Good morning, ladies and gentlemen. Welcome to the first quarter 2022 Matador Resources Company earnings conference call. My name is Shannon, and I'll be serving as the operator for today. At this time, all participants are in listen-only mode. We will facilitate a question-and-answer session at the end of the company's remarks. As a reminder, this conference is being recorded for replay purposes, and the replay will be available on the company's website through May 31, 2022, as discussed in the company's earnings press release issued yesterday. I will now turn the call over to Mr. Mac Schmitz, Vice President, Investor Relations from Matador. Mr. Schmitz, you may proceed. Thank you, Shannon. Good morning, everyone, and thank you for joining us for Matador's first quarter 2022 earnings conference call. Some of the presenters today will reference certain non-GAAP financial measures regularly used by Matador Resources in measuring the company's financial performance. Reconciliations of such non-GAAP financial measures with the comparable financial measures calculated in accordance with GAAP are contained at the end of the company's earnings press release. As a reminder, certain statements included in this morning's presentation may be forward-looking and reflect the company's current expectations or forecasts of future events based on the information that is now available. Actual results and future events could differ materially from those anticipated in such statements. Additional information concerning factors that could cause actual results to differ materially is contained in the company's earnings release and its most recent annual report on Form 10-K. In addition to our earnings press release, I would like to remind everyone that you can find a slide presentation in connection with the first quarter of 2022 earnings release under the Investor Relations tab on our website. Finally, I would like to introduce the management team joining me this morning. They are Joe Foran, Founder, Chairman, and CEO, Billy Goodwin, President, Operations, Van Singleton, President, Land Acquisitions, Divestitures, and Planning, Craig Adams, Executive Vice President, Co-Chief Operating Officer, and Chief of Staff, Gregg Krug, Executive Vice President, Marketing, and Midstream Strategy, Michael Frenzel, Executive Vice President and Treasurer, Tom Elsener, Executive Vice President, Reservoir Engineering, and Senior Asset Manager, Rob Macalik, Executive Vice President and Chief Accounting Officer, Glenn Stetson, Executive Vice President of Production, Brian Willey, President of San Mateo Midstream, and Chris Calvert, Senior Vice President, Operations. Other members of the senior staff are also present and available to answer your questions. With that, I would now like to turn the call over to Mr. Joe Foran, our Founder, Chairman, and CEO. Joe? Thank you, Mac, and good morning to everyone, and thank you for participating in today's earnings call. We very much appreciate your time and interest in Matador. To begin this conference, I'd like to point out three things. First is that we are celebrating, since February, our 10 years of being a public company. This is the 10-year anniversary of our first earnings call. I hope we do better than we did then. Second, I like to point out that we've retired one-third of our aggregate debt, and we are now producing 100,000 barrels of oil or gas equivalent. Number three, that this growth that we've had, particularly this year, has not come from spending that much more on CapEx, but from better than expected growth from our various drilling programs and capital efficiency. With that, I turn to your questions. Well, Mac, why don't you lead off? That's all great. Thanks, Shannon. If you would turn it over to questions, that'd be great. Thank you. To ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound key. Ladies and gentlemen, due to time constraints, we ask that you please limit yourself to one question and one follow-up. Again, we ask that you please limit yourself to one question and a follow-up until all have had a chance to ask a question. After which, we will welcome additional questions from you. First question is from Scott Hanold of RBC Capital Markets. Your line is now open. Thanks, all, and, congratulations on the ten-year anniversary of being public. First- Thank you. For my first question, I was hoping we could talk a little bit about inflation. Obviously, it's a big conversation in the industry with, you know, on both the OpEx as well as the CapEx side. But it looks like you all at this point have been managing it so far pretty well. Can you give us some sense of like what things you've been doing and where you think that, you know, might progress through the course of this year, especially if you look at the back half of the year and into 2023 when, you know, I think that, you know, most of the industry is a little bit more open to service price inflation. Hey, Scott. This is Tom Elsener. Thanks for the question. You know, we are seeing a little inflation, but you know, it's still early in the year, so it's just hard to say exactly where things are gonna be. You know, we're really proud of all of our operations teams, and I'm gonna hand it off to Billy and Chris to talk about you know, some of the detail work they're doing on completions and drilling and production. You know, certainly, we think we can mitigate some of these cost increases later on in the year. Chris? Yeah. Hi, Scott. This is Chris Calvert, SVP of Operations. I think, obviously, it's a great question. You know, operationally. When we think about service cost inflations, you know, I think the main ticket items are the cost of steel, the cost of fuel, and the cost of sand. Specifically speaking to the cost of steel operationally, you know, we are looking every day to push reducing, you know, eliminating a casing string. We talked a lot about Stateline a long time ago, and we're looking to do that as we go back to Rustler Breaks, as we go up into Lea County. On the fuel side, you know, obviously, the less amount of fuel that you use, the less exposed you are to the increase in fuel price. What we're doing is dual fuel. You know, we're bringing in either field gas from our San Mateo partner, we're using field gas, or we're doing CNG. That's another thing that we're doing to kind of reduce exposure to diesel. The last thing, I think, is just spending less time on wells. You know, you have day rate components and rental components that add to the cost of the well. What we can do there is just eliminate time on well. We've had record wells with our MAXCOM room. I think we're up to 162 records with MAXCOM, and we're just spending less time on wells. What we learned down at Stateline, we've gone up to Rustler Breaks, and we've really just kind of set records and spent less time drilling those wells, Scott. Billy, as President, how have y'all been processing this in other departments? Yes, sir, this is Billy Goodwin, President, Matador. You know, we've been working with our vendors, longtime vendors like B&O Pipe Co., and they handle all of our casing and tubular goods, and they keep us supplied and stay out in front of everything. We talk with them, and we're covered for the rest of the year. We also work with Patterson-UTI. They've drilled almost every well Joe's ever drilled, I think, in first and second Matador. That's been a good relationship, and they work for us and work with us to ensure that we can get rigs and highest technology equipment on those rigs, so we can get after and drill wells faster and faster. Along with our other, you know, long-term vendors, Halliburton and Universal, they both helped us out, like Chris was talking about, with ensuring we got plenty of sand, and they stay out in front of that and have agreements in place, so we don't have any issues there. All of those things together, you know, that helps us drill better wells faster. Like Chris also mentioned, the MAXCOM and, you know, shout out to those guys and keeping us in zone 90%-100% of the time. That creates better wells and, you know, more cash flow for the company, more reserves. I don't know if Ned wants to say anything about MAXCOM there. Yes. Ned Frost, Senior Vice President of Geoscience. The MAXCOM group has really done a good job. Scott, I know you're familiar with them, but that's geoscientists and drilling engineers working around the clock together in our control room. They've done a great job of staying in zone. As Billy said, the implications of staying in zone really lead to better well productivity, better efficiency, drilling those wells faster. Every hour you save turns into days that you save, and that really impacts the bottom line in a very favorable sense. That room's done a great job for really helping Matador, you know, achieve the growth that we're seeing right now. I'd like to follow up something that Ned, this is Joe again, said about the MAXCOM group. Those 162 records that we tallied on some checking, we thought that added up to approximately $23 million in savings. And we have improved our time in the reservoir zones to 95% or more, which again leads to better than expected results. By this, Scott, that we're trying to emphasize that a lot of the things that Billy and his group are doing are sustainable because they're time savings and productivity increases and innovation. We're, you know, of course, we're trying to address the effects that there'll be inflationary pressure, but our guys are also finding ways to mitigate it and improve well results without spending more money. This is Billy Goodwin again. I'd also like to throw in that, you know, with MAXCOM working with the drilling program, we've also started seeing more and more 100-foot-an-hour drilling. Where we used to be trying to drill a whole lateral with one assembly, now we're drilling curves and laterals and have seen, you know, this in each hole size or six-and-three-quarter-inch hole size, eight-and-three-quarter, eight-and-a-half-inch hole sizes, all of them doing equally as well and getting up over 13,000 feet, you know, with one BHA. That's great vendors out there improving, you know, technology and making the motors and bits better. We can do that, drill the curve and lateral with the same BHA. You know, hats off to all those guys as well. No, that's great to hear that there's some durability in what we've been seeing so far. As my follow-up, you know, Joe, maybe this one's for you, but you know, obviously, even since when, you know, you just reported fourth quarter earnings, you know, the quantum of potential free cash flow for y'all continues to increase on the back of, you know, your operations. Frankly, a big part of that is also, you know, commodity prices have risen. You know, the way we see it right now, you may have maybe another $1 billion plus of free cash flow, even after paying down revolver over those balances the remainder part of the year. As you start looking at that and thinking about 2023, can you just give us a sense of, like, how do you look at utilizing that free cash flow? Just give us a sense of, like, where the priorities are and what are the likely, you know, outlets of that are. Well, Scott, that's a big question, and we're studying it from all different angles. The team is really working together, and we're getting ideas from all the different teams and all the different departments on how we could best put this to use. I'd say that conceptually, the big plan is to continue to reduce debt. We think our business has changed to where it's advantageous to work down your debt, you know, as much as reasonably possible without disrupting your operations group. The first priority is just continue to reduce debt. We think that's a good path going forward, and if these high prices sustain themselves, we will, you know, continue to reduce debt, not only this year, but into 2023. The second thing is, you may, as you know, we're all large shareholders. Everybody in this room is a shareholder of Matador. We like dividends. We're happy to try to raise dividends, but we wanna do it in a prudent fashion, and it's a little early to make a prediction of how much, if any, that we're gonna raise dividends this year. If prices sustain themselves anywhere near this area, we certainly plan to have, over the years, a steady and consistent dividend policy that raises it and improves our returns to shareholders. That's where most of that direction is. We're gonna be careful, and we're gonna maintain the same disciplined approach to where we spend money in our drilling programs and where we might spend it acquiring additional acreage. We know this is a great opportunity. We wanna make the most of it, but we wanna do it in a very disciplined fast fashion that's attractive to our shareholders and strengthens the company financially. With those parameters, we're looking at a number of items, and they're good ideas coming about. We think it's a great opportunity, and it gives us great options, and we don't wanna be hasty in going into any one of those options, but be sure we've thought everything out, so we can continue to add to the value of Matador and make it more valuable to our shareholders and make sure that we share some of the gains in cash flow we are getting with them and keep up the good relations that we have with our banks. Yeah. As you think about the fixed dividend and, you know, the return to shareholders in that matter, have you all, you know, have some kind of context on, you know, where you like to see that? Is there like a particular yield you think that's appropriate for a company of your size and growth potential, or is it a percentage of cash flow, or is that still some of the decisions you're trying to figure out right now? Well, Scott, I'd say both of it is that we believe in the fixed dividend, we believe in the steady growth of the fixed dividend, but you don't wanna walk something back once you've raised it. Yes, we are studying it and meeting with shareholders and discussing as a board how much and when to raise the dividend, and what circumstances are we gonna be looking at. I mean, peace could be declared overnight in Ukraine and Russia, and you'd have a different set of circumstances. It's a little early to say exactly what we're gonna do, but I think in general terms, as I tried to stress, we plan to consistently raise the dividend as cash flow permits, and we plan to pay down the debt as is prudent, and to stay as much as we can based on cash flow. As you saw this year, we were able to not only have the drilling programs but to make a few acquisitions, and we weren't doing it by borrowing money, but living within our cash flow. All right. Appreciate that. Thanks, Joe and team. Our next question is from Neal Dingmann with Truist Securities. Your line is now open. Morning, all. Thanks for the details. Joe, maybe my first question may be for Billy or Tom on the ops side. I wanna maybe tackle Scott's question a little bit different way. I'm looking at slide five, where you guys, you know, very nicely show the 2022 milestones, the timelines that you show for the wells. You know, again, everybody talks about the inflation, but I guess my question around that, doesn't appear like you guys are having any delays or anything of that nature, regarding any of the services out there, right? Is that fair to say? Maybe if you could just talk about that timeline a little bit, and based on what maybe the tightness of services, you know, are there any challenges? It doesn't appear you're seeing any delays and such, but I just wanna double-check that. Sure. Hey, Neal, this is Tom. You know, on our timeline for the year, you know, we still feel really good about our plan and the major milestones that we've got set out for the year. We have a busy second quarter with Rustler Breaks bringing online 11 wells. We're gonna be back in Antelope Ridge, bringing on 16 wells later in the year in Q3. We'll have a big tranche of Ranger wells coming up in Q4. You know, things are looking good. You know, as Billy will mention here in a minute, the teams are all working together. We're doing a great job transferring knowledge between these different asset groups, like some of the learnings we've had at State Line, reducing casing strings, and learning how to install some better production lift systems and learning about better targets with Ned's group. You know, we're firing on all cylinders and things are going well. We just wanna remain cautious for the year. Hey, Neal, this is Billy, and yeah, just back up what Tom's saying there. I mean, everyone's excited here. We're all working together. You know, the land and geology finding, you know, our A-plus rock there and, you know, bolt-on. Our land positions and more opportunities for two mile and looking at three-mile wells, and we're drilling faster and getting better, and, you know, all of our vendors are excited. You know, new ideas, new technology and, you know, some of that extra money, you know, we're spending there is getting returned to us and helping us drill wells faster and mitigate the costs. It's all good. No, that's what it sounds like. I don't see any delays. Maybe just one follow-up on midstream, maybe for Greg. I know part of your priorities you talked about or if you could talk about San Mateo. I know in your priorities, you all talked about adding maybe some of the new San Mateo customers and earning and hitting some of those performance incentives. Could you just talk about it? You're certainly seeing some real nice upside on San Mateo, if you could just talk about that a bit more. Hey, Neal, this is Brian Willey. I'm the President of San Mateo, and happy to answer that question. It's a good question, so thanks for asking it. As it relates to third parties, you know, we continue to see opportunities. It's a great market out there right now, and we see opportunities with new customers that are potential and as well as existing customers. We look at the opportunities with existing customers as something that is, you know, really a testament to the great work of the business development team, the operations team here in the office, and then also out in the field. You know, they do a great job coordinating the efforts out there. It's good to get this repeat business and have those opportunities. In particular, we mentioned the MAXCOM room earlier. On the San Mateo side, we also have a Measurement and Control Room where we're able to actually monitor many of the systems that we have and the pressures and make sure that no issues occur, and where the flow goes. We actually had one of our third-party customers say that it was the best control room they've ever worked with. You know, really good feedback and good working together with them. On the incentive side, you know, I think as we announced in the press release, Matador received 23 million in incentives last quarter. We expect to continue to receive incentives as we, you know, operate in the San Mateo areas. There's 15 million left on the San Mateo I incentives we'll expect to get first quarter next year, and then the remainder of San Mateo II incentives that we continue to work towards, and that's one of our priorities. Great detail. Yeah. Neal, while we're in this area, the other thing that really pleases me about the midstream business is the amount of repeat business that we've gotten from customers, that customers clients have signed a deal, we'll gather or collect their gas, water, or oil, and then they re-up for additional commitments to sell to us. We think that's beginning to make a difference as you get additional You know, when you get a customer to re-up again or to add to it, you feel like you've climbed a mountain, and that's one of the barometers that we've really tried to look at. Brian? Yes. Thank you, Joe. The one other thing on that point is we also are a three-pipe system, which I think is really unique out there in the Delaware right now. We've had customers that have been on one of the commodities, whether it be water, oil or gas, and performed well, and because of that, we've had opportunities to be able to service them on different commodities. I think that's a real good advantage for us as well with these repeat customers, is having the different commodities. We serve all three, and we're able to take care of everything that our customers need. Another follow-up point that, when you were talking about the command and control room, that goes 24/7. You're watching it at night, so you can give a quicker response, and that's been well received, as well as the measurement room to be sure that the quantities are being paid right. Yes, sir. Hey. Thanks, Joe and guys, for the details. Thank you. As a reminder, to ask a question at this time, please press star then one on your touch-tone telephone. Our next question is from Zach Parham with JP Morgan. Your line is now open. Hey, guys. Thanks for taking my question. Just following up on the earlier question on capital allocation. As you think about reducing debt further, what do you believe is the prudent level of debt to have at the company? Because with the free cash flow you're gonna generate at Strip this year, you could push debt to very low levels. You know, Zach, that's a very good question, and we're not really ready to present a plan to you or to the market or to our shareholders exactly what is the right amount of debt, because it always depends on circumstances. I'm not trying to dodge a question by saying depend on circumstances, but you could have a very different economy here in six months. There's a wide array of opinions on that. Same thing on the international situation. Paying down debt will be our default area. If we're not sure or don't feel strongly on putting it somewhere else, it'll be used to pay down debt because we will still have the options. What is exactly the end number? I can't tell you. At this time, we're reviewing a number of different scenarios, and the board plans to take it up this summer and early fall, and we'll have more detailed plans at those times as we see how long the situation gets. We do want to get debt to a level where we think we'll be in good shape always if and when the commodity prices turn the other way. You know, this is a great opportunity to take advantage of that. We think we have reached a new inflection point with our size. You know, we've been traded up there when we were in the higher 50s approaching seve billion. We just don't have to take the chances that we once did when we were under $1 billion. That we think that gives us an operational advantage, and we wanna be known as a, we think the stronger financial shape should make us more attractive to the generalists coming back into the market. That when you pay down debt, the advantage it has over just buying back stock is when you buy back stock, whoever sells you the stock generally exits your company as a shareholder. It goes on to another deal. When you pay down debt, that helps all shareholders, you know, particularly your long-term shareholders and strengthens the company and increases the opportunities that you have. It just, that's good for everyone, and that's why it's our default. We'll look at other uses and money, but certainly, at the time we're reducing debt to be sure we're allocating some for the shareholders and the growth of the return to the shareholders. We wanna grow that return to the shareholders, and we want to reduce debt, and we think we can do both at the same time and still maintain our active drilling program with these very good locations that the teams have put together and presented to the board and to the senior staff. You know, that's a real exciting period for us, and we see this as a time to make the most of these opportunities and help push us to the next steps for Matador's growth and value plan. Got it. Thanks for that color. I guess just following up there, you also mentioned earlier reducing debt and raising the dividend as what you would do with free cash flow. Are you considering anything else, you know, potential special dividends or variable dividends? Zach, those of course are in the conversation. We're not saying we're gonna do it. I mean, right now, we probably lean in the direction of first taking care of existing shareholders through increasing dividend, allocating for increasing the fixed dividend and taking care of debt. You know, special dividends, you know, variable dividends are in the conversation, and we're studying other companies who are doing that to see how well it works for them. You know, we don't mind following the practices of other companies if they seem to be working better than what we're doing. We're, you know, we have a saying around here, we always reserve the right to get smarter. At this time, the focus is on fixed and dividends and repaying debt. We're certainly, if that seems to be working for other companies, we'll be quick to adopt it. Thanks, Joe. Maybe just one quick follow-up. Y'all paid a little bit in cash taxes this quarter. Can you talk about how that should trend through the rest of the year? Yeah. Well, Zach, you know, we play a straight game around here, and if it comes to where we owe taxes, of course, we're gonna pay our taxes and we're gonna be, you know, compliant with that, and we consider that a high-class problem. You know, we were pleasantly surprised in a strange way that we were in a tax position because earlier in the year we thought we'd go through 2022 without needing to pay taxes. It came upon us. We were more profitable than we had originally conservatively forecast. And so coming into taxes, as you know, it's a high-class problem. Now, it's important to remember that while it shows $15 million, that's not cash out the door $15 million. That's if things go this way, that would be the proportionate share, one quarter of what we might expect to pay if oil remains at $100 a barrel. That number is gonna change either up or down, depending how the rest of the year goes. I'd like to turn to Rob. Rob, what would you add to that? Yeah, this is Robert Macalik, Chief Accounting Officer. I think you said it well, Joe. You know, I think that is just the proportionate share and the amount of cash that actually went out the door is something much lower than that. You know, there are a lot of variables when you're looking at deductions and, you know, like Joe said, we play a straight game. We're gonna take all the deductions that we're allowed to take and continue to monitor the situation, you know, throughout the year. Yeah. We're not gonna do any exotic plans or execution to try to avoid dividends. It's better, I mean, to avoid tax. You know, it's better just pay the taxes and go on and do what you're supposed to do. I would like to ask Michael just to comment on the debt and the dividend plans and that they were considering other things, but that's your- Yeah. There you go. Hey, Zach, this is Michael Frenzel, Executive Vice President and Treasurer. One thing I wanted to add, Joe, we've said it consistently before, but I think, you know, a potential use of free cash as we have used our cash in the past, I think we'll look at trying to find some creative bolt-on opportunities, just like the one that we talked about or the ones that we talked about last quarter up in Lea County, where we were able to put a rig to work. From your nice note that you put out on the Uncle Chess wells, I think it's pretty obvious why we ought to be excited about that area and getting to work there. I know Tom could certainly comment on why we're excited about that area, but I think that's something as we have done throughout our history that we'd consider as a potential good use of cash. Yeah. Just to back up what Michael said, when our geoscience and other teams come up with new ideas to try this zone or that zone, that may open up areas just like they did on the Uncle Chess well, you know, we're gonna give that serious consideration and have it in the conversation too. Wanna always reserve that right to get smarter. Again, you know, we're shareholders, so it's spending our own money, and we're gonna be careful with that and take advantage of this, I think, unusual time in our business and keep it cash positive. Joe and team, thanks for the answers. Thanks, Zach. Call any time if y'all want further updates. I say that to you and to Neal and to Scott and others that, look, we're open and, you know, ready to visit with y'all anytime you have a curiosity or want to know more about what we're planning to do. Our next question is from Michael Scialla with Stifel. Your line is now open. Hi. Good morning, guys. Most of my questions have been asked, but just wanted to follow up on, excuse me, Michael, you mentioned the Uncle Chess wells looked like very strong performance out of those wells. Just curious if you did anything differently with the completion design there, or is that just a result of very good geology? Any opportunities to, I know you got a couple more wells you're drilling in that area, but to, as you mentioned, acquire additional properties there, or move accelerate in that area. Thank you. Hey, Mike, this is Tom Elsener. Yes, as Michael alluded, you know, we certainly are very proud of our Uncle Chess wells, and we think that those types of wells show off why we're excited to be putting a rig to work in the Ranger area and why we continue to look at opportunities up there. Certainly the very high oil cut is something that really stands out, but also the very low water cuts are certainly something that we think are important to us. We're always looking at ways to get better, though. We're always looking at ways to complete the wells with, you know, good stimulation jobs with good proppant and good fluid. You know, obviously, we work very closely with the geology team to put our well bores in the best possible rock. My hat is off to Ned and the geoscience team and to MAXCOM for constantly looking at ways to make the most of the opportunity we have in front of us. You know, we are certainly running our sixth rig up in that area, and we'll be active in there for many years to come. That's all I had. Thank you, ladies and gentlemen. This ends the Q&A portion of this morning's conference call. I'd like to turn the call over to management for any closing remarks. Right. Two other points. I'd just like to end this way. I didn't get questioned on it, but we have two other assets that sometimes don't get necessarily a lot of mention. The first one is just the value of the midstream, not only from the capacity of taking away from our deal, but enabling us to predict the time when we would complete those and how that affects cash flow. Second, for the environmental purposes, that it has of that reduction. I'd like Glenn just to say a few words on the improvement and perhaps Cliff on the environmental area, how much we're recycling and how much we cut down on emissions. On the emissions side, we're definitely very focused on doing everything we can on the production and completion side to reduce our footprint. We released our first sustainability report at the end of last year, and in that we showed a 19% reduction in greenhouse gas emissions from 2019 to 2020. We're focused on year-over-year improvement to that and look forward to it. Shelley Appel has kind of spearheaded that project and she's working on our 2021 report now. On the production side, the biggest focus we have is getting our liquids on pipe. To date, we have 98% of our gross operated water on pipe and over 80% of our oil on pipe as well. That also helps in terms of flow assurance and talking about the impacts that some of the labor shortages have in the basin. We can mitigate that with not having to use trucks. The increased use of vapor recovery units helps both on the production side and reducing the amount of gas that we flare. Certainly in an environment where natural gas is trading at these levels, it's very advantageous. Another thing that we're doing that helps on the lease operating expense side as well as helps on the emission side is where we are using on-site electrical generation, converting those wells to grid power. It's kind of a win-win situation there, where we reduce both emissions and lease operating expenses. On the flaring side, when you look at gross operated production versus gross operated volumes flared, we're right around 1% now. We have seen year-over-year improvements from that, from 2019 to 2020 and further again in 2021, that again, we'll publish later in the year. I wanna kind of give a plug for San Mateo and that having the part of what has contributed to the reduction in flaring is the fact that we work very closely with our midstream partners, specifically San Mateo, in that they are there from day one when we go to turn on our wells. The amount of, you know, firm transport that they have and the operations of the plant and the communication that we have between teams really is very helpful in terms of making sure that we always have a home for our gas. Thanks, Glenn. Hi, this is Cliff Humphreys of SVP Completions. Yeah, I just wanted to comment to Joe's note on the increased recycled water usage. You know, since 2015, the completions group has really, you know, tried to exercise every avenue to use more recycled produced water in our fracs. I think our partnership with San Mateo just allows us to do that much more as the infrastructure expands in New Mexico. For example, this quarter, we used just under 5 million barrels of recycled produced water in our completions, which is the most we've ever done in any quarter. We see that continuing to increase, and it's great cost savings as well as a great ESG effort. It results from the good partnership we have with San Mateo. The midstream is increasingly important to us. The second asset is our remaining gas assets in Northwest Louisiana. We've been drilling non-op wells with various operators, most recently with Chesapeake, brought on a well, 25 million a day, which we had a quarter. Still a lot of Haynesville to be drilled over there. Second, when we made the deal with Chesapeake, we reserved all the uphole rights, which included the Cotton Valley. We believe there's some over 200 Bcf, billion cubic feet of reserves there. They're all held by production. They're just awaiting a consistent gas price that would stay and we could easily set up a drilling program there. Right now it's HBP, it's not going anywhere. It is a valuable gas bank for future activity sometime. I just wanna mention those assets, look behind and again, invite everyone to come see us. We'll be happy to meet with you. We'll be happy to answer your questions and appreciate all your support and participation with us. Ladies and gentlemen, thank you for your participation today. This concludes today's.