Good day, and thank you for standing by. Welcome to the PDC Energy third quarter 2022 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Aaron Vandeford. Please go ahead. Thank you, and good morning, everyone. On today's call, we will have President and CEO, Bart Brookman, Executive Vice President, Lance Lauck, Chief Financial Officer, Scott Myers, and Senior Vice President of Operations, Dave Lillo. Yesterday afternoon, we issued our press release and posted a presentation that accompanies our remarks today. We also filed our Form 10-Q. The press release and presentation are available on our investor relations page of our website at www.pdce.com. On today's call, we will reference both forward-looking statements and non-U.S. GAAP financial measures. The appropriate disclosures and reconciliations can be found on slide two in the appendix of that presentation. With that, I'll turn the call over to our CEO, Barton Brookman. Thank you, Aaron, and hello, everyone. A solid quarter for the company as our results reflect the first full quarter with contributions from the Great Western acquisition. I'd like to extend a sincere thanks to all employees who worked so diligently on the successful and timely integration of this highly accretive merger. Be assured, as we go through our comments today, the company is incredibly well-positioned for ongoing operational, financial, and we are on target to reduce our greenhouse gas emissions by 15% and our methane emissions by 30% for the period 2021- 2022. We continue to expand our community outreach efforts, including our month-long employee volunteer campaign. This past September, the event succeeded in donating over 5,700 volunteer hours. Let me share my thoughts on how the year is wrapping up. Production early fourth quarter looks encouraging. We anticipate over $1.5 billion free cash flow full year 2022. Shareholder returns for the year should be approximately $1 billion, with share repurchases over 10% of the outstanding shares of PDC. G&A for the company, fully reflecting the synergies of the Great Western merger, should be in the $55-$65 per BOE range. An enduring story of financial success, including the company's incredibly strong balance sheet. In all this, while our operating teams continue delivering on some of the top projects in the country, projects clearly mapped by our multi-year permit and DUCs inventory in the state of Colorado. As I mentioned earlier, our greenhouse gas emissions and methane emission reduction goals are meeting or exceeding targets, and ongoing drilling and location optimization continues to enhance our capital efficiency. 2.5 and 3-mile laterals are becoming more common in our well design, and the company's completion pace is actually setting records. The real success story here is how we are achieving these operational improvements with safety front and center, always our top priority. All in all, the company is poised to deliver a solid fourth quarter and an extremely promising outlook for 2023. With that, I'm gonna turn the call over to Dave Lillo for an update on our operations. Thanks, Bart. Jumping in on slide six, total production for the quarter came in at 23 million BOE or approximately 250,000 BOE per day, and oil production was 7.4 million barrels or approximately 81,000 barrels per day. On the investment and cost side of the equation, we invested approximately $260 million during the quarter, which was right in line with our second half guidance. Our team maintained great focus on managing costs in a tight market. Our LOE for the quarter was $3.01 per BOE, and all-in G&A expense totaled $1.75 per BOE, inclusive of approximately $0.22 per BOE in cost associated with the Great Western acquisition. As Bart highlighted earlier in the call, the team has fully integrated the Great Western assets from a drilling, pumper schedules, and operation methodologies, and I am very proud of the work the team has done to fully integrate this asset as planned with an aggressive timeline. In the Wattenberg field, we invested approximately $230 million to run three drilling rigs and one completion crew for the majority of the quarter. We spudded 47 wells and turned in line 41 wells. Towards the end of September, we brought in a second completion crew as planned that will operate into the second quarter of 2023. For the fourth quarter, production in the Wattenberg averaged 219,000 BOE per day, of which approximately 32% was oil. LOE in the basin came in at $2.46 per BOE, highlighting the low-cost nature of our operations. In Delaware, we invested approximately $30 million and maintained one full-time drilling rig activity level, spudding three wells. We turned one well online during the quarter as we finished completions activities for the year at the end of the second quarter. Production for the Delaware Basin averaged 31,000 BOE per day, of which approximately 39% was oil. LOE in the basin came in at $6.92 per BOE, and is reflective of the increased workover activity during the quarter. Moving to slide seven, I wanna take a little more time diving into our Wattenberg Field operations and highlight some of the exciting advancements we are working on as we continually improve operations in the field. As of last year, fewer than 10, three -mile long reach laterals were completed in the Niobrara and Codell formations in the DJ Basin. Our work on the Wayne pad is a tremendous accomplishment and is important stepping forward for the industry and our operations with respect to efficiencies in the basin. Though three-mile laterals are not appropriate for all acreage, we are trending toward longer reach operations where possible. As a result of the longer laterals and improved efficiencies, we completed approximately 15% more stages in the third quarter compared to the previous quarter. We set two Liberty Energy records with 808 stages completed in the month and 129 continuous hours of pumping. On the 10, three-mile lateral wells on the Wayne pad, I am encouraged by the preliminary results we have seen so far, and look forward to updating the market on our production results on further calls. I want to highlight the 36-well Gus pad in our newly acquired range area that we began completing during the third quarter. This is the first Great Western pad that PDC turned in line. With a mix of 1.5 and 2.5-mile laterals, we will develop approximately 4 sq miles from a single pad. Large number of wells per pad, where acreage supports can reduce surface footprint and impact our communities while driving efficiencies. Our team at PDC is in the forefront of these modern development trends. On slide eight, we highlight our long-term visibility of our development of our core Wattenberg Field. With more than 2,000 wells in our current core inventory, our assets generate robust economics that will support the company's cash flows for years to come. At the current strip price, all of our areas deliver 100% internal rate returns and payback on the average in approximately 14 months at current pricing. This short payback period adds to the durability of cash flows in a volatile commodity environment. To put it in perspective, at today's prices, the wells we turn in line this quarter could be adding to our base cash flow available for shareholder returns as soon as 2023. I also wanna give a quick update on our Guanella CAP and our current inventory of permitted projects. On October 2, the 60-day public comment period concluded. We are encouraged by the feedback and support we're receiving, hosting our community outreach events and look forward to the December 7th hearing date. We are also encouraged by our process of securing additional permits in Colorado. You can see from the representative turn-in-line inventory on this slide, there is good long-term visibility into our economic developments of our assets for years to come. Between the DUCs approved permits and permits in progress, we are poised to materially de-risk more than half of our identified core locations. Also note that the majority of the unpermitted locations today are in concentrated rural prairie area of our Weld County, where we have good confidence in permitting process when it comes time to begin permitting activity there. On slide nine, we highlight some of the progress of our Delaware Basin and its stack pay and oily production mix. Just as we discussed in DJ, our Delaware team is focusing on unlocking value through execution and innovation as well. We currently are drilling three of our first three-mile lateral tests in block four. We have seen great success in our 2.5-mile laterals and are excited about the potential capital efficiency gains by moving to three-mile laterals. The team is also testing a batch drilling process on these wells, where we drill the surface of each of the three wells before moving to the drilling of the intermediate sections, and then finally drilling each of the lateral sections. We anticipate this process may result in reducing drilling days and ultimately costs. Additionally, in our 2022 upspaced production results have outperformed 2021 downspaced tests by approximately 1.75x during the first 150 days. I will point out that nearly half of the 2022 and all of the 2023 turn-in lines utilize the upspaced design. During the quarter, the team utilized three workover rigs during the quarter to catch up on a backlog of maintenance projects that built up in the second quarter. I'm happy to report that the Delaware team has successfully worked through the backlog of projects, and we have returned to our steady-state activity level with one workover rig working today. With respect to activity levels going forward into 2023, we are planning to continue operating one full-time drilling rig and a partial completion crew, which will materially be similar to our 2022 activity level. With that, I will turn the call over to Scott Myers. Thank you, Dave. As Bart and Dave highlighted, the third quarter has been operationally solid and in line with expectations we laid out with our second half guidance. This execution has translated into a tremendous financial quarter for PDC, highlighted by our robust free cash flow and shareholder return programs. Before jumping into some results for the quarter, I wanna take a moment to reaffirm our guidance. We expect total production for the fourth quarter to again be in the range of 245,000-255,000 BOE per day, and oil to be in the range of 80,000-84,000 barrels per day. For the full year 2022, we reaffirm our production guidance range of 230,000-240,000 BOE per day, of which approximately 73,000-77,000 barrels is expected to be crude oil. Our planned 2022 capital investment in crude oil and natural gas properties are expected to be approximately $1.075 billion, which is at the high end of our previously reported full year guidance range. This is a result of the continued operational efficiencies and the ultimately increases the number of stages and spuds that Dave highlighted, as well as the continued cost pressures. Moving to slide 11, we received a pre-hedged realized price of approximately $52 per BOE, while operating expenses again came in under $9 per BOE. Our G&A came in as expected at $1.75 per BOE, inclusive of the $0.22 per BOE cost associated with the Great Western acquisition. This allowed us to generate approximately $700 million of adjusted cash flow from operations, and after taking into account $260 million of CapEx, we generated more than $440 million in free cash flow, the highest level of quarterly free cash flow in PDC history. This equates to an annualized free cash flow yield of more than 25%, among the highest in the industry. Moving to slide 12, I'd like to highlight a few details on our shareholder return program. In the third quarter alone, we returned approximately $295 million through share buyback and quarterly dividend. We remain committed to returning 60%+ of our annual post-dividend free cash flow to shareholders via systematic share repurchases and a special dividend if needed. For the first nine months of the year, we have generated nearly $1.2 billion of free cash flow. Of that, we've paid out $90 million in the form of regular dividends and bought back $560 million shares, $560 million worth of shares. For the full year, we are on track to generate $1.5 billion in free cash flow. After paying $125 million for the base dividend and accounting for our 60%+ shareholder return target, we anticipate at least $825 million to be available for share repurchases and a special dividend. As we continue to use the share repurchases as our primary tool in our shareholder return program today, as we spend more on the share repurchases, our anticipated year-end special dividend may decrease. However, the total returns are still whole. We are on track to return approximately $1 billion through our base dividends, share repurchases, and the potential year-end special dividend. On slide 13, we illustrate our progress on the share buyback. In the third quarter alone, we spent $260 million to repurchase 4.2 million shares, or approximately 4.5% of the outstanding shares. Through the first nine months of the year, we've invested $560 million to repurchase 8.5 million shares. We ended the quarter with approximately 93 million shares outstanding, which is less than our share count prior to issuing the four million shares in the second quarter for the Great Western transaction. Again, look for the fourth quarter to be another strong share buyback quarter for PDC. Finally, on slide 14, I wanna draw your attention to the quality of our balance sheet. During the quarter, we reduced our debt by approximately $300 million, exiting the quarter with approximately $1.4 billion in long-term debt and a leverage ratio of 0.5x, which is where we estimated our leverage ratio was gonna be at year-end. In October, as part of the credit facility semiannual redetermination, our borrowing base was increased to $3.5 billion from $3 billion as a result of the reserves from the acquisition of the Great Western. As we continue to see opportunities to reduce our overall indebtedness in 2023, we maintained our elected commitments at $1.5 billion. To summarize our call before we move to Q&A, we are at a very exciting time in PDC's evolution as we continue to build a company of scale. We have long-term visibility into developing our world-class assets, a low-cost structure, and a healthy balance sheet that all supports our model of delivering sustainable free cash flow and material shareholder returns for years to come. I will now turn the call over to the operator for Q&A. Certainly. As a reminder, to ask a question, you will need to press star one one on your telephone. Please stand by while we compile the Q&A roster. One moment. Our first question will come from Arun Jayaram of JP Morgan. Good morning, everyone. Congrats on the solid quarter, and thanks for taking my questions. On the shareholder returns front, good to see the buyback pace coming along better than expected. Guessing it's probably as simple as seeing shares as undervalued, which we'd agree with, but hoping you all might be able to provide a bit more color as to if there were any main drivers behind the accelerated pace we've seen moving through the year versus initial expectations. Yeah. I mean, again, we're looking at an annual program. When we look in, we're projecting our free cash flow and hitting that 60%+ target. Clearly, after the second quarter earnings and the little bit of softness, we were pretty aggressive in the share buyback. Now, as we get closer to year-end, I'd expect to see something similar, because you know, the 60%+ is our goal, and we're gonna achieve that. If we don't do it through share repurchases, we would then add it to the special dividend. To your point, right now, we really see the company's shares as undervalued and a great value to buy back. Awesome. For a second question, just wanted to focus on the range area in the Wattenberg. Any key observations to kinda highlight with respect to the Gus Pad? Just kinda given it's the first one that you all have turned online, and just kinda given how big the size of the pad is as well. Thanks. Yeah. I can give a little more color on that. We've completed the first eight wells. We've got them online, and they're looking astronomically up to our expectations at this point. We will move back into the pad to frack the additional 24 wells here coming up on the schedule probably in December. You know, when we had the Raind ance pad, we had some issues with having to move back in to do some gas lift operations. With this pad, we will install gas lift immediately upon clean out and tubing the wells up. Really encouraged about this pad so far and look forward to turning all the wells online at this point. Thanks for the color. One moment. Our next question will come from Bertrand Donnes of Truist. Your line's open, Bertrand. Morning. Don't wanna belabor the point, but just going right back to the shareholder returns. I just wanted to maybe last quarter, I would've thought that hitting the $320 million or so remaining for the buyback target would be a stretch, but it sounds like, you know, the pace has kinda picked up and you're more comfortable with that higher level. I guess my question is the special dividend starting to become a more integral part of the program, or do you still see it purely as just kind of the catch-up mechanism to use at the end of the year? Yeah. It's always really been meant to be the, I would say, the top-off feature or the rounding. We really look for, at this point in our company, the share buyback to be the main engine for delivering our returns. I would say that. During the third quarter with the activity we had, we felt very comfortable that there was no material movement in our price as a result of our program. We're really comfortable being able to purchase that many shares again a day. I would say that's kind of when we look at it. If you just go back, remember the first quarter, there was some time that we couldn't purchase because we were going through the Great Western acquisition. It was kind of always leaned more towards a second half plan because of that. Again, just look for the fourth quarter to be another strong share buyback quarter for us. That sounds good. I only ask 'cause, you know, some of another E&P has slowly transitioned from a special becoming a regular special. That was just the point of that. Maybe moving over to the Guanella CAP. The multi-day process, I guess, is just a little new to me. Is it purely due to the extensive size of the CAP, or is there something else you're expecting that might stretch out the process? I mean, I've listened to a couple of these, and it seems like at one point, the director will kinda call a vote even if everything's not agreed upon. I was just trying to, you know, understand if could it go past two days? Is 2 days the cap, or is there a reason that it might take 2 days for size and size? Our Guanella CAP, you know, we have this, the hearing scheduled for December seventh. The CAP consists of 450 wells. It's 22 locations. The reason we put a tentative date for the next day is as we go through each individual site, we're not sure how long the explanation and how long the CAP hearing, you know, will take. That's why we put that for a tentative second day as well. We're hoping with all the involvement that we've had with the local municipalities, with the COGCC, that we're going to be able to conduct that in one day and get that approved with high confidence at this point. That's great. This is just a housekeeping question. I don't think anyone else is gonna ask it, but the 5% 4Q-over-4Q growth kind of hops in and out of the press releases. I just want to see where you guys were at with that and whether that applies, you know, still applies to oil and gas volume or oil and total BOE volume. Then maybe if there's some sort of color on Wattenberg versus Delaware. That's all I got. Thank you. Yeah. I mean, we're still going through finalizing our budgeting process as we go through the next several weeks into our board meeting in December. It's still a little premature, but again, I think when we think about when we put out our second half guide, we were very cognizant to make sure that the market understood that our 2023 expectations were not really being altered. That's where it came out with the 5%, because originally our growth was expected to be the 0%-5%, and we don't see our 2023 material or plan materially changing. If you look at our guidance, I'd still say it's closer to that 5% range right now for the guidance that we have for the second half of the year. We're still finalizing some of the plans. A few of the things in 2023 that make it even more challenging are some of these big pads that Dave alluded to. When you're turning on 24 or 36 wells at a time, it can make your production a little bit lumpier. Let us finalize our schedule, and we'll give you some more outlook. As far as the, you know, oil mix, we're still gonna be in that 32% kind of company. Again, from quarter to quarter, it could go down 1% or up 1%, really when Delaware activity is kicking in. We'll be giving you more flavor on that upcoming in some of our other calls. We just got to finish the budgeting process first, but I still expect to be more towards that 5% on the second half guidance than 0% or 5% that we would have said earlier in the year. Scott, Delaware and DJ, we do have growth plans in both basins right now. Yes, we do. Yeah. Yes, we do. Appreciate the color. Thanks, guys. One moment. Now our next question comes from Umang Choudhary of Goldman Sachs. Your line is open. Hi. Thank you, and good morning. My first question, wanted to get your thoughts on the inflation expectations next year. Can you help us think through the benefit on CapEx as a shift towards these longer laterals and bigger pads? Dave, you wanna start? Yeah, I think so. As we guided too in the last call, you know, our guidance was $1,025 million-$1,075 million, and I think we're still in that range right now, probably on the high side of the range in 2022. We're about halfway through our bidding process right now, and it looks like we're looking at probably another 5% increase into next year. It's the fuel and the proppant and the steel and the chemical costs really, the pass-through that we're going to see. As we continue to finalize our bidding process and our budget, we'll be able to talk a little more on what 2023 looks like at that point. Yeah. I would just remember two other key things when you're thinking about the CapEx for 2023. Number one is you have to add that, you know, $150-$200 million because the Great Western acquisition, we only had it for eight months this year. I would take that 1.075, let's add $200 million to that as your starting point. Then as Dave's saying, the 5% additional cost is kinda where we're from now. When you're really comparing to the full year, it's probably gonna be more the 10%-12% year-over-year because some of the, obviously, dollars we spent earlier in the year were a lot less than what we're spending currently in the fourth quarter. Hopefully that'll provide a little bit more color for you as we're going through this. I'd say, you know, annualized for the activity with the Great Western, expect about 10-12% year-over-year, including the whole spend and the growth in spend that happened during the year, and you'll get close to our preliminary target for now, and clearly more detail to come in a few months. That's great, Color. Thank you. I guess, on my second question, can you give us an update on the 2nd Bone Spring test result, and then any initial thoughts as to how it impacts your Delaware inventory? Yeah. I can expand a little bit on that. You know, this was really an effort in the Delaware to expand our inventory, and it was an exploratory Greenwich 2nd Bone Spring, which is a sand. We saw several operators, one to the north, getting really good results from this zone, and there was permitting going on to the east. We drilled the well in January of this year and fracked it in April. Geological model looked good. Although we ran into really some complex faulting as we were drilling, we went ahead and completed the well, had abnormally high H2S levels and high water volumes. After trying to mitigate for short term, we decided that this well was not gonna be commercial. It didn't really condemn the zone. The team's going back and taking what we learned from this and see if we could apply it to other areas. That's kind of where we're at at this point. Dave, as far as our inventory in the basin, impacts, we did not have that second zone inventory. This was truly a single test exploration in an effort to add inventory, but it did not reduce our opportunities. That's right. That's great. I guess if I can do a quick follow-up there. Given the results, as you think through your inventory in the Delaware, how are you approaching it? Are you looking at some bolt-on opportunities which can further increase your inventory in that region? Are you doing further tests as it pertains to testing out the 2nd Bone Spring and the Wolfcamp C zone next year? Yeah. Hey, good question. This is Lance. Let me give you just a couple of updates on how we're thinking about our inventory in Delaware. First and foremost, yeah, we do look at sort of what we call blocking and tackling with offset operators and how can we, for example, take a one-mile section and combine it with their mile and let's go drill a two mile together and gain efficiency from that. So that's ongoing. There's been also an example of where a party had a lease that was, you know, coming up on expiration and we were able to, based on our development plan, get over and drill that. So that added incrementally to us as well. I think as you think about our inventory, you know, keep in mind, the inventory we have currently talked about comes from last year when the prices were a lot lower for commodities, et cetera. From where we sit today, there should be an increase just due to commodity price, you know, as sort of a starter. There's a couple other intervals that we're looking to test in 2023, that other operators offsetting this have already drilled and are producing. We're gonna be in a position to continue to monitor the offset activity and schedule a couple of tests ourselves that we believe will be inventory adding for us in 2023. A lot of different things that we're doing, a lot of good work and just really thankful for the Delaware team and the work that they've done to continue to build and grow our inventory there. Thank you. One moment. Our next question will come from Tim Rezvan of KeyBanc Capital Markets. Your line is open. Good morning, everybody. Thanks for taking my question. I wanted to circle back on the repurchase program. You've mentioned 4Q should be a strong buyback quarter. We noticed, you know, shares are up pretty sharply quarter to date, almost 30% here. I know you think they're undervalued, but all else equal, they're a little less undervalued given the rally. I'm just kinda curious on, you know, the form and intensity of capital returns that you see, you know, through this quarter and into 2023 if shares continue to perform well. Are the buybacks more liquidity based or is it really opportunistic? I think you did a good job in the third quarter, but just kinda curious how you're seeing it going forward. I mean, I'd love to get to the point where we back off a little bit 'cause our share price performance has continued to perform, but I don't think we're to that point yet. I mean, we still have some headlines out there with Guanella CAP getting approved that we think is gonna be a catalyst for us. Getting any shares we can before that we think will be a positive. Again, quarter after quarter, delivering the free cash flow that we think we can do. I still look at the share repurchase with our multiples where they are as still a great way to use our capital return program. I would say look for us to continue into 2023. If we start seeing that there's another form that starts really distinguishing itself, we will always be considerate and we would consider other ideas. Right now, we're just big believers in the share buybacks and look for that to continue, and we hope the share price performance continues as well. Part of that should be driven by the sheer fact that we have bought shares and there's less shares outstanding. As Bart said, you know, earlier, we could be less than 90 million shares or around 90 million shares by the end of the year with our buyback program. Look for us to still lean in on that right now, but we'll still consider other things in the future. Okay. That's fair. Then on the subject of the Guanella CAP, you know, Civitas got a pretty quick approval from their Box Elder CAP, and I know it was a lengthy process. They did preliminary siting like you all did. Once you get past Guanella, if that gets approved as you expect, what, if any, permitting needs do you have going forward? Are you pretty much done or will there always be kind of smaller, you know, kind of tag-on permits you'll need to get approved? When you think about the Guanella CAP, you know, there's gonna have to be individual OGDPs for each of the locations. The team really has those prepared. We have the alternative location analysis. We have the cumulative impacts ready to go. Just working on the operational plans for each facility right now. We're really confident we're gonna be able to get approval for our initial siting and then whatever, you know, we're gonna have to do after that, the team is ready to go, and we feel like we're way ahead of that process. In addition to that, we have several other OGDPs that are still out there that we're working on. We actually submitted a Whitney 16-well pad in August. That's in our queue now at the Oil and Gas Commission, going through the completeness determination. We have two other ones, the Trippet and the Bubba, which are another 46 well package and 18 well package where we're going to submit in the next couple of weeks. We feel like we are in really, really good shape on permitting to support our activity levels in the future. Okay, thanks. Just to clarify, is 2023 fully permitted? Are these all longer term or are some of these in the program for next year? We have our permits in hand, takes our turn-in-line into 2024 completion. When we're looking at the CAP, we're not even gonna start drilling these wells until mid-2024. Yeah, we have great line of sight here for our turn-in-line schedule for the next several years. Tim, with the CAP approval, we will have our turn-in-line schedule being the DUCs plus permits in hand through 2028. Okay. Yeah, I saw that in the deck. That's great. I appreciate all the color. Thanks, everybody. One moment. Our next question will come from Charles Meade of Johnson Rice & Company. Your line's open. Good morning, everyone. This is actually Austin filling in for Charles. Hi, Austin. First question, the bumpiness that PDC experienced in 2Q with respect to the Raindance pad seems to be behind you. Going forward, should we assume that this is no longer an issue? Absolutely. You know, we acquired that Raindance from Great Western. When they went back in and cleaned out the wells, they installed tubing, but they didn't install the gas lift mandrels in the well, and that's why we had to go back to that pad to get the gas lift mandrels installed at the time we did. That is behind us. In October, we were able to move back in. We completed our operations and on the last 10 wells there. The team did a tremendous job running sim ops. We brought two rigs in at the time, and it took about a week of well work activity. Going forward, we'll do it the way that PDC runs their operations. When we do our clean outs on these longer laterals, we go ahead and install gas lift mandrels at that time. We're hoping this isn't going to be a systemic problem. I appreciate the color. As a follow-up, I guess more about how you prioritize your free cash flow. PDC has 2023 targets to return over $1 billion to shareholders via the buyback and base dividend as well as a target to reduce debt by $1 billion by year-end 2023. I guess if oil prices dip below $80, what would be prioritized more, the debt reduction or the buybacks? Yeah, just before I answer that, let me just clarify. Our share return this year is gonna be about $1 billion, and we have a long-term debt goal to get our debt down to about $800 million. So right now we're sitting, you know, with the $1.4 billion of debt. So when we look at this, I mean, our framework is our framework. It's to return 60% of our post-dividend annual free cash flow to shareholders. So that other 40%ish that's left is to manage our working capital needs to pay down our debt. Again, we don't want to be a debt-free company. We believe debt is an important part of your capital profile. When you look at it's a cost-effective form to use. I think we'll start paying down that debt. We'll continue paying down that debt in 2023. Based on commodity price environment, we might get to $800 million, we might only get to $1 billion, which then we'd get to the rest of it in 2024. We're very comfortable where the balance sheet sits today, but we'll continue to work on it as we try to make this company stronger and stronger. Does that answer your question? It does. Thank you very much. That's all from me. Thank you. I'm showing no further questions at this time. I would now like to turn the conference back to Bart for closing remarks. Yeah. Thank you, Latonya, and thank you everyone for joining. A terrific quarter for us. Dave, great job on the operations and the rebound that we're experiencing quarter. Look forward to talking to you in a few months. Thanks. Ladies and gentlemen, this concludes today's conference. Thank you for your participation. You may now disconnect.