A Fireside Chat with SAM Series:ONEOK on Delivering Vital Energy Products and Services

Okay, good morning ladies and gentlemen. Thank you for joining our latest series of webinars with Eve Seagull of Seagull Asset Management Partners. My name is Paul Duran and on behalf of the entire team at Elco Management, I would like to introduce Eve, our subadvisor for the income infrastructure and energy transition portfolios. I would like to remind everyone that today's call is being recorded and a replay will be available. On the screen now are some important disclosures. With that, I'll hand it over to Eve.

All righty. Thank you, Paul. If you could just take that disclosure slide off. I think people get the sense of that. Yeah, there you go. Thank you. I want to welcome Pierce Norton and Walt Pulse. Pierce is president CEO of Oneok and Walter is the executive vice president CFO and really a pleasure to host both of these gentlemen. I want to thank you and I want to thank everybody else for joining the call. So Pierce, I'll start off with questions unless you have a quick opening remark.

Well, the only opening remark I'd have, Eve, is just thank you for having us on and again I think all those who are joining us here today. I think Oneok has a great story and we know that you're going to ask us some really good questions and think we'll have some really good dialogue here. So, and Walt and I really appreciate the time that you're spending on here. So, thanks.

I promise no curve balls. This will be fast balls right up the middle. So what I'm going to try to do also is share just a couple of slides. These are from your first quarter presentation. And can you see that? We can. We can. Oh okay. So, the first question I had for you is, you know, Pierce, it's unbelievable. You joined in 2021 and you guys have been awfully active. In 2023 you bought Mellan Midstream Partners for about $19 billion. Then you followed up in 24 with Enlink Midstream, Medallion Midstream and assets from Eastern Energy. Are you guys tired?

No. No, we're not tired. We're energized. You know, we actually started out that process back in 2021 in the middle part of the year, sat down as an executive management team and decided what is it this company needs to really sustain itself for decades into the future. And we came up with this criteria. It was nine things on there and we like to call it our shopping list. The way I explain it to our employees is that when I go to the grocery store I either go with a list or without a list. If I go with a list, I'm very strategic. I know what aisle to go on. I know what I'm looking for. I get in and get out. If I don't have a list, I usually wander up and down each aisle and I end up with some impulse buys. And I think the same thing happens on M&A. So we developed this list, we socialized it with the board. I'll give you three examples. One was we felt like we needed more diversity because we were concentrated primarily in the NGL business and in particular up in the Bakken. So we were looking for diversity. We were looking for a company that had strong cash flow that we could actually support these great growth projects and maybe not have to go out and issue as much equity. And then the third thing was we just needed to do more of the things that we have always been doing which is organic growth which came with the diversity. So the first thing we looked at was Mellin or one of the first things as we put different companies through the mix. And then that led us to and we wanted to do that one first primarily because the diversification and the cash flow and then it opened up the door to do more gathering and processing and we specifically targeted the Permian and with Enlink we got the Permian plus with some of these other things. So we're very pleased with the acquisitions that we've done so far and the results that we're getting.

Well, it also begs the question, do you like the mix of businesses now? I mean, you could see that you added the refined products and crude with Mellin. Is this sort of where you want to be or do you have any other type of acquisitions that you might be wanting to fill in here?

Well, what we do every time we do an acquisition, we sit down and recalibrate. We say, 'Okay, what have we accomplished through this acquisition and what is it that we see that we still might have a gap or whatever?' And so we've actually done that. We've socialized that again for the board and we're just not feeling the need to go out and aggressively do anything in the market right now. The other thing I'd say is on these other acquisitions we focused on initiating those conversations in the beginning. It wasn't that somebody came to us and said, 'Hey, we'd like to sell to you.' And that puts you in a really unique position so that you can more control the timing of what it is that we've done. And it takes a while to get some of these things done. But the thing I like about it is you're able to go to one of these companies because you specifically see that those two companies together can be far greater than they are apart. And so there's some selling on the front end of this thing, the way we've done it. But we've been successful so far. I'd like walking kind of add to the mix comment.

And I know Walt, this is your favorite slide from your earnings presentation. And this sort of shows the accretion that you have been able to achieve and expect to achieve. Do you want to just walk through this one slide?

So just so that I'm clear, if we look at this slide, in 2024 you reported adjusted EBITDA of just about $6.5 billion. Mhm. If you had not made the Mellan acquisition it would have been $55 million less than that number. Is that the way to think about it? And then in 2025, you guided the midpoint of your guidance is $8.2 billion of EBITDA. And if you hadn't done those transactions, it would have been $523 million. If you just looked at what those companies alone would have done, aggregated those companies, and then added $523 million, that gets you to $8.2 billion. Is that the right way to look at it?

All right. So if you bottom line it, how have the transactions lived up to expectations?

Well, the Mellan transaction has far exceeded our expectations. When we put these assets together and brought these teams together both operationally and commercially, the opportunities just continue to present themselves. Some of those opportunities, primarily connecting our Mount Belvieu facility with the East Houston distribution centers that Mellin had, we're going to take some capital. We kind of jumpstarted that process and took a year off the timing by buying the Easton assets which got us about 80% of the way there to connect those assets up. And this year we're just finishing those connections. So we'll see the next kind of wave of Mellin synergies coming in as we connect those assets to the east through the East assets. We've done some connections that are finishing up this year between our refined product system and our mid-continent NGL system. That will enhance blending opportunities for the refined products business and open up markets for our NGL business. So those capital oriented synergies are just starting to come in from Mellan on Enlink and Medallion. We're in the earlier stages of that. We've only owned Enlink outright now for about four months. But we're seeing great opportunities as we move forward there as well. There are some capital opportunities that we're going to have to spend to get some of those synergies. It's not quite as capital intensive as some of the Mellan synergies were. So our expectation is that we'll see the benefits of those coming in a little quicker in 26 and into 27 and out to 28. The thing I want to emphasize here is the fact that these synergies are by and large in our control. So when we started out we talked about batching, blending and bundling. All of those things really require some level of engineering, some adjustments to operation, maybe some construction projects, but we're not depending on another contract to be executed by a third party to actually bring these synergies in. So that's something that's pretty unique. A lot of acquisitions you do one of these but you have to depend on somebody else to do something with a contract later on down the road. But these especially with Mellin have been all in our control so that it's nothing more than us being able to execute on the engineering and the construction and the operations of the way we do it in the future.

Have there been any negative surprises?

The positive surprises have far outweighed the negative surprises. You know, one of the best things that we did was the minute we closed the Mellan deal, within 24 hours we had our commercial teams together on the same floor integrated and working together. Walt likes to say that we had a really good handle on what was happening from a value standpoint from the wellhead to the end of the frack. We probably underestimated the value that's downstream of the frack. And that's what we've seen when we got our people together because we had the big pieces put together and we had accurately portrayed those but we've just found more and more things together and our people are doing this. This is not coming from management.

I'm going to have another question based on just what you just said. But before I do that, the annual report, the tagline, I think I can call it the tagline is growing, integrated, reliable. What does that mean?

Well, first of all, I think the word integration is really important there. Because our business model is about basically touching as many molecules as we can as many times as we can for as long as we can. And in the basic gist of our business, it's really about taking the molecules where they're worth less, they have less value, and moving it to a location where they have more. And what we've done is we put together a collection of assets that are physically connected that they never or rarely ever leave our system before they get to the person that values those the most. So to me the most important thing on that is the integration piece. Of course the growing comes from the synergies and the basins that we're in. They continue to grow and you have volume growth. Sometimes those slow, sometimes they speed up, but we're set up so that we have some built-in capacity with processing capacity up in the Bakken and gathering capacity. We've got capacity on our NGL lines coming out of the Bakken. We got capacity on our Permian lines coming out of the basin. So that's when we kind of come up with that slogan feed and fill. That's the growth piece and the integration piece I think is very important.

Okay. Well, I want to just move if I could just to macro and you have a great slide here as well. And you might want to just talk about this slide because it just seems to me that oil prices are under pressure right now. So there's some concern in the marketplace of how that's going to impact the energy companies and a couple of producers on their calls have talked about slowing down activity and so there is concern that perhaps you might see oil production especially perhaps in the Permian either flatlining or going down. So the question really is how vulnerable is Oneok to the macro backdrop and how do you think about the macro backdrop today?

Well this slide, when I got here of course it truncated in 2021, it's now expanded to 2025, but this was one of the first slides that actually Walt showed me. So I know this is one of his favorite slides, so I'll let him kind of address this, but you can see the resiliency through the various downturns that we had, and he can talk you through that.

So when you go back to this other slide, how much of this is sort of locked in regardless of what happens on the macro front?

And a lot of those synergies, like Walt said, it's a matter of the assumptions that we made to get those synergies had to do with that batching, blending and bundling and it is in our control to be able to execute on those. So we don't need additional volume growth. We don't need extra things. It is simply those are the opportunities that are already there with the volumes that we have and those will continue no matter what happens in the pricing market as far as driving additional oil production or gas production.

Got it. Well, thank you. But how do you see the macro environment as we sit today? And there's several questions within the macro environment. One is how reliant are you on production coming out of the Permian? And number two, perhaps you can talk about the impact of tariffs and how would that impact your business from an inflation perspective?

Okay. Several questions in that one question, Eve. I'm going to let Walt take the tariff question, but I think it's worth noting to the audience that basically between 2000 and 2010 there wasn't really any growth in the United States as far as the production goes of natural gas and then kind of entered the early phases of the shale revolution between 2007, 2010, really started to take off in 2010. Well, what was driving that was the utilities came to the realization that hey, natural gas is here to stay. It's plentiful. The E&P companies can get it out of the ground. And so they trusted it along with the price to compete with coal. So you had a bunch of coal plant conversions that have happened since basically 2010 and have continued. But then the other impetus was in 2016 the LNG facilities started building off the Gulf Coast and those have then gone from essentially zero in 2016 to basically 12 BCF average in 2024. So now from this point on you're going to continue to see more LNG growth and then on top of that you're going to continue to see the artificial intelligence data center that just has an insatiable appetite for energy. So macro things are setting up really, really well. If you go back and look at the stack of energy, whether that's coal, wood, natural gas, geothermal, renewables, nuclear, the graph shows both domestically and globally that we are in an energy addition mode instead of an energy transition mode. So I think all of those things are stacking up really, really well for midstream companies to be able to continue to do what we've done for decades and decades, which is supply the natural gas and the crude oil that this country and the globe needs and drives the economy and national security. Tariffs, I guess.

About it in the more macro sense, if we don't see some of these countries coming together and solving some of those tariff issues and it puts us into a global recession, then clearly it's going to have some impact on the industry in total. We're hopeful here that we're starting to see signs that some of these negotiations are coming together. But I think that clearly by behavior and the press and everything else, people are taking a little bit more of a cautious attitude until they can get a sense as to what these inflationary-oriented tariffs might be. Now if it does generate a meaningful amount of inflation, I would want to point out that all of our businesses have inflation adjusters in their contracts. The GMP, the NGL as well as the refined products. They all come at various times when they're implemented. But we do have the opportunity to annually adjust our rates for inflation. So a sustained elevation of inflation, if it doesn't create any kind of a global recession, could actually to some extent positively impact us. We saw a pretty positive impact in the previous few years when we saw higher inflation as we flowed that through our contracts.

So maybe you could just answer the question about if you do see crude production coming down. I'm not sure what your discussions are with producers, what they're telling you. But you might want to just touch on the production outlook and also you guys always reference the oil to gas ratio and how that plays into your business model.

Sure. Well, I'd go back again to our customer base. We've got kind of the who's who of customers, very large well-capitalized majors and large independents that tend to set their capital plans and continue to execute on those. So we don't expect any immediate reaction something that you might get out of a private equity backed E&P business. We don't have a lot of that on our system. So as these producers continue to at least maintain the existing production in the Bakken in particular, we've enjoyed a really significant growth in the gas to oil ratio. We expect that it went from about 1.6 back in the 2016-2017 range. It's up at about 2.8, 2.9, has bumped up against three from time to time. So even in a flat oil scenario, we will see significant or meaningful growth in our gas capture, and that from our side of the business feeds our GMP and our NGL business. So we do have a little bit of a buffer there. And we expect that gas to oil ratio to continue to increase. People from time to time look at it because it's a little bit volatile. It's volatile because the gas to oil ratio is different in different parts of the basin. So depending on where producers are drilling at a point in time or where we're connecting wells at a point in time, you may see the gas to oil ratio vary slightly on average. But what's consistent across the entire basin is that the gas to oil ratio is rising in every part of the basin. And so over time, we've seen that continue to inch up. And that's a strong benefit for us. And even in low crude oil price environments, we're seeing much more discipline out of the E&P companies. In the past they would show a lot of volatility with adding rigs as the price went up and taking out rigs when the price went down. But because of their discipline, their balance sheets are in much better position so they can withstand some of this. I'd point out that a lot of these laterals are now three and maybe even going to four mile in the horizontal. That's opening up more production for actually less capital. So I think any one of these E&P companies, they don't disclose those numbers, but what you just know intuitively is if you get more production and you spend less capital to drill a well, then the price that you need to break even is going to come down. And I think that's happened. So I think that's the reason that you haven't seen really much of a difference in their behavior to date. Now that may change. I think once it goes into the 50s, they start to pay attention to it a little bit more, but we haven't seen any dramatic changes to it. But we're watching it.

Well, you had mentioned that we've been around a while, and I remember going back to 2014, 2015 when you saw the dramatic drop in oil prices. And I think the other thing that's really changed is back then, the midstream, your earnings held up really well, but it was more of a question of are their customers going to go bankrupt? And I would suggest that the whole industry is a lot more resilient today because balance sheets are just so strong. So the folks that are spooked about oil prices cratering, at least you can take that off the table that you're not going to see all these companies, your customers, heading for the doors.

Well, it's an industry that tends to learn from what they go through, right? And over the last 50 years, these industries have gone through a lot.

Yeah, I also want you mentioned AI a couple of times and you mentioned LNG exports and natural gas. Natural gas is actually the smallest part of your business. So how does one benefit from the AI trend or the higher power demand and LNG exports?

Well, what we're seeing, Eve, is that speed to market is what's really driving. There's a lot of criteria that they assess when they decide where to set one of these AI data centers. It has to do with where the fiber is, it has to do with the climate or the temperatures in these areas, it has to do with the access to energy. And so what they're realizing is that you have kind of three forms here of electricity that they need. It's either behind the meter, at the meter, or full-blown on the grid. And so we're seeing more opportunities for behind the meter and at the meter to actually supply natural gas to a combined cycle turbine or whatever that's going to generate the electricity. That's what a lot of the people are looking at right now. And they're looking in these areas where you find the natural gas, which is the Permian, the Appalachian, the Haynesville, even up in the Bakken. The Bakken has a really cool climate up there that helps them on the heat transfer that these things generate. So that's where we're seeing a lot of the activity. And as far as LNG goes, with picking up our Louisiana interstate and tri-state gas system called LIG, and the fact that we've got storage down there in that area at the Jefferson Island that is expandable, we're really excited about those kind of opportunities because you got a lot of LNG down there now, and if you've got an LNG plant that goes down, you got to put that gas somewhere immediately. So we're looking for those kind of opportunities to expand storage in those areas and those domes down there that we have are expandable.

Well, you haven't sanctioned any storage projects yet, have you?

We actually have. This was actually before we closed on the Enlink deal. We had a storage field down there, Jefferson Island, that had about 2 BCF in it. We're expanding that to seven, but it can even be expanded more than that.

Are you seeing much in the way of industrial demand increasing along that corridor?

Absolutely. Mainly ammonia plants. There's some talk about some hydrogen plants that's kind of cooled off a little bit. That was really hot for a while, but it's mainly the ammonia plants, the LNG facilities, and even AI data facilities. There's been a few that have been announced in the Louisiana area.

Can you spend a couple of minutes talking about the exports of LPGs and the recent project that you announced with MPLX a few weeks ago?

Yeah, we talk a little bit about how we came to that conclusion. We not only look at the volumes that we project on our facilities, but we also look at what others are going to project on theirs and look at the overall LPG exports that are actually out of the Gulf Coast, especially around the Mont Belvieu fractionators. And we came to the conclusion that we're okay right now, but three or four years from now that capacity would get tight even with all of the ones that are announced, even with us. So we decided that we needed to get an LPG dock down there. We've been looking at one, we've been talking about this for 10 years. You know that. But we finally found a partner that provided us an excellent location to get in and out, the ingress and egress to get in and out with those LPG ships quickly, more quickly than up the ship channel. So the location was very important to us. Location was important because if we put it down there with the Marathon facility, it's considered brownfield. So that just means that the utilities and a lot of things that you would have to bring into a greenfield project were already there. So that lowered the cost, it sped up the project. And we think we got a great partner and it was the closest place that we could locate to our Mont Belvieu storage. So those combined, location to storage, location as far as the cost and it being brownfield, and location to ingress and egress, that's what drove our decision to go ahead and move forward with that. But we do believe that LPG is a market that's fairly balanced. And so for instance, if tariffs cause people to have different behaviors, they're still needing to consume those LPGs. So if they decide that the tariffs are too high and I'm going to change my supply from one area, well they were taking it from somewhere else. So it just finds its way because it's not like a pipeline. It's a ship and can be directed anywhere that it needs to go. And in a balanced market that works out really well just about in all kinds of environments. Yeah. And the other thing I would add to that is that if you look at the LPG market today, it's in balance and the domestic consumption of propane is not increasing. So it hasn't been for quite some time. So all of that incremental propane that's being generated from growth is going over the water. Well, our propane that we're producing out of our fracs is clearing over the market today, but we control that propane. So when our dock comes on, we will be able to put that onto our dock. Right now, it's being sold into the marketplace and then going across other people's docks. So the fact that we had that supply, enough supply to support a dock, was really what drew customers to us to make commitments to us that gave us the comfort to go forward and build this project. And what they saw was access to supply, location that was superior, and they wanted to participate in that. So it's going to be 400,000 barrels per day of export opportunity, of which one will have 200,000 and MPLX will have 200,000.

So, I think I actually asked Walter's question once before. So I am mindful that I asked the question already, but of that, how much is third party contractual commitments versus Oneok underwriting the project from your own propane that you control?

Well, I think that there are two different aspects of that. So there are contracts to take the propane across the dock. So that is the demand pull that helped support us make the decision for that. The actual propane that we're putting across that dock, we have the supply to do that today. We do have some producer customers that have worked with us to think about going from the wellhead all the way through to the dock that have supported it from that side. But the real support that got us to the investment decision, along with wanting to be able to control our destiny with our barrels, was really from the demand pull, the people that are taking it across the water.

So are those the ones that are contracting on the demand pull side, or got a little bit on both sides?

So typically for a pipeline, when you sanction a pipeline you'd want 70% of the capacity. Is that a rough number? Well, I would say what you need is enough contracts to get you to an acceptable return. Often times in other places we've expanded the diameter of the pipe to give us the opportunity to have operating leverage. And we've been able to do that because it has taken less commitments to give us an attractive return on our capital. So we needed to have a project that was going to generate returns that were competitive with our other opportunities. And the fact that it took us 10 years to get here was that in many cases we looked at the opportunity set and there were better uses of our capital. In this particular case, we were now able to have the moon and the stars align to where we could have a project where the return was acceptable. And not only that, it gave us clear control of our own destiny with those barrels three or four years out down the line. What you don't want to do is find yourself in a position where your product is not moving. But that typically is rare. But what will happen is your product will have to go at a severe discount. And so that was really important to us as we looked at our projections and where our volumes were going and where everybody else's volumes are going. We just felt like this is the time and it just so happened that it aligned up. We probably wouldn't have done this at 400,000 barrels on our own, but to have a partner like Marathon, it was a really good match for us.

So was this the opportunities downstream of the fracs that you had referred to earlier in the conversation?

No, those are really more about all the things that you can do to batch the products, to blend the products, those kind of things. We just didn't have as good a feel for the magnitude of those. And there's just all, we told this story numerous times, but there were even some smaller acquisition, not acquisitions, but growth opportunities that maybe weren't being developed under Mellen, and that's no slight on their management. It's just it was a different business model. But to be able to put in some smaller fracs and stuff like that to be able to feed some of the refined products businesses over in West Texas, there are things that you could get a $10 million capital project and you get $8 million on the EBITDA. So those are fantastic return things, and we found several of those kind of things throughout this, and being able to, when you get all the assets together, I got this pipe over here that maybe is empty, or I could convert that to a different kind of service. All of those kind of things are underway too, from a construction standpoint. So they all add up.

And I apologize upfront because we're running longer than I promised. So I just have two more questions. All right. Hopefully just two more questions. It tends to depend on your answers, too. But the top of mind also is, quote unquote, energy dominance. And you know, Pierce, I really don't want to put you on the spot or Walt in terms of an editorial, but how has the administration's policies impacted the company and energy dominance? If you have any thoughts on that. Are you seeing permitting made easier? Are you seeing deregulation? We're seeing lower oil prices, but I'm not sure if that's because of Trump or Saudi Arabia. So what are your thoughts on energy dominance?

Well, I will say that the administration, from the Secretary of Interior, Secretary of Energy, EPA head, they have been very proactive of reaching out to the industry and asking one question: what is it that we can do for you to speed up the amount of production or whatever that's going in the United States? And so we've been able to spend quite a bit of time with them either through conferences or through industry type meetings. And I like the rhetoric that's coming out of there. And I do think in the past it's like, well what can you do for me? And the industry would respond, let's speed up regulatory reform. Well, that doesn't really get to the point. This administration is asking specifically, what projects do you have? What can I do for you to speed those up? You know, tell me the name of whoever it is that you're dealing with, and I'll see if I can give you some help. So it's a much different way of approaching problem solving than necessarily what we've seen in the past. We have a saying around here that we don't pick sides, we pick issues. And the issue is energy dominance. So what do we all got to do to make sure that that happens? And part of it is what does that definition mean? And I think what it means is that we can create an energy system here in the United States that is both the most reliable and the most affordable and the cleanest. And we've got a good start to that already because if you look at the balance between fossil fuels, renewables, and nuclear, those three things work together to offset whatever the weakness is of any of the other pieces. And so we've got a kind of the envy of the world what we have already, and we're just building on top of that. But I think that's what it's about. It's what can we do to have a healthy industry, but at the same time have low enough cost in our energy systems both from a kilowatt per hour standpoint, dollar per kilowatt, and a dollar per MMBtu or a dollar per Mcf. Because that's what drives electric generation, residential consumption, commercial consumption, industrial consumption. Probably a little bit more answer than you wanted, but we definitely have strong points of view on this.

Well, no, I really appreciate it. And it also generated one more quick question before I ask the capital allocation question to Walt. Which is, Oneok has consistently scored really high on ESG. And the administration is really talking up fossil fuels, but in your answer to the prior question, you mentioned the word clean. So, has the emphasis shifted in terms of how you think about ESG, clean energy, DEI, emissions reductions? How does that fit into the Oneok story today?

Well, I think you got to start by saying where did we come from? And where we came from in all of those topics is we never went too far one direction or the other. I like to explain it as if you were playing golf, you just get out your seven iron and you play an entire round with your seven iron. That's going to be a lot more accurate than me taking out my driver. So we never set a zero emission target by 2050. We didn't do that. We actually looked at our assets and said, what realistically can we do to reduce emissions that actually has a return on it? And so that's the things that we focused on. We set a target of reducing by 30% by 2030. We're 75% on our way to doing that. When we get there, we'll take a look at it and see what else we can do. But as far as all of those aspects that you just mentioned, because we didn't go too far one way or the other, we can just stay the course in what we're doing. And I think that's what our employees appreciate as well.

The only reason I was smiling is when you start with a golf analogy, it doesn't matter what club I use. I mean, it just doesn't. And so I'd be remiss, we have the champion of CFOs, Walt, right here. So, can you talk about capital allocation? And also I'm curious, with the growth capital and the backlog and buybacks and dividend policy, but I'm also curious, how easy is it to flex your capex in one direction or another?

Yeah. But you also brought back stock and you raised the dividend.

Terrific. I'll try to be honest. My last question is, is there anything that is top of mind that we missed? But the penultimate question is yes or no. Do you think 2025 will be peak in terms of growth capex for this cycle?

Okay, turn it over to you, PS.

Did we miss? Only every time I get a chance to do one of these, Eve, I want to give the credit to our people. Because we now have a little bit over 6,000 people in this company. And the way that they're coming together is something that I really appreciate. Integrating different companies is something that we're very focused on. When you said what's top of mind, that's top of mind right now. And I'm very pleased with the way our employees are coming together and what they're doing and the excitement level that you feel when you come into the building is contagious. So I really do appreciate that. And thank you for having us on your podcast here today. We appreciate it. Look forward to the next time we're together.

Well, look forward to it and thank you so much. I just can't help myself. I think one of the things that is most underappreciated with investors is company cultures. And you really showcase the culture of Oneok especially with that last statement. So thank you. Thank you both for agreeing to do this. I always enjoy it. So all the best. Take care now. Thank you. Best for you. Yep. Thank you.