10-Q 1 dvn-10q_20170630.htm 10-Q dvn-10q_20170630.htm

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2017

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-32318

 

DEVON ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

73-1567067

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

identification No.)

 

 

333 West Sheridan Avenue, Oklahoma City, Oklahoma

 

73102-5015

(Address of principal executive offices)

 

(Zip code)

Registrant’s telephone number, including area code: (405) 235-3611

Former name, address and former fiscal year, if changed from last report: Not applicable

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  

On July 19, 2017, 525.6 million shares of common stock were outstanding.

 

 


Table of Contents

DEVON ENERGY CORPORATION

FORM 10-Q

TABLE OF CONTENTS

 

Part I. Financial Information

 

Item 1.

 

Financial Statements

6

 

 

Consolidated Comprehensive Statements of Earnings

6

 

 

Consolidated Statements of Cash Flows

7

 

 

Consolidated Balance Sheets

8

 

 

Consolidated Statements of Stockholders’ Equity

9

 

 

Notes to Consolidated Financial Statements

10

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

 

Controls and Procedures

42

 

 

 

 

Part II. Other Information

 

Item 1.

 

Legal Proceedings

43

Item 1A.

 

Risk Factors

43

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

 

Defaults Upon Senior Securities

43

Item 4.

 

Mine Safety Disclosures

43

Item 5.

 

Other Information

43

Item 6.

 

Exhibits

44

 

 

 

 

Signatures

 

 

45

 

 

 

2

 


Table of Contents

DEFINITIONS

Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Devon” and the “Company” refer to Devon Energy Corporation and its consolidated subsidiaries. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q:

“2015 Plan” means the Devon Energy Corporation 2015 Long-Term Incentive Plan.

“2017 Plan” means the Devon Energy Corporation 2017 Long-Term Incentive Plan.

“ASU” means Accounting Standards Update.

“Bbl” or “Bbls” means barrel or barrels.

“Boe” means barrel of oil equivalent. Gas proved reserves and production are converted to Boe, at the pressure and temperature base standard of each respective state in which the gas is produced, at the rate of six Mcf of gas per Bbl of oil, based upon the approximate relative energy content of gas and oil. Bitumen and NGL proved reserves and production are converted to Boe on a one-to-one basis with oil.

“Btu” means British thermal units, a measure of heating value.

“Canada” means the division of Devon encompassing oil and gas properties located in Canada. All dollar amounts associated with Canada are in U.S. dollars, unless stated otherwise.

“Canadian Plan” means Devon Canada Corporation Incentive Savings Plan.

“DD&A” means depreciation, depletion and amortization expenses.

“Devon Plan” means Devon Energy Corporation Incentive Savings Plan.

“E&P” means exploration and production activities.

“EnLink” means EnLink Midstream Partners, LP, a master limited partnership.

“FASB” means Financial Accounting Standards Board.

“G&A” means general and administrative expenses.

“GAAP” means U.S. generally accepted accounting principles.

“General Partner” means EnLink Midstream, LLC, the indirect general partner of EnLink.

“Inside FERC” refers to the publication Inside FERC’s Gas Market Report.

“LIBOR” means London Interbank Offered Rate.

“LOE” means lease operating expenses.

“MBbls” means thousand barrels.

“MBoe” means thousand Boe.

“Mcf” means thousand cubic feet.

“MMBoe” means million Boe.

3

 


Table of Contents

“MMBtu” means million Btu.

“MMcf” means million cubic feet.

“N/M” means not meaningful.

“NGL” or “NGLs” means natural gas liquids.

“NYMEX” means New York Mercantile Exchange.

“OPIS” means Oil Price Information Service.

“SEC” means United States Securities and Exchange Commission.

“Senior Credit Facility” means Devon’s syndicated unsecured revolving line of credit.

“TSR” means total shareholder return.

“U.S.” means United States of America.

“WTI” means West Texas Intermediate.

“/d” means per day.

“/Bbl” means per barrel.

“/MMBtu” means per MMBtu.

4

 


Table of Contents

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This report includes “forward-looking statements” as defined by the SEC. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words “expects,” “believes,” “will,” “would,” “could,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. Such forward-looking statements are based on our examination of historical operating trends, the information used to prepare our December 31, 2016 reserve reports and other data in our possession or available from third parties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially from our expectations due to a number of factors, including, but not limited to:

 

the volatility of oil, gas and NGL prices;

 

uncertainties inherent in estimating oil, gas and NGL reserves;

 

the extent to which we are successful in acquiring and discovering additional reserves;

 

the uncertainties, costs and risks involved in exploration and development activities;

 

risks related to our hedging activities;

 

counterparty credit risks;

 

regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to environmental matters;

 

risks relating to our indebtedness;

 

our ability to successfully complete mergers, acquisitions and divestitures;

 

the extent to which insurance covers any losses we may experience;

 

our limited control over third parties who operate some of our oil and gas properties;

 

midstream capacity constraints and potential interruptions in production;

 

competition for leases, materials, people and capital;

 

cyberattacks targeting our systems and infrastructure; and

 

any of the other risks and uncertainties discussed in this report, our 2016 Annual Report on Form 10-K and our other filings with the SEC.

All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We assume no duty to update or revise our forward-looking statements based on new information, future events or otherwise.

 

 

5

 


Table of Contents

Part I.  Financial Information

Item 1.  Financial Statements

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED COMPREHENSIVE STATEMENTS OF EARNINGS

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

(Unaudited)

 

 

 

(Millions, except per share amounts)

 

Oil, gas and NGL sales

 

$

1,206

 

 

$

1,085

 

 

$

2,515

 

 

$

1,910

 

Oil, gas and NGL derivatives

 

 

126

 

 

 

(142

)

 

 

358

 

 

 

(109

)

Marketing and midstream revenues

 

 

1,927

 

 

 

1,545

 

 

 

3,937

 

 

 

2,813

 

Asset dispositions and other

 

 

14

 

 

 

 

 

 

10

 

 

 

 

Total revenues and other

 

 

3,273

 

 

 

2,488

 

 

 

6,820

 

 

 

4,614

 

Lease operating expenses

 

 

399

 

 

 

416

 

 

 

785

 

 

 

860

 

Marketing and midstream operating expenses

 

 

1,703

 

 

 

1,338

 

 

 

3,506

 

 

 

2,404

 

General and administrative expenses

 

 

164

 

 

 

147

 

 

 

345

 

 

 

341

 

Production and property taxes

 

 

71

 

 

 

75

 

 

 

156

 

 

 

153

 

Depreciation, depletion and amortization

 

 

381

 

 

 

484

 

 

 

762

 

 

 

1,026

 

Asset impairments

 

 

 

 

 

1,497

 

 

 

7

 

 

 

4,532

 

Restructuring and transaction costs

 

 

 

 

 

24

 

 

 

 

 

 

271

 

Other operating items

 

 

13

 

 

 

4

 

 

 

11

 

 

 

24

 

Total operating expenses

 

 

2,731

 

 

 

3,985

 

 

 

5,572

 

 

 

9,611

 

Operating income (loss)

 

 

542

 

 

 

(1,497

)

 

 

1,248

 

 

 

(4,997

)

Net financing costs

 

 

116

 

 

 

163

 

 

 

243

 

 

 

327

 

Other nonoperating items

 

 

(32

)

 

 

85

 

 

 

(51

)

 

 

106

 

Earnings (loss) before income taxes

 

 

458

 

 

 

(1,745

)

 

 

1,056

 

 

 

(5,430

)

Income tax expense (benefit)

 

 

7

 

 

 

(182

)

 

 

26

 

 

 

(399

)

Net earnings (loss)

 

 

451

 

 

 

(1,563

)

 

 

1,030

 

 

 

(5,031

)

Net earnings (loss) attributable to noncontrolling interests

 

 

26

 

 

 

7

 

 

 

40

 

 

 

(405

)

Net earnings (loss) attributable to Devon

 

$

425

 

 

$

(1,570

)

 

$

990

 

 

$

(4,626

)

Net earnings (loss) per share attributable to Devon:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.81

 

 

$

(3.04

)

 

$

1.88

 

 

$

(9.33

)

Diluted

 

$

0.80

 

 

$

(3.04

)

 

$

1.87

 

 

$

(9.33

)

Comprehensive earnings (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

451

 

 

$

(1,563

)

 

$

1,030

 

 

$

(5,031

)

Other comprehensive earnings, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

2

 

 

 

3

 

 

 

 

 

 

26

 

Pension and postretirement plans

 

 

4

 

 

 

5

 

 

 

9

 

 

 

9

 

Other

 

 

(2

)

 

 

 

 

 

(2

)

 

 

 

Other comprehensive earnings, net of tax

 

 

4

 

 

 

8

 

 

 

7

 

 

 

35

 

Comprehensive earnings (loss)

 

 

455

 

 

 

(1,555

)

 

 

1,037

 

 

 

(4,996

)

Comprehensive earnings (loss) attributable to

   noncontrolling interests

 

 

26

 

 

 

7

 

 

 

40

 

 

 

(405

)

Comprehensive earnings (loss) attributable to Devon

 

$

429

 

 

$

(1,562

)

 

$

997

 

 

$

(4,591

)

 

See accompanying notes to consolidated financial statements

 

6

 


Table of Contents

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

(Unaudited)

 

 

 

(Millions)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

451

 

 

$

(1,563

)

 

$

1,030

 

 

$

(5,031

)

Adjustments to reconcile net earnings (loss) to net cash

   from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

381

 

 

 

484

 

 

 

762

 

 

 

1,026

 

Asset impairments

 

 

 

 

 

1,497

 

 

 

7

 

 

 

4,532

 

Gains on asset sales

 

 

(11

)

 

 

 

 

 

(7

)

 

 

 

Deferred income tax benefit

 

 

(5

)

 

 

(179

)

 

 

(6

)

 

 

(386

)

Commodity derivatives

 

 

(126

)

 

 

142

 

 

 

(358

)

 

 

109

 

Cash settlements on commodity derivatives

 

 

11

 

 

 

(16

)

 

 

19

 

 

 

3

 

Other derivatives and financial instruments

 

 

16

 

 

 

81

 

 

 

7

 

 

 

308

 

Cash settlements on other derivatives and

   financial instruments

 

 

2

 

 

 

(28

)

 

 

 

 

 

(151

)

Asset retirement obligation accretion

 

 

14

 

 

 

20

 

 

 

31

 

 

 

39

 

Share-based compensation

 

 

43

 

 

 

32

 

 

 

89

 

 

 

140

 

Other

 

 

(49

)

 

 

36

 

 

 

(49

)

 

 

(158

)

Net change in working capital

 

 

72

 

 

 

(143

)

 

 

87

 

 

 

71

 

Change in long-term other assets

 

 

9

 

 

 

(40

)

 

 

10

 

 

 

13

 

Change in long-term other liabilities

 

 

2

 

 

 

22

 

 

 

22

 

 

 

(5

)

Net cash from operating activities

 

 

810

 

 

 

345

 

 

 

1,644

 

 

 

510

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(721

)

 

 

(489

)

 

 

(1,468

)

 

 

(1,238

)

Acquisitions of property, equipment and businesses

 

 

(13

)

 

 

(11

)

 

 

(33

)

 

 

(1,638

)

Proceeds from sale of investment

 

 

 

 

 

 

 

 

190

 

 

 

 

Divestitures of property and equipment

 

 

76

 

 

 

191

 

 

 

114

 

 

 

209

 

Other

 

 

(1

)

 

 

(26

)

 

 

(4

)

 

 

(27

)

Net cash from investing activities

 

 

(659

)

 

 

(335

)

 

 

(1,201

)

 

 

(2,694

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings of long-term debt, net of issuance costs

 

 

982

 

 

 

450

 

 

 

1,795

 

 

 

846

 

Repayments of long-term debt

 

 

(798

)

 

 

(290

)

 

 

(1,385

)

 

 

(549

)

Payment of installment payable

 

 

 

 

 

 

 

 

(250

)

 

 

 

Net short-term debt repayments

 

 

 

 

 

 

 

 

 

 

 

(626

)

Issuance of common stock

 

 

 

 

 

 

 

 

 

 

 

1,469

 

Issuance of subsidiary units

 

 

17

 

 

 

49

 

 

 

72

 

 

 

776

 

Dividends paid on common stock

 

 

(33

)

 

 

(33

)

 

 

(65

)

 

 

(158

)

Contributions from noncontrolling interests

 

 

8

 

 

 

3

 

 

 

29

 

 

 

6

 

Distributions to noncontrolling interests

 

 

(82

)

 

 

(74

)

 

 

(163

)

 

 

(147

)

Shares traded for tax withholdings

 

 

(3

)

 

 

(10

)

 

 

(64

)

 

 

(28

)

Other

 

 

 

 

 

(5

)

 

 

(2

)

 

 

(6

)

Net cash from financing activities

 

 

91

 

 

 

90

 

 

 

(33

)

 

 

1,583

 

Effect of exchange rate changes on cash

 

 

8

 

 

 

(12

)

 

 

 

 

 

14

 

Net change in cash and cash equivalents

 

 

250

 

 

 

88

 

 

 

410

 

 

 

(587

)

Cash and cash equivalents at beginning of period

 

 

2,119

 

 

 

1,635

 

 

 

1,959

 

 

 

2,310

 

Cash and cash equivalents at end of period

 

$

2,369

 

 

$

1,723

 

 

$

2,369

 

 

$

1,723

 

 

See accompanying notes to consolidated financial statements

7

 


Table of Contents

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

June 30, 2017

 

 

December 31, 2016

 

 

 

(Unaudited)

 

 

 

 

 

 

 

(Millions, except share data)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,369

 

 

$

1,959

 

Accounts receivable

 

 

1,248

 

 

 

1,356

 

Assets held for sale

 

 

 

 

 

193

 

Other current assets

 

 

469

 

 

 

264

 

Total current assets

 

 

4,086

 

 

 

3,772

 

Property and equipment, at cost:

 

 

 

 

 

 

 

 

Oil and gas, based on full cost accounting:

 

 

 

 

 

 

 

 

Subject to amortization

 

 

77,326

 

 

 

75,648

 

Not subject to amortization

 

 

3,048

 

 

 

3,437

 

Total oil and gas

 

 

80,374

 

 

 

79,085

 

Midstream and other

 

 

10,908

 

 

 

10,455

 

Total property and equipment, at cost

 

 

91,282

 

 

 

89,540

 

Less accumulated depreciation, depletion and amortization

 

 

(74,460

)

 

 

(73,350

)

Property and equipment, net

 

 

16,822

 

 

 

16,190

 

Goodwill

 

 

3,964

 

 

 

3,964

 

Other long-term assets

 

 

1,942

 

 

 

1,987

 

Total assets

 

$

26,814

 

 

$

25,913

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

692

 

 

$

642

 

Revenues and royalties payable

 

 

949

 

 

 

908

 

Other current liabilities

 

 

891

 

 

 

1,066

 

Total current liabilities

 

 

2,532

 

 

 

2,616

 

Long-term debt

 

 

10,558

 

 

 

10,154

 

Asset retirement obligations

 

 

1,078

 

 

 

1,226

 

Other long-term liabilities

 

 

657

 

 

 

894

 

Deferred income taxes

 

 

659

 

 

 

648

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 526 million and

   523 million shares in 2017 and 2016, respectively

 

 

53

 

 

 

52

 

Additional paid-in capital

 

 

7,211

 

 

 

7,237

 

Accumulated deficit

 

 

(656

)

 

 

(1,646

)

Accumulated other comprehensive earnings

 

 

291

 

 

 

284

 

Total stockholders’ equity attributable to Devon

 

 

6,899

 

 

 

5,927

 

Noncontrolling interests

 

 

4,431

 

 

 

4,448

 

Total stockholders’ equity

 

 

11,330

 

 

 

10,375

 

Total liabilities and stockholders’ equity

 

$

26,814

 

 

$

25,913

 

 

See accompanying notes to consolidated financial statements

 

 

8

 


Table of Contents

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Retained

 

 

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Earnings

 

 

Comprehensive

 

 

Treasury

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Accumulated Deficit)

 

 

Earnings

 

 

Stock

 

 

Interests

 

 

Equity

 

 

 

(Unaudited)

 

 

 

(Millions)

 

Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2016

 

 

523

 

 

$

52

 

 

$

7,237

 

 

$

(1,646

)

 

$

284

 

 

$

 

 

$

4,448

 

 

$

10,375

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

990

 

 

 

 

 

 

 

 

 

40

 

 

 

1,030

 

Other comprehensive earnings, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

7

 

Restricted stock grants, net of cancellations

 

 

2

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Common stock repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41

)

 

 

 

 

 

(41

)

Common stock retired

 

 

 

 

 

 

 

 

(41

)

 

 

 

 

 

 

 

 

41

 

 

 

 

 

 

 

Common stock dividends

 

 

 

 

 

 

 

 

(65

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(65

)

Share-based compensation

 

 

1

 

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

Subsidiary equity transactions

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

106

 

 

 

117

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(163

)

 

 

(163

)

Balance as of June 30, 2017

 

 

526

 

 

$

53

 

 

$

7,211

 

 

$

(656

)

 

$

291

 

 

$

 

 

$

4,431

 

 

$

11,330

 

Six Months Ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2015

 

 

418

 

 

$

42

 

 

$

4,996

 

 

$

1,781

 

 

$

230

 

 

$

 

 

$

3,940

 

 

$

10,989

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(4,626

)

 

 

 

 

 

 

 

 

(405

)

 

 

(5,031

)

Other comprehensive earnings, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35

 

 

 

 

 

 

 

 

 

35

 

Restricted stock grants, net of cancellations

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21

)

 

 

 

 

 

(21