Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Southwestern Energy's call discussing its acquisition of Indigo Natural Resources. Management will open the call for a question and answer session following prepared remarks. In the interest of time, please limit yourself to two questions, and you may queue for additional questions. This call is not being recorded. I will now like to turn the call over to Brittany Raiford, Southwestern Energy's Director of Investor Relations. You may begin. Thank you, Chuck. Good morning, and thank you for joining today's call. Joining me today are Bill Way, President and Chief Executive Officer, Clayton Carrell, Chief Operating Officer, Michael Hancock, Interim Financial Officer, and Jason Kurtz, Vice President of Marketing and Transportation. As a part of this morning's announcement, we also posted a new investor presentation to our website. Before we get started, I'd like to point out that many of the comments we make during this call are forward-looking statements that involve risks and uncertainties affecting outcomes. Many of these are beyond our control and are discussed in more detail in the Risk Factors and Forward-Looking Statements sections of our annual report and quarterly filings with the Securities and Exchange Commission. Although we believe the expectations expressed are based on reasonable assumptions, they are not guarantees of future performance, and actual results on developments may differ materially, and we are under no obligation to update them. We may also refer to some non-GAAP financial measures, which help facilitate comparisons across periods and with peers. For any non-GAAP measures we use, a reconciliation to the nearest corresponding GAAP measure can be found in our earnings release available on our website. I will now turn the call over to Bill Way. Thank you, Brittany. Good morning, everyone. I hope you're all safe and well. Thank you for joining us for today's discussion regarding the strategic transaction we announced earlier this morning. Consistent with our disciplined strategic framework, which includes owning and operating Tier One natural gas assets, Southwestern Energy has entered into a definitive merger agreement to acquire Indigo Natural Resources, a leading Haynesville natural gas company. I would first like to give a shout-out to Bill Pritchard and his entire team for the terrific work you've all done over the last couple of years building a very successful business in the Haynesville, and we look forward to many more discussions going forward. The transaction positions SWN for accelerated delivery of key financial and strategic objectives, increases our ability to capture the benefits of scale, and expands our operations by combining core positions across the two premier U.S. natural gas basins while maintaining a strategic focus on gas and returning SWN to multi-basin operations. As a result of this transaction, we expect to see immediate accretion to key financial metrics, including improvement in corporate returns and per share metrics, an increase to free cash flow, the accelerated delivery of our de-leveraging goal, and further strengthening of the balance sheet. The high return dry gas inventory complements the company's existing gas inventory in Appalachia, and the expansion into Haynesville will allow us to further demonstrate our core competency in developing another large-scale operated natural gas asset while realizing improved basis differentials associated with the close proximity to the high-value Gulf Coast LNG corridor. The terms of the transaction include a $2.7 billion purchase price comprised of $400 million in cash, approximately 339 million shares, which represents $1.6 billion of equity, and utilizing the agreed 30-day VWAP of $4.72 per share, and the assumption of $700 million of attractively priced 2029 senior notes. The transaction represents a compelling valuation with an enterprise value to estimated 2022 EBITDA multiple of 3.8x, a meaningful discount to where SWN shares currently trade. We expect to close early in the fourth quarter, subject to approval by SWN shareholders and customary closing conditions, including regulatory approvals. Indigo is one of the largest private U.S. natural gas producers in the country. They have built a strong business with high-quality acreage and a healthy balance sheet. Their assets extend across northern Louisiana with approximately 150,000 net surface acres and 275,000 net effective acres in the core of the stacked pay Haynesville and Bossier zones, both of which are being actively developed. The current net production of approximately 1 billion cu ft of gas per day is sold into the premium markets in the growing Gulf Coast LNG corridor at a discount to NYMEX of approximately $0.12 per MBtu, which includes the low cost of transportation. Indigo's strong balance sheet will be immediately accretive to SWN's financial position. Pro forma for their recent sale of non-core Cotton Valley assets, Indigo reported a leverage ratio of 1.1x for the 12 months ended March 31st, which is expected to improve further prior to closing. When combined with our existing business, the acquired assets further enhance our scale, increase portfolio optionality, and solidify Southwestern Energy as a leading natural gas powerhouse. As I mentioned earlier, the transaction is accretive to all financial metrics. In 2022, the business is projected to generate $2 billion of EBITDA from over 4 BCF per day of net production. The low-cost structure and sales to premium markets on the Gulf Coast are expected to expand margins by $0.15 per MCF equivalent. With a maintenance capital program and a reinvestment rate of 75%, we are expecting to nearly double our 2022 free cash flow estimate to approximately $470 million. The leverage is expected to improve to 1.7x on a pro forma basis. This is based on a $2.75 NYMEX gas price. Strip pricing has continued to strengthen from that level recently. Per share metrics are expected to see similar improvements, with a 30% increase in 2022 free cash flow per share and a 15% increase in 2022 cash flow per debt adjusted share. These improvements to financial metrics will further strengthen the balance sheet. We are projected to reach our sustainable leverage target of below 2x starting this year, with free cash flow reducing debt and accelerating the ability to return capital to shareholders. The increased scale will also offer opportunities for credit upgrades and the potential to lower the cost of capital as we progress back towards investment grade, which could deliver additional accretion to financial performance. With this acquisition, our strong maturity runway remains intact. The assumed $700 million of senior notes due in 2029 have a coupon rate of 5.375%. Consistent with expectations before this acquisition, the $200 million in SWN senior notes due in 2022 are still expected to be redeemed with free cash flow generated this year, and there are no material senior note maturities until 2025. A key aspect of our strategy is the delivery of sustainable financial performance driven by a capital-efficient program and a portfolio of high-return projects. This transaction expands SWN's high-quality inventory, adding over 1,000 dry gas locations. Of these, approximately 750 of those locations are economic at current strip prices. These locations will complement our existing portfolio, and in 2022, we expect to have investment across all of our operating assets as part of our maintenance capital program. This program is expected to include 30-40 wells and a four-rig program in the Haynesville acreage. The acquired inventory is highly economic due to its Tier One rock quality and position near premium markets. The strategic transportation capacity allows production to flow from the wellhead to the inlet of several LNG pipeline intake facilities and other interstate pipelines that serve industrial markets in Louisiana. Multiple delivery points provide flow assurance and competitive pricing, with firm sales agreements providing fixed basis differentials. SWN's pro forma transportation portfolio will flow to premium markets across the country. In addition to the Citygate pricing in Appalachia, the added Gulf Coast sales will further balance the portfolio, enhancing flexibility and further mitigating risk. The strong pro forma business will be focused on enhancing value and capturing the benefits of scale. We are an experienced multi-basin operator focused on large-scale Tier One natural gas developments, and I'm very confident in our team's ability to continue with this success and deliver on the strategy in Haynesville, and we're eager to get to work in Louisiana. We are highly effective and proven integrators, demonstrating this last year with the acquisition of Montage Resources. There, we were able to quickly integrate the acquisition, immediately captured the promised synergies, and assumed responsibility for operations upon close, moving a rig into Ohio and drilling our first wells at the beginning of this year, where we have already delivered well cost below the historic levels. Our vertically integrated business and proven operational excellence provide additional upside value opportunities, including the potential to reduce well costs, manage base decline, and use innovation and data analytics to drive efficiencies. Our talented in-house marketing team deeply understands the sales locations for the acquired assets, as we currently have arrangements in place with LNG producers and other customers in the Gulf Coast market. All of these factors position the company for success in Haynesville and should allow us to capture the full potential of this acquisition from a position of financial strength. We're confident about the progress we have made in strengthening our business, and this transaction puts the company in a stronger position to deliver even more value. Southwestern is a leading natural gas producer, well-positioned in a low-carbon future, and our unique combination of a stronger balance sheet, high-quality operated assets, and leading execution are set to deliver long-term value creation for years. With that, Chuck, would you please open the line for questions? Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset. To withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble our roster. The first question will come from Charles Meade with Johnson Rice. Please go ahead. Good morning, Bill, and congratulations on what looks like a good deal here. Thank you, Charles. Good morning. Yes. I know we eventually will get all the blah, blah account in your proxy, but I wonder if you could give us a preview here on how this deal came together from your perspective, and perhaps contrast it to the Montage deal, which was kind of buying the next door neighbor's lot versus this one, which is buying a second house across town. Well, I think what I can say about that, and thank you for your question, we've been pretty public about the fact that consolidation across the E&P space when done in a disciplined manner is very beneficial to the industry and to the companies that are involved in that. We have a very stringent and rigorous framework that we've used, and we've also talked about that over time. We know the Appalachia Basin and the Haynesville Basin and others quite well. We'll talk more about the details of how we got there in the filings that we have to make. We know quality, we know strategic benefits. We understand the importance of discipline, as we demonstrated in Montage of doing a deal. This one came together, and I'm excited to be talking about it today. Got it. As a follow-up, thank you for all the information you put in your acquisition presentation. It's very helpful. There's one piece that if it's there, I'm not seeing it. If we look on the Indigo website, they give a proved developed PD10 of $900 million. That's at year-end 2020 SEC pricing, I believe. Did you have a look at what the PDP, PD10 is at the strip or at your planning case, maybe $2.75? Of the 750 locations that are economic at $2.75, what's the split Haynesville/Bossier there? This is Clay. We've got the split. It's not exactly at 275. It was NYMEX pricing a little earlier in the year. It had PDP valued at $1.9 billion, compared to if you just run it at the SEC price deck at year-end, it was at $650 million. Got it. That's helpful, Clay. Obviously a whole lot more important to look at with the forward prices than historical. Any guesses on the split for the 750 locations? Yeah, it's about 50/50. Thank you, Clay. Thank you. Thanks, Charles. The next question will come from Arun Jayaram. Jayaram, excuse me, with JPMorgan. Please go ahead. Hi, Arun. Yeah, good morning. Arun Jayaram with JPMorgan. My first question, I don't know if for Bill or Clay is we looked at this morning kind of the well productivity from Indigo in 2018, 2019, meaningful outperformance relative to their peers in the Haynesville. Not to nitpick a little bit, but in 2020, we are seeing a little bit of a decline on a year-over-year basis around month five or six. Just wanted to see if anything around the 2020 program. Again, we're using Enverus for this analysis. I just want to get some thoughts on the 2020 program, as well as discuss the fact that if we look at the rig map, it does appear that they have five rigs concentrated around a narrow part of the field. I just want to get thoughts around the overall development strategy here around this asset base. Sure. The current activity is located in what we believe is the top performing inventory. They've got a lot of very good inventory, but it's the deepest part of the Haynesville and the Bossier. It's the highest pressure, and it's where it's stacked, and that's where they've been focused as of late. The inventory is very high quality. We haven't noticed any kind of material difference in well performance looking at 2020 or at the 2021 program. You referenced the Enverus data, and I think that data is a kind of a secondary source that also talks about the large number of future drilling inventory, high quality inventory wells that Indigo has. We're really pleased with it and expect for that performance to continue. Great. Clay, you mentioned how half the inventory maybe under oil was Haynesville versus Bossier. Can you talk about the type well economics for each of the zones and maybe just a little bit of thoughts on NPVs for well, just any thoughts to help us as we think about modeling this? Yeah. When we talk about the competitive nature of our capital allocation, these wells are going to rack and stack in at the top end of that set of economics. The EURs are well north of two BCF 1,000 in the areas that we're going to be focused in, and they're going to have very attractive economics on a cost-forward basis north of 40%-50%. All right. Fair enough. Thanks a lot, gents. Thank you. The next question will come from Neal Dingmann with Truist. Please go ahead. Good morning, all. Maybe just sort of adding on to that last comment, Clay, that you threw out there. When you look at returns, I know it's early, but so how are you thinking about just maybe, I know in very broad terms, sort of your average Appalachian versus this new average Haynesville asset, in comparison on just well returns? Yeah. We like all of them across the different drilling areas that we've been focused in our liquids rich area, in the Ohio Utica development, and in Northeast Appalachia, coupled with the Indigo. The average returns from the program are similar to what I just talked about on the new Indigo acreage. We expect to be allocating capital to all areas as we move forward after closing. All areas being Ohio, Pennsylvania, West Virginia, and the Haynesville. Bill, that's what I was going to ask was just on a go forward, once this is sort of locked and closed, will the plan be more diverse or is it just simply where the best or highest returns are will be more of the focus area? I mean, can you maybe give us an early look of how you're thinking about things post this when you have such a broad and really nice, diverse portfolio? Yeah. We've got a very disciplined capital allocation program here. We'll be looking at all of the drilling opportunities across the entire portfolio, and rack and stacking them and looking for the best economic returns. That will build into an overall company drilling schedule. It's not just gas, it's condensates and the NGLs, but we'll work through that whole process. We haven't done our 2022 budget yet, but that's the framework we use to invest. That will remain. Very good. No, it makes total sense. Congrats on the deal. Thanks, guys. Thank you. The next question will come from Holly Stewart with Scotia Howard Weil. Please go ahead. Hi, Holly. Good morning, gentlemen, Brittany. Maybe Bill, the first one, just a bigger picture question. I guess why this deal, right? It feels like there's a lot of opportunities out there, whether it's in Appalachia or the Haynesville or even elsewhere. Maybe what attracted you to this set of assets and this transaction specifically? I think, as I've said before, we've got a very disciplined framework that we use to evaluate opportunities to add scale to the company, and we follow that quite rigorously. It's a very logical move for us, being a leading natural gas company to focus on the two leading natural gas basins in the United States. As we looked out at different opportunities, those were our two primary focus areas, because of the logic that is there. Then we look at the combination, how does it work? Where are the synergies? Where are the strategic connections, and then where's the durability in them? Can we get a good value for a good price? When you put the strengths of SWN, the strengths of Indigo, the strengths of the combination, the accretive nature of it, the free cash flow that it generates, the balance sheet strength that we get out of that, multi-basin in the two premier basins, gas exposure, very complementary, and large scale inventory, along with an attractive valuation, it made logical sense. We pursued it, and we're here today to talk about it. Okay. That's great color. Maybe it's one for Michael, just on the pro forma hedge book as we look at your assumptions that you've outlined for 2022, and then maybe as an extension of that question, what basis assumption is included in that pro forma? Just trying to get a sense of how things change when you incorporate the Haynesville side. Yeah. What we did is we pulled strip. We used everything strip for that analysis about a couple of weeks ago. The basis up in that Northeast, and then you get that $0.10, $0.12 number down in Haynesville brings you out to, let's just call it mid-60 type number on a consolidated basis. Okay. That includes. As you know, Holly, that's with transportation included in it as well. Yep. Perfect, Michael. Just on the hedge book? Yeah. The good news on hedging, so they have a similar view on hedging, and so they have a nice book already being built that they bring to the table. We have one that we are always building. When you put them together, it's probably not going to be a big change there. It's just the current hedge books we both have, and then we'll continue to look to layer in additional hedges, as we move throughout the rest of the year, as we always do on our three-year program. Okay. Thank you, gentlemen. Thank you. The next question will come from Subash Chandra with Northland. Please go ahead. Yeah, thanks, Northland. On your borrowing base redetermination, can you remind me if there has been a spring update yet, and how this transaction, how you expect it to affect the borrowing base? Yeah. Yes, we did get the redetermination. It was reaffirmed at $2 billion with no issues. Asset coverage is well above that level. Very smooth process. This transaction obviously is credit accretive, so wouldn't do anything to harm that. Okay. No change in LPs? That's right. Okay, got you. I guess, what is the dollar per foot on these wells? I don't know if you mentioned that specifically in your review of the Haynesville economics. Yeah. It can vary based on the depth across the position. Where we've modeled it based on the actuals that we've seen is around anywhere from $1,250 a foot to $1,600 a foot. The higher number is where it's the greater depths. As Bill mentioned, we're going to be really focused once we close on seeing where we can incorporate our operational execution and efficiencies to bring those down. With the greater depths in Haynesville, it's greater well cost compared to what we have in the Marcellus. Right. Okay. It seems working that backwards into the math, that the $500 million CapEx is almost entirely for D&C. It's probably a little lower than that. I think you're always going to have a little bit of leasing here or there, some other non-D&C, but somewhere in that ballpark. Great. Thanks. Good enough. We plan to deploy some of our own rigs. You've seen the track record of incredible performance driving well cost in Appalachian down 40% over the last few years. We expect that when we close and we bring those into the basin, we're expecting some really great things from those teams. Thank you. The next question will come from Noel Parks with Tuohy Brothers. Please go ahead. Good morning. I was thinking on the operational side, you mentioned you're looking at getting your team on the properties and seeing what else you could do in terms of efficiencies. Is there any particular low-hanging fruit, anything you looked at in the evaluation process that there's an opportunity here for changing how the old operators did things? Noel, I think that we'll have the same approach that we used on the Montage acquisition. We think that Indigo's done a very good job operationally with the utilization of our rigs and some of the things we've done to improve our cycle times, drive our well cost down, shallow our base decline. We're going to incorporate all those things once we get our hands on it and expect that we'll be able to find some improvements. It starts in a pretty good spot. Okay, great. I was just curious. Two things, sort of about the land position. Your slide did say 91% HBP. Just curious, is that just sections that just weren't a high priority or weren't necessarily planned to be held onto, just given the age of the play at this point? Just wondering, are there any non-op obligations areas sort of outside that 95% working interest average where you might have to deal with some other operator? No non-op obligations. They're very immaterial, small. On the land position, a really high percentage HBP and knowledge that as we move forward on the development plans, that'll continue to hold the remainder of the acreage. In the Haynesville, like in the Marcellus, there's all sorts of acreage trades that are being worked among operators to extend laterals and bring acreage positions together, and all that has been occurring and will continue to occur when we take over. Okay, great. Just the last one from me. Could you just talk a little bit about the development history of the properties? I don't know if they've been in Indigo's hands since the beginning of the play. I was just curious about the PDP inventory. How much might have been drilled with sort of less optimal completions and so forth that might be opportunities for some sort of cheap rework, just sort of the vintage of when the wells were developed and also if anything on the parent-child side that's of importance. Yeah. Indigo's been pulling this position together since 2015, 2016 timeframe. The development has Evolved just like we've seen across shale plays, and in particularly in the Haynesville, where proppant loading in that 2015, 2016 timeframe may have been around 2,000 pounds a foot, and then since then it has elevated dramatically 3,000, 3,500 pounds a foot. The fluid loading has gone up quite a bit over that timeframe. The EURs have continued to improve. There's a mix of wells from the earlier development in the Haynesville, all the way through to the evolution to the current designs like they've been doing in the stacked pay, Haynesville, Bossier areas. Refracs, if anywhere, have seemed to have the best potential in Haynesville. That's something that's purely an upside, but that we can go dig into on the older vintage completions and see if there's something there. Thanks. That's all for me. The next question will come from Kashy Harrison with Simmons Energy. Please go ahead. Good morning all. Congratulations on the deal. Thank you. Morning. Bill, first one is for you. Should we begin looking at Southwestern as the logical consolidator of the Haynesville privates? I know this one you haven't even quoted this one, but just trying to understand if we should expect you to look to build your scale and your position in the Haynesville. It'd be great for the industry if more private production was in the hands of fewer public hands. I just want to get your perspective on whether Southwestern may be looking at more transactions in the future. Well, I think as I said early on, it's natural for us to be in the Haynesville and the Appalachia because they're the two premier gas basins in the United States. We do have a framework for looking at opportunities to continue to build scale. We are focused right now on bringing this great deal together and getting it closed. We believe in consolidation, but as a practical proof point for how we operate, we typically will tell you when we've done a deal. Let us get this one concluded and closed and integrated, and then we'll see what possibilities are out there. All right. That makes a lot of sense. On the inventory front, maybe a question for Clay. A few questions here. Can you maybe dig into the lateral length assumption associated with the 750 core locations, how you're thinking about wells per section or wells per interval, how de-risked the Bossier is, whether Indigo has been able to co-develop both zones without any adverse vertical interference? Just some detail on inventory, more detail on inventory would be great. Sure. The lateral lengths, there's some as high as where they've drilled some 9,000-10,000 foot. On average, they're probably closer, in some of the areas in the 7,500-8,000 foot. In the further southeast part, they're probably closer to 6,500-7,000 feet. Typically developing them on five wells per section in each interval in the Haynesville and in the Bossier, and trying to develop those at the same time so that we don't have any of the offset well issues later in life coming back. There is no communication that's been observed between the Haynesville and the Bossier. That's really nice about the dual interval opportunity here that they're not communicating vertically. Has Indigo done any co-development projects yet or no? Yeah. Definitely where they've got, in some cases, two rigs on a pad and they're developing four Bossier wells and four Haynesville wells. Got you. If I could just sneak one more in. Can you talk about, typically Haynesville assets tend to have higher decline rates, I was just wondering if you maybe talk about the base decline expectations for 2021 and then the base decline expectations for 2022. Yeah. We've kind of got it all modeled as we move forward into 2022. The expectation, we're at about a upper 20s, 29% base decline on SWN Legacy that we've been able to shallow over the last few years. These assets have a mid 40, 45-ish% base decline. So we think the combined is going to start out in the low 30s, and we're going to start doing the different base optimization efforts that we've done on our own assets to try to shallow that decline as we move forward. Thank you. Appreciate it. The next question will come from Jeoffrey Lambujon with Tudor, Pickering, Holt. Please go ahead. Good morning. Thanks for taking my question. Just one follow-up on the productivity you all mentioned at the two BCF per thousand foot rate. Just wanted to confirm that's a good rate to think about across both the Haynesville and the Bossier, or ask if there's some sort of variability to be aware of there. Just really trying to get a sense for how you view recent results out of the Bossier as you think about modeling the assets out. Yeah. The Bossier performance has been just as good as the Haynesville, and it's not right at 2 Bcf a thousand in the areas where we're going to be drilling. It's a little north of the 2 Bcf per thousand, and they perform equally. Perfect. Thank you. The next question will come from Doug Leggate with Bank of America. Please go ahead. Thanks. Good morning, everybody. Bill, I hope you can hear me okay. How are you doing, Doug? Good to hear from you. I've got two questions. I wonder, first of all, on the inventory. You talk about 1,000 in the release. 30, 40 wells is the plan, and you talk about 750 today. That gets you about a 20-year economic inventory. For the combined company, you're talking about 14. I'm just wondering, what does this say about the remaining quality inventory at Legacy Southwestern? It's my first question. Yeah. Just real quick on those numbers. The 750 was at a 10%. When we talked about there's 1,000 locations and 750 of those, they're at a 10% return at a current strip. What we typically talk about for the company, which is the 14-year inventory life, is the inventory that is at or above our internal hurdle rate. It's a higher economic level that we're focused on, which is where the bottom line 14 years of economic above the hurdle rate inventory is for the combined companies. We have a meaningful increase in inventory, and it's not an issue for the company, really. Okay. The opportunity to improve economics across the piece, improve operations, work together closely with some of our new colleagues. There's plenty of opportunity set there. Just to be clear, though, what is the economic inventory under my sales strip? Economic inventory tied to Indigo? Oh, Marcellus. That's right. No, to the legacy. Sorry. What we've been talking about in previous calls, it's around 1,000 wells that are at or above our hurdle rates on the SWN Legacy assets. Okay. All right. My second question is on value, Bill. If we just look at the uplift in the run rate free cash flow in 2022. If I run that out on a 20-year inventory, let's assume for Indigo, and run it at a fairly competitive cost of capital, the deal price looks fairly full. I'm wondering if you can walk us through your view of value and whether this deal is more about deleveraging than about value accretion. Hey, Doug. Yeah, this is Michael. I think the way we see it, there's plenty of things that get impacted. Like you said, the cash flow is one of them. The balance sheet definitely has to be factored into that. The inventory is bringing. It's a number of things, right? In our minds, the way we evaluate it is not just a cash flow multiple, multiplied years, that type of analysis. You saw the accretion on all the metrics, and we think the sales price is well below what deserved. We think there's a lot of upside to it. As Bill mentioned, our strategic framework is not to build in a bunch of things that we're chasing. It's to get the deal done and then chase them. That's our historical practice that we'll put in place again here. Sorry, Michael, you made a lot of comments there. How do you value it? Is value not this kind of value of free cash flow? The accretion amount is kind of irrelevant. What's relevant is what you're paying for the free cash flow stream. How are you valuing it? Yeah. It's a number of ways, Doug, and it's not one multiple thing. We're on one lever we're looking at. We triangulate on a number of them, and I think there's a number of things. Again, $2.75 gas price is kind of what we put for 2022. When you look at that, I think there's upside there as well. Different metrics all triangulated on what we thought was a good offer, and I think is being well-received. All right. Thanks, guys. The next question will come from David Heikkinen with Heikkinen Energy Advisors. Please go ahead. Good morning, guys. Most of the questions got answered, but I did have a couple, just a little bit from the macro perspective. Indigo's grown by multiples and has that steep decline rate. Looking at how you all have allocated capital and sold assets and acquired assets, you might be better capital stewards than they were, not faulting how they've done things historically. What was their capital plan for the next two years versus how you all outlined things, thinking more macro for the basin as a whole? Yeah. They're just coming off of a bit of a growth phase. The plans we saw were relatively flat capital investment, which is consistent with how we're going to run our entire company on maintenance capital for 2022. That's helpful. Sure. Just on the other side, when publics have bought privates recently, there's been a rapid exit that creates a little bit of an overhang. Can you give any details on the lockup? There are multiple owners inside of Indigo, as you mentioned, so that may be a little disparate as far as how that actually flows. Can you talk some about any lockup on the shares in that stock component? Yeah. I think what we'll do, if you don't mind, because we have to make all these filings related to this. The details of that will be in the filings, and those are being done today. There's quite a bit in there. You'll be able to read through. If you have any questions, we can follow up. That's okay. We'll read through that. Okay. Thank you, guys. Sure. Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Bill Way for any closing remarks. Please go ahead, sir. Well, to all of you on the call and to all that asked questions, and to all that are listening in, I know a lot of SWN employees are here, and I know some Indigo employees are here. We look forward to working with you as we go forward. I think this transaction perfectly aligns with our strategy here at SWN. The facts of the deal are supported by our strategy of additional cash flow cumulative of $1.2 billion of free cash flow from 2021 to 2023. We talked a lot about inventory today. It's core, it's competitive, and it's throughout their portfolio. We'll be investing across all of our areas as we build a 2022 program. The protecting of our financial strength is certainly there with a below two times leverage ratio starting now in 2021, much further ahead of schedule. An increase in E&P margins as we capitalize on the location of these great assets to the Gulf Coast. Low-cost transportation makes that possible. Along with our best-in-class and demonstrated execution, we think we're positioned well for success in the Haynesville. The scale is certainly there. We'll bring some G&A savings to the table, but as we've talked a little bit about it, we'll bring our rigs and our frac fleets to bear. We'll combine our teams and get the best out of that combination and certainly bring some additional operating synergy opportunities in the future. We appreciate the time and your interest. The strengths of SWN and the strengths of Indigo combined makes this combination very logical. When you have a leading gas company in both of the nation's leading basins, it's a perfect recipe for success. Thank you again for being on the call today and for your questions. Have a good day. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.