. We will be looking at different technologies throughout this entire year and early next year for the ability to scale up robust, lower costs, and then taking into consideration the geography we're in to make sure that they are, you know, energy efficient, et c. Series of pilots, and after these pilots, we will then determine which technologies we wish to use for pretreatment, for treatment, for polishing, post-treatment. Remember, what we are trying to do is lower cost of recycling and treating produced water for different applications. If you're doing it for hydrogen, you've got to get very clean water. What we've proven with this agricultural, you know, program is you don't have to have as clean as you'd have to do for hydrogen. Complex, happy to talk about in more detail because you know I can talk about it forever and very, very encouraged by what we're seeing and working at the same time this year with ag, with industry to find ways to commercialize this because we've got this huge feedstock of water that once we know how to cost effectively treat it, this feedstock can be used by multiple industries for different applications. Just to piggyback on that, is that being expensed out of G&A right now, or is there some component of growth CapEx going into this initiative? Yeah, it's a good question. What we've done in our financial statements is we've broken this out into R&D, so it's a separate line item. Right. You have that visibility into it, so it doesn't flow through CapEx. You'll see through these partnerships we've established, you know, the capital burden on the company is fairly low. Sam, I would challenge just anybody to achieve what we've achieved on the budget. We've achieved it and will continue to, you know, work this year. We have now the benefit of significant cost sharing by these strong partners who are also funding independent grants. The NAWI grant that, you know, we received will not only be funded by the DOE, but ExxonMobil is also funding a portion of that grant. That grant is going to really sort of focus on diesel. We've got others where we will be focusing on brine and looking at extractive technologies to see whether or not they are commercially viable. That's great. Best of luck to you guys. Thanks, Sam. Thank you. As a reminder, if you'd like to join the question queue, please press star one on your telephone keypad. Our next question comes from the line of Praneeth Satish with Wells Fargo. Please proceed with your question. Thanks. Good morning. I just wanted to go back to the guidance for produced water volumes. I think you're projecting 17% growth at the midpoint. I guess I'm trying to determine how much of this growth is tied to existing customers and their drilling plans versus potentially adding new customers and gaining market share. Is there any way to kind of break that out? Yeah, I would say the overall majority of this is for existing customers and existing contracts. We have pretty good confidence in the forecast, based on the information we have from our producers today. It's not predicated upon, you know, new business development opportunities. Okay, great. In terms of additional market, Praneeth, in terms of additional market share and gaining market share, you know that we, you know, have a very robust business development effort. We are constantly expanding, working with customers with tuck-ins. That will continue, but that is not what is really reflected in these growth numbers. I think in the earnings presentation, we really talk about the fact that, you know, 87 well, in 2022, 87% of our produced water handling volumes were under these long-term fee-based contracts, and we expect to see that trend, you know, this year. Okay, got it. I was wondering if you could just maybe give us an update on your capital return philosophy. I think originally there was an intent to kind of grow the dividend in step with cash flow growth. I'm just wondering if that's still the case. Yeah. I think as we look forward, from a project return standpoint, we continue to achieve attractive returns on the project level. Certainly it's been impacted by capital and operating inflation costs. We think the volume ramp and the free cash flow that Amanda alluded to earlier is gonna put us in a position next year that we'll be able to recommend to the board dividend increases well, once we achieve the free cash flow positive status. I think that's something that's certainly on our radar, and something we'd like to deliver to our shareholders, and then we intend to. Got it. Thank you. Thank you. Our next question comes from line of Selman Akyol with Stifel. Please proceed with your question. Thank you. Good morning. Just a couple quick ones. Just going back to Delaware Energy Services, you talked pretty confidently about achieving integration, I guess, in the second quarter. Maybe you could elaborate on that a little bit, exactly why you're so confident in that. Have you got everything that you needed in order to do it now? Is it just a function of hooking up? Any additional color there would be helpful. I guess then the second question for me is just in terms of interruptible volumes, could you just remind us, I guess, maybe the profitability difference between interruptible and then as well as maybe what's assumed for or what's embedded in guidance for that? Sure. I'll start with Delaware. Then I'll have Steve take the interruptible. In Delaware Energy, we are confident that this will be a second half of the year. It really relates to supply chain issues. We have connected to most of the SWDs that we are going to connect to. This is a function of ordering tubing and getting the tubing in and the coatings on the tubing. Most likely more information than you need, but we have line on site of timing. Once we have it in hand, we can go back in on these upgrades and get those completed. We have a schedule, and we anticipate second half of the year on an annualized basis, we will deliver that $11 million-$13 million in EBITDA that we expected. In terms of interruptible, we're about $0.10 a barrel more profitable with those. It's purely incremental relative to what we have in the forecast if we're able to grow it. I think in terms of last year, and we have this on slide 13 of the presentation, we were about 13% of spot volumes last year. Our current forecast has that down about 9% this year. To the extent we're able to grow that would be able to capture some additional margin. Yeah. I think it is a doubling effect on that. There is a point at which we fill up excess capacity, but it also can replace water that we're recycling, and we use that to fill in when recycling and use the capacity we're being paid for twice. Interruptible does deliver outsized margins. All right. Thank Thank you very much. Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Ms. Brock for any final comments. Thank you. Want to thank everybody for joining the call today. We also want to sort of thank all our employees for their hard work in 22, the hard work that is still ahead of us. We are very focused on delivering results. We also wanna thank our customers for their trust, for working with us every day, our suppliers, and hoping they're going to speed up now that we seem to be moderating on CPI, our shareholders. We look forward to updating you all in Q2. Have a great day. Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.