Everyone, we're coming back. Our next discussion with Hess Corporation. We are really excited to have John Hess, the CEO, and also John Rielly, the CFO. With that, hey, John. I mean, Hess strategy and execution has been remarkably consistent and successful over the past several years. You are probably the second-best performing stock in the S&P last year. Phenomenal performance, right? Yes. Now the question is that looking out over the next several years, do you see there's any need to adjust your strategy? Or that should we expect really it's just a continuation of the very successful story? Yeah, no. Thank you, Paul, and thanks for inviting us to the Scotia Howard Weil Conference. It's nice to be here in Miami with all of you. It's good to see all of you here. Our strategy has been, will continue to be, the same, continue it, no change. Basically, for those of you that know us, you know, look, the oil and gas industry is a resource business, so we wanna grow the resource. We're a commodity business. We wanna go down the cost curve and have a low cost of supply. Out of all that is basically provide and deliver industry-leading cash flow growth for the industry and hopefully in the upper part of the S&P 500. On the resource side, you know, basically, the focus portfolio we have of Guyana, Bakken, Gulf of Mexico, Deepwater, and Malaysia allow us to, in a capital efficient manner, grow our production 10% a year each year the next five years. As you all know, you know, shale has gone through an evolution where it was a growth industry, and now it's a harvest industry. Some people have told me Hess is only growth stock that's still out there. Obviously it's about capital discipline. It is about going down the cost curve. The portfolio and strategy that we have that we're executing, basically over the next five years, our cash cost per barrel goes down to about $10 a barrel. It goes down about 25%. That's a big change as well, and that contrasts the shale producers in addition. We love shale. We have the Bakken. At the end of the day, we think the balanced portfolio and focused portfolio is the way to go to be able to sustain the growth in our cash flow. The outcome of, basically the portfolio and driving the cost down, at current prices, we can grow our cash flow on a compounded basis annually 25% a year each year the next five years. That's what I'd say is differentiating about us. It's a rate of change story, but it's also, a durability or duration story. I remember I was at an investor conference not too long ago, and it was for general investors. The basic point of the conference was we want companies that can grow cash flows on a durable basis, a sustained basis the next 10 years. I actually thought they were talking about Hess. That's where I realized that we have a differentiated story, 'cause obviously they were talking about companies like Microsoft. At the end of the day, that's, I'd say, our unique value proposition. At the end of the day, we believe we're the only company out there in the oil space that can grow intrinsic value, which is by growing the resource at a cost-efficient, capital discipline manner, but you also can grow cash returns. That's basically the value proposition, Paul. I know you know it. Hopefully, a number of people here already know it. But that's what distinguishes us. Our whole focus, to your question, is to continue executing the strategy that I just mentioned. That's wonderful. I think that's what your investor want to hear. Just curious that when you talk to, many of the investor, whether it's energy specialists or the generalists, do you find that they fully understand your value proposition or that is there any pieces that they are missing? I'd say, you know, as so many investors were focused on shale, the fact that we invested through the cycle and couldn't get to free cash flow positive, let's say two years ago, because we were still investing in Guyana to get the second ship up. Where Guyana had been a cash user, now it's a free cash flow generator along with our other three assets. That's probably where we were out of sync a little bit two years ago versus what the expectations were with investors. I'd say last year, the fact that our total shareholder return went up 94% and we were number two in the S&P. By the way, over the last five years, we're actually the number one stock performer in the S&P E&P Energy Index, is a testament to the fact that I think investors are starting to realize that unique value proposition and understand it better. You know, General Petraeus said, you know, "To have a long term, you have to have a short term." We had to go through the short term of going through investing through the cycle. The last two years, we have been free cash flow positive. We basically, over the next 3-5 years, that free cash flow wedge just compounds as our cash flow compounds. I think people are starting to understand that. Thank you. Since I have John Rielly here, so it's difficult for me not to ask a balance sheet question. That, John, I mean, the company financial is already solid. It's really good. What's the right long-term net debt level or debt to EBITDA for the company? Not today, but longer term. I mean, how should we look at it? Is that far more effective to have a lower net debt level as the natural hedge against commodity prices instead of say, buying put option? Because that's a cost associated when you're buying put option. As you said, Paul, we've worked hard to get the balance sheet in a good position. Going back to our financial priorities, the thing we wanna do is invest in those high-risk projects like John just went through. Guyana and Bakken commands over 80% of our capital, because that's gonna grow our free cash flow and allow us to improve our balance sheet further, even going forward. The second thing we always talk about is the balance sheet. We wanna make sure we maintain a nice cash balance, nice cash cushion on the balance sheet and manage our liquidity. Our debt, our maturities, we have $300 million coming due in 2024, and then the next one's really not till 2027. We have $1 billion coming due in 2027. We like where we are with our absolute debt levels, and our plans now with this increase in cash flow is to pay off those maturities as they come due. What that's gonna do right now, we're just right around 1 time debt to EBITDA. It's gonna naturally, first of all, with the EBITDA's growth from these projects coming on, it's naturally gonna drive under 1. As we pay off these maturities, they're gonna continue to drive under 1. That's how we like to think about it, and that is part of our plan. Part of our plan also is to buy insurance. You know, just like you have insurance on your home, you never, you hope you never have to use it. What we like to do is buy put options. Look, we like to focus more on the tax and royalty barrels, the WTI barrels, and get a good hedge position on that. I think you can expect that to continue. Understand what you're saying, we wanna drive that debt to EBITDA down as low as possible, and we'll continue to do that, but we're still gonna put insurance on. I think you should expect us to continue to do that with put options. We'll leave the upside for investors, but buy the insurance that way. From a Brent standpoint, as Guyana continues to grow, our percentage of Brent production on the hedges will go down naturally. Again, we'll be in a better position as each of these processes. I think you can expect us to continue with that strategy. Thank you. John, Guyana, the crown jewel of the company, no question about it. 20% of the block in the Stabroek Block will be relinquished in October, the rest, if it is not in FID or producing area, that will be relinquished by the end of 2026. How did this schedule impact on your development plan and your drilling activities? Okay. Guyana, as you all know, largest oil discovery in the world, the last 10 years. 30 discoveries made since 2015. Over 11 billion barrels of oil equivalent gross has been discovered. There are multi-billion barrels of exploration potential remaining. There's six drilling rigs in theater on the Stabroek Block, three or four development drilling, three are for exploration and appraisal. We have planned about 10 exploration appraisal wells this year, and that campaign will continue. Part of the PSC, there's been some, I think, misinformation out there about it that the government was gonna take back 20%. No. It's just, in the PSC agreement, there's a requirement for the joint venture to relinquish 20% of the block. That goes back to, you know, 1999 when the block was set up with the government and agreed to with the government. It's just the normal course of business. There is some talk potentially, having been with Vice President Jagdeo yesterday, in CERAWeek, at CERAWeek in Houston, that that 23 date might be a 24 date. Okay. We'll see. At the end of the day, our joint venture is fully prepared to relinquish 20%, and I think it's very important to know that that 20% is not gonna be in the prospective areas, not gonna be where we have exploration plan, not gonna be a future exploration plan, not gonna be where we have the developments in production. Excellent. Also continue on the Stabroek Block development. I think for quite some time, the partner has been talking about you could potentially support up to 10 FPSO. Right now, if realistically, you guys probably, even though officially, the discovery resource is 11 billion barrel, but that's not including some of the latest discoveries. I think that, I think realistically, today, you probably already have 12 billion or more. That, if you look at the FPSO is probably the biggest is 250,000 barrel per day. You can't really grow much higher than that. That means that, per ship, you probably will not be able to recover far more than 1 billion barrel. If we do the simple math, seems like 10 FPSO is a very conservative estimate. Just wondering that if our math is on the ballpark, okay, or we're missing something about why that is still talking about that? No, there's definitely potential for the discovered resource to go up and the 10 FPSO number to go up. I think it's just important for everybody to realize that we have two FPSOs currently producing. In the range of 400,000 barrels a day. The original capacity for the first ship that came on in 2019, Liza One, was 120 a day ship. It's currently producing over 150 a day. That's a combination of excellent reservoir performance as well as debottlenecking of the top sides on the ship. The second ship, Liza Two, capacity 220 a day, that has touched 250,000 barrels a day of production. Again, it's a superior reservoir performance, and there will be debottlenecking of that ship to higher number than the 220 a day, closer to 250 a day, hopefully, in the fourth quarter of this year. The third ship, Payara, which is a 220 a day ship, has left the shipyard. ExxonMobil, the operator, has said, you know, first production from that ship should be the end of the year. The fact that it's left the shipyard in Singapore already, there's potential for that, for production to come on earlier this year. Last but not least, Yellowtail, which is going into the shipyard to be outfitted on the top sides. That's on actually ahead of schedule as well, and that should come on in 2025. Currently, in front of the government is a field development plan that we expect to get government approval on, that's Uaru, and that would come on in 2026. We certainly have line of sight for six ships to be producing over 1.2 million barrels a day. Remember that number is 400,000 barrels a day now, 1.2 million barrels a day by 2027. As we do more exploratory appraisal drilling, Paul, we'll be able to give more definition to ship seven and thereafter. Right now we have line of sight for ship seven. It could be potentially some of the discoveries we've already made, or more recently, the Fangtooth discovery that's at 18,000 feet, where the other developments are at 15,000 feet. We have two wells that we've drilled on Fangtooth. One had 160 feet of pay. Fangtooth. 200 feet of pay. We're gonna do drill step tests to get better understanding of the reservoir deliverability. That prospect definitely has potential to be the seventh ship. We pretty much have line of sight to seven ships. To your point, as we drill more this year and next year, will we have more line of sight to ship eight, ship nine, ship 10? Yes. I'm just trying to give people a feel for which are the ones that have more definition. As we drill more, we'll get more definition for ship. One minute and see if there's any question on the floor before I continue. Any question here? Well, maybe I will continue. Inflation, I think that everyone has been focusing on the onshore inflation. Given the unique position for Hess, you are one of the E&P company this day that actually do both onshore and offshore. Maybe that either for Ronnie or John Hess that you will be able to share with us what you see in the offshore market on the inflation front. Yeah. I, you know, I know you have a lot of people in the onshore. I'll talk about the Bakken just for a second. You know, we're about 15% inflation lower than what you see in the Permian, in part because of Bakken. It's a more re-regional market. We have, you know, I'd say, strategic relationships with a few suppliers on the service side, so we're seeing about 15% inflation. With lean manufacturing, Greg Hill and his team have done a great job clawing that back, eliminating waste. The net impact to us is 7%-8% in the Bakken. When we look to Guyana, I'd say Exxon is the best project manager for these mega-projects that can cost $10 billion-$12 billion all in for these ships. The first four ships that I talked about earlier were already contracted at the low point of the cost cycle offshore. They are pretty much insulated from the inflation that's going now offshore. The offshore, I talked about this yesterday at CERAWeek, the offshore is back, pretty running at almost full capacity. You're seeing that in drill ships that used to go for $200,000 a day, now it's over $400,000 a day. Exxon's done a good job of contracting in Guyana. I'd say on the cost side there, obviously the fifth ship that we have, Uaru, is feeling current cost pressures. Exxon's mitigating a lot of that when we officially announce Uaru, what it's gonna cost. I mean, in the applications to the government, it's $12.7 billion for a 250,000 barrel a day ship. Yellowtail's closer to something with a 10 in it, a $10 billion. About half of that or a little bit more is cost inflation. Half of the or a little bit less is. Actually, scope is a little bit more than the 50%. The cost inflation is a little bit less than 50%. Definitely, Paul, you're right. In current shipbuilding and offshore drilling and subsea completions, the costs are there. I think what's important to realize is that, the first four ships that we've sanctioned, two of which are producing, two of which are coming forward, the breakevens on those are $25-$35 a barrel Brent to make a 10% return. That's the best return investments in the industry. Uaru will be at the upper end of that given the $12.7 billion, number that I talked about. It will still have, some of the best economics in the business given that there's inflation across the industry. Right. I think, you know, we have the best investment opportunities in the business. We're going to execute those, and that's why a strong balance sheet and cash position are key, so we can invest through the cycle. Yeah. I mean, if I could, maybe dig through a little bit deep into the crater on the inflation trend. In the onshore look like that we may have already reached the peak inflation. Mm-hmm. There's a possibility that later in the year. Yeah ...certain area will see drop. Do you see that in the offshore, or the offshore is actually in a different cycle and maybe continue going like? Well, I think the two answers to that. Again, many of you here would know this better than our company, but because of the pullback in gas prices, there's some drilling equipment, service equipment that's starting to become made available to the oil shale producers. I think that's gonna mitigate some of the cost increases continuing in the onshore. In the offshore, we're not seeing escalating inflation from here. I think it's starting to plateau some. At the end of the day, you know, I'd say the offshore has caught up to the onshore. That, clearly that, I mean, the Stabroek Block, I know everyone understand that is a remarkable block and you have tremendous success. Hess actually is not just a one-trick pony. I mean, you have more than Stabroek Block. Even that, in that very prolific basin, that whether it's next to Stabroek Block in the Suriname side or that even Guyana side. Maybe that John, can you just give us an update where we are on the exploration front? On exploration, I talked about 10 exploration appraisal wells on the Stabroek Block. Some of those will be close in to our current discovery. Some of them will be step outs by quite a bit to really start to appraise the block. In Suriname, we have a third interest. Shell's the operator. Chevron's the other partner, a third each, on Block 42. We have Block 59 in Suriname with Exxon as the operator and Equinor as our partner, a third each. We plan to drill another exploration well by the end of the year on Block 42. Block 42 is very close to Block 58 that Apache and TotalEnergies have. You've heard from those companies that, you know, there's definitely hydrocarbons there, but it's a much more heterogeneous block in terms of each prospect has a little different hydrocarbon characteristics, and the block is more gassy, so they're doing work. I'm just telling you what you already know from their own pronouncements. We have a pretty good understanding of the geology because of our position in Stabroek. They're trying to find enough oil to cobble together a development. Where we think we are, and it's, you know, there's a lot of gas there. We think we're in the oil window on Block 42. What we're trying to do is to define that window. The last well that we drilled on Block 42, you know, definitely was oil-bearing. Not commercial, definitely very helpful information showing that the petroleum system was working. We're trying to optimize the next well to find the oil leg that potentially could be prospective. It's much earlier days on Block 42 than where we are in Stabroek. You know, we're optimistic about the potential there. Block 59 is probably a year or two away from having its first well. The other area that we're more active in for exploration in the Gulf, you know, we've basically been dormant as most of the industry's been between low prices and COVID in getting back to drilling there. We have contracted for a drilling rig. We have partners on each of these prospects, we'll be doing two tieback wells to infrastructure, one near Tubular Bells, on two near Stampede, which are our production facilities. We'll also plan on drilling two greenfield wells, where we would have partners. We're still defining which those prospects are gonna be, we have them in hand. That's the Gulf of Mexico story. At the end of the day, actually about the same time, Paul, that we got involved in Guyana, we are involved in a very large block, offshore Newfoundland. bp's the operator with 50%, Hess has 25%, Chevron has 25%. It's a multi-billion barrel stratigraphic opportunity. We'll probably be drilling that April, May. You know, it's basically will either condemn the prospect or high grade the prospect to be a significant development. bp's very optimistic about it. We're keeping our fingers crossed. That's the other exploration opportunity we have exposure to this year. Great. Well, I mean, it's about time for the main session, given that after this we will have a lunch break, we're not going to move to the breakout session. We will continue the breakout in here. If anyone have any question, please let us know. Maybe that, while we waiting for everyone to ask the question, maybe I continue that to ask some question on the CapEx side. The company have the current objective is to grow the Bakken, to call it around 200,000 barrel per day, sometime by late 2024 or early 2025. Let's assume once we get there, what is the sustaining CapEx look like to maintain that kind of production? How long that the company will be able to maintain it? Sure. We're gonna stick with 4 rigs in the Bakken. We have 4 rigs this year. Our capital in the Bakken is $1.1 billion. You can expect that with that 4 rigs, we can grow from where we are today to get to 200,000 barrels a day. What we're saying, we'll average that beginning in 2025, and we can hold that for a number of years, and we'll keep that at the 4 rigs. You can use that approximate $1.1 billion when you think about it, that's sustaining CapEx. When we get up to that, we're just generating significant free cash flow, and that's how we're gonna run the Bakken for that free cash flow. John, you're going to maintain. At current prices, that would be about $1 billion a year free cash flow. You're going to maintain that 4 rig. It's not going to drop. No, no. We're gonna maintain that four rigs, and then we can hold it at 200,000 barrels a day average, you know, basically out through the decade. Perfect. Along the line then, if we're looking at what is your sustaining CapEx for the corporation over the next several years? I mean, of course that you will have the growth CapEx in Guyana, but if we forget about the growth CapEx, just looking at sustaining the operation, what's that number look like? How that the different moving part of your CapEx going to look like when you add the growth CapEx in Guyana and everything together? Southeast Asia, you know, we're producing 60,000-65,000 barrels a day. We think we can sustain that basically with the resources we have through the end of their contracts. JDA goes to 2029, North Malay Basin goes to 2033. We're hopeful, we're talking with JDA be extending that contract as well. The sustaining CapEx we've always said is somewhere between $150 million-$200 million for Southeast Asia. If you move to the Gulf of Mexico, let's just say we're in that 35,000 barrel a day range, the sustaining, again, CapEx there. That's really bringing tieback wells as John was talking about. Maybe again, 1 hub class well a year is gonna be again, $150 million-$200 million. Now, if we have success with the greenfield, that's when there can be additional capital. Again, it'll have to compete for capital in our portfolio, but again, some of the prospects we look at, we think it can compete. There would be additional capital should that happen from a success standpoint. Obviously the biggest one is Guyana. This year we have... I'm just gonna talk development-wise. You know, they're still in the exploration, you know, there's in our capital there for Guyana, we have $1.7 billion in developments. That, you know, as you go forward, that has three boats being worked on. Now, the one difference would be, as John mentioned, you know, we have already contracted, right? Payara and Yellowtail that are being worked on, and Uaru being the new one. Uaru being at the higher, you know, the current prices. As you move out, you can have 3 boats more in the current price environment, so you could get some push, you know, up from that, let's just call it that $1.7 billion for those 3 at the current cost. The other add is we will be buying some of those FPSOs, 'cause what we've been doing is leasing them at the start, and then we'll purchase these FPSOs. I think from starting in 2024 on, you can expect us to buy 1 FPSO a year, and that would be then the addition to capital. John, since that it take about four years from the FID to the first production, and if the company and the partner is going to have, every 12 to 18 months of a new ship coming on stream. Mm. Should we assume that at some point over the next couple years, that you may start to have full development spending at the same time? I mean, that's something that, look, Exxon has been great with this, you know, developments. Again, you know, as John mentioned, these are $10 billion-$12 billion developments. Having three of them working at the same time, that is a huge undertaking, and they've been phenomenal at it, as John said. I really think you should just expect it that way. You know, we get one development plan in a year, you know, into the government, then they'll approve it, and we'll keep working on that kind of pace. It's about three, I would say. I see. which is what we'll continue with. Let me pause a bit. Yes. Yeah. Yeah. Two questions. Great questions. One is M&A and the other is midstream. I'll try the M&A. No, we see nothing in the market that can compete for capital relative to the organic growth opportunities we have. We're not interested in buying a shale producer or another company, let's say in the Permian or the Bakken for that matter. None of those opportunities compete for capital. You know, as I said, we're the only growth company left in the oil business, and basically that's based upon the portfolio of investment opportunities that we have that offer their own growth. That line of sight of compounding cash flow growth 25% a year the next 5 years is not only industry leading, it's competitive in the top 10% of the S&P. Anything in M&A would degrade that value opportunity. At the end of the day, we're, and to Paul's point, we're continuing to execute the strategy we have and the portfolio of opportunities we have, and not gonna be participating in M&A that may or may not continue to occur, in the oil industry. You might talk about midstream. Continuing the theme, we're gonna continue with our strategy. We've been very happy with the Midstream. They're a key partner for us, basically to reduce emissions. You know, we're going to zero, you know, routine flaring by 2025. Again, them adding the capacity, matching up where our, these 4 rigs and getting to 200,000 barrels a day. They've been a terrific partner. I think you can expect it's more of the same. Midstream similar to Hess, they're gonna have a growing free cash flow wedge. They're, one, they're gonna be growing their free cash flow. Two, they're going to have more debt capacity. There can be further, as we've seen, you know, in the past, buybacks of stock and things of that nature. You could expect that to continue as well, but nothing different. Just keeping with the strategy we have. Any other questions? Maybe then let me ask a sort of a curveball. I mean, John, the company is doing well. The stock is reacting well. Commodity price pulled back, but it's still actually very good. From your standpoint as the CEO, what keep you awake at night? Well, you know, we're in a commodity business, so the oil price and the overall economy, you know, could weigh on the price quite a bit. That's why we buy the puts. So that's it. Obviously, governmental policies toward the oil and gas industry are a challenge. How do you navigate getting government officials and business leaders around the world to realize that oil and gas are going to be needed for decades to come? Basically key to an affordable, secure and just energy transition. The importance of oil and gas to the United States, that it's a strategic industry for us. Getting people educated about that, Paul, is an uphill battle. You know, climate change is real. The energy transition is there, oil and gas are key to having an orderly transition. For the U.S. oil and gas strategic industry in terms of jobs, in terms of low electricity costs, and in terms of national security, people don't realize that China imports 75% of their oil. We're energy independent, we're energy dominant. At the end of the day, oil and gas are key to our country's American economic competitiveness. You know, besides the commodity risk, it's just dealing with the political challenges that we face as a nation and as a world to have clear-eyed, sober thinking that it's not either/or. We need more oil and gas to have more energy. The world's gonna need out to 2050, but we also have to decarbonize. It's getting an understanding it's and it's balance. advocating the importance of oil and gas to our country as well as to investors is something that's a top priority. Yeah. Just curious, I mean, that this is facing the whole industry. Yes. On that debate, and I think the need for everyone to work together. Specifically for Hess, is there any major potential hurdle or challenge that you see in order to achieve your goal over the next several years, including on the production as well as the cash flow generation? You know, we think we're actually low risk as an investment because, you know, 80% of our budget of $3.7 billion that John was talking about, goes to Guyana and goes to the Bakken. Obviously, we believe we're one of the more successful, efficient operators of our Bakken operation. And Exxon is certainly, I think, the leading oil company for a mega project as a project manager for Guyana. So obviously, project execution of our strategy is a risk, but we think it's a low risk. We're not all over the place. We're very focused. We have a good operation in the Gulf. We have a good operation in Malaysia. I think the other risk is, you know, how do you manage the journey, notwithstanding the education effort that our company tries to have an effective voice in, as well as the industry on the energy transition. Hess not only has a pledge to net zero, we actually have a plan to back it up. We just did the largest carbon credit deal in the world, $750 million spread from 2022 as payments out to 2032 to save Guyana's forests. Most people don't realize that deforestation and land degradation related to it speak for about 20% of greenhouse gas emissions in the world. If the world has a chance to get to net zero, and I think it's a very steep climb, saving the world's forests has gotta be an integral part of that. Hess is playing its role. We're about nature-based solutions as a way of getting to net zero. We're sponsoring, I think, groundbreaking research at the Salk Institute. That would be on top of the emission reductions and carbon credits that we have from Guyana, to save their forests, where we're investing in research with plant science at the Salk Institute, so you can get crops that have longer, wider, and more absorptive roots, an element called suberin, whether it's sorghum, whether it's soybeans, or whether it's rice. That has the potential, who better than Mother Nature to get the carbon out of the atmosphere stored in the soil? There's more carbon in the soil than there is in the atmosphere. If we can bury that carbon deeper, the world could save gigatons of carbon from going in the atmosphere. That's a much longer term research project, but it's one that we're very enthusiastic about. I think, you know, that's a risk, right? Energy transition risk. That's something that, you know, we have a very strong voice in, but we're also trying to do our share. Right. Any questions from the floor? Well, if not, I think I have a final question. I think that you've been asked by many people, and you have a great relationship with the Guyana government. Yes. From time to time, there's some local press... Yes ...who are talking about, oh, they're going to change the terms. How big is that? Is that a real risk? I think it's important for everybody to know that President Ali, Vice President Jagdeo, that was president 10 years before President Ali, they're very pro-business. They've been very clear to us and Exxon that they're gonna honor the PSC that we have in the country, that they want us to develop their oil resources as fast as possible, to turn that oil resource into financial resources so they can develop their economy, have a better standard of living and economic prosperity for the Guyanese people. You'll hear noise from time to time about the PSC, but it's important for you to know that Exxon and we have been reassured time and time again, they're not gonna touch it. They will honor it, and they want us to go as fast as possible to develop their oil resource so they can take the oil treasure and make it the people's treasure. Thank you. With that, we will wrap up this session. Please join us in for lunch. It's going to be a very interesting speaker, the retired Major General Martin Dempsey. That he have a tremendous international experience and has been in the combat division. He will talking about the international political situation. I think that everyone will enjoy that. Thank you. Thank you, everybody.