(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) | (Country) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
99.1 | ||||||||
101.INS | XBRL Instance Document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
Unit Corporation | |||||||||||
Date: March 16, 2020 | By: | /s/ Les Austin | |||||||||
Les Austin Senior Vice President and Chief Financial Officer |
99.1 | Press release of Unit Corporation, dated March 16, 2020 | |||||||
101.INS | XBRL Instance Document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
News | UNIT CORPORATION | ||||
8200 South Unit Drive, Tulsa, Oklahoma, 74132 | |||||
Telephone 918 493-7700, Fax 918 493-7711 |
Contact: | Michael D. Earl | ||||
Vice President, Investor Relations | |||||
(918) 493-7700 | |||||
www.unitcorp.com |
Three Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||
Dec 31, 2019 | Dec 31, 2018 | Change | Dec 31, 2019 | Sept 30, 2019 | Change | Dec 31, 2019 | Dec 31, 2018 | Change | |||||||||||||||||||||||||||
Oil Production, MBbl | 867 | 753 | 15% | 867 | 927 | (6)% | 3,208 | 2,874 | 12% | ||||||||||||||||||||||||||
NGLs Production, MBbl | 1,116 | 1,223 | (9)% | 1,116 | 1,240 | (10)% | 4,773 | 4,925 | (3)% | ||||||||||||||||||||||||||
Natural Gas Production, Bcf | 13.0 | 14.1 | (7)% | 13.0 | 13.4 | (2)% | 53.1 | 55.6 | (5)% | ||||||||||||||||||||||||||
Production, MBoe | 4,157 | 4,318 | (4)% | 4,157 | 4,394 | (5)% | 16,825 | 17,070 | (1)% | ||||||||||||||||||||||||||
Production, MBoe/day | 45.2 | 46.9 | (4)% | 45.2 | 47.8 | (5)% | 46.1 | 46.8 | (1)% | ||||||||||||||||||||||||||
Avg. Realized Natural Gas Price, Mcf (1) | $ | 1.97 | $ | 2.77 | (29)% | $ | 1.97 | $ | 1.83 | 8% | $ | 2.04 | $ | 2.46 | (17)% | ||||||||||||||||||||
Avg. Realized NGL Price, Bbl (1) | $ | 13.11 | $ | 19.61 | (33)% | $ | 13.11 | $ | 8.50 | 54% | $ | 12.42 | $ | 22.18 | (44)% | ||||||||||||||||||||
Avg. Realized Oil Price, Bbl (1) | $ | 57.33 | $ | 54.01 | 6% | $ | 57.33 | $ | 56.62 | 1% | $ | 57.49 | $ | 55.78 | 3% | ||||||||||||||||||||
Avg. Price / Boe for Revenue Recognition | $ | (1.24) | $ | (1.25) | 1% | $ | (1.24) | $ | (1.22) | (2)% | $ | (1.24) | $ | (1.03) | (20)% | ||||||||||||||||||||
Realized Price / Boe (1) | $ | 20.41 | $ | 22.74 | (10)% | $ | 20.41 | $ | 18.70 | 9% | $ | 19.68 | $ | 22.78 | (14)% | ||||||||||||||||||||
Operating Profit Before Depreciation, Depletion, Amortization & Impairment (MM) (2) | $ | 53.0 | $ | 74.9 | (29)% | $ | 53.0 | $ | 42.7 | 24% | $ | 190.7 | $ | 291.4 | (35)% |
Oil (MMbls) | NGLs (MMbls) | Natural Gas (Bcf) | Proved Reserves (MMBoe) | ||||||||||||||
Proved Reserves, at December 31, 2018 | 22.6 | 47.8 | 536.0 | 159.7 | |||||||||||||
Revisions of previous estimates | (8.3) | (21.0) | (234.9) | (68.4) | |||||||||||||
Extensions, discoveries, and other additions | 1.0 | 1.3 | 13.6 | 4.5 | |||||||||||||
Purchases of minerals in place | 0.2 | 0.1 | 1.3 | 0.5 | |||||||||||||
Production | (3.2) | (4.8) | (53.1) | (16.8) | |||||||||||||
Sales | (0.1) | (0.4) | (42.7) | (7.6) | |||||||||||||
Proved Reserves, at December 31, 2019 | 12.2 | 23.0 | 220.2 | 71.9 |
Three Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||
Dec 31, 2019 | Dec 31, 2018 | Change | Dec 31, 2019 | Sept 30, 2019 | Change | Dec 31, 2019 | Dec 31, 2018 | Change | |||||||||||||||||||||||||||
Rigs Utilized | 18.3 | 33.1 | (45)% | 18.3 | 20.4 | (10)% | 24.6 | 32.8 | (25)% | ||||||||||||||||||||||||||
Operating Profit Before Depreciation & Impairment (MM) (1) | $ | 10.1 | $ | 17.2 | (41)% | $ | 10.1 | $ | 8.8 | 15% | $ | 52.4 | $ | 65.1 | (20)% |
Three Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||
Dec 31, 2019 | Dec 31, 2018 | Change | Dec 31, 2019 | Sept 30, 2019 | Change | Dec 31, 2019 | Dec 31, 2018 | Change | |||||||||||||||||||||||||||
Gas Gathering, Mcf/day | 399,019 | 394,203 | 1% | 399,019 | 428,573 | (7)% | 435,646 | 393,613 | 11% | ||||||||||||||||||||||||||
Gas Processing, Mcf/day | 162,766 | 160,786 | 1% | 162,766 | 167,687 | (3)% | 164,482 | 158,189 | 4% | ||||||||||||||||||||||||||
Liquids Sold, Gallons/day | 570,299 | 697,161 | (18)% | 570,299 | 572,852 | —% | 625,873 | 663,367 | (6)% | ||||||||||||||||||||||||||
Operating Profit Before Depreciation, Amortization & Impairment (MM) (1) | $ | 10.7 | $ | 12.4 | (14)% | $ | 10.7 | $ | 11.3 | (6)% | $ | 46.8 | $ | 55.9 | (16)% |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Statement of Operations: | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Oil and natural gas | $ | 83,842 | $ | 106,019 | $ | 325,797 | $ | 423,059 | ||||||||||||||||||
Contract drilling | 36,595 | 52,965 | 168,383 | 196,492 | ||||||||||||||||||||||
Gas gathering and processing | 43,921 | 55,804 | 180,454 | 223,730 | ||||||||||||||||||||||
Total revenues | 164,358 | 214,788 | 674,634 | 843,281 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Oil and natural gas | 30,804 | 31,156 | 135,124 | 131,675 | ||||||||||||||||||||||
Contract drilling | 26,493 | 35,792 | 115,998 | 131,385 | ||||||||||||||||||||||
Gas gathering and processing | 33,267 | 43,395 | 133,606 | 167,836 | ||||||||||||||||||||||
Total operating costs | 90,564 | 110,343 | 384,728 | 430,896 | ||||||||||||||||||||||
Depreciation, depletion, and amortization | 76,941 | 64,629 | 275,573 | 243,605 | ||||||||||||||||||||||
Impairments | 390,836 | 147,884 | 625,716 | 147,884 | ||||||||||||||||||||||
General and administrative | 8,347 | 9,955 | 38,246 | 38,707 | ||||||||||||||||||||||
(Gain) loss on disposition of assets | 2,078 | (129) | 3,502 | (704) | ||||||||||||||||||||||
Total expenses | 568,766 | 332,682 | 1,327,765 | 860,388 | ||||||||||||||||||||||
Loss from operations | (404,408) | (117,894) | (653,131) | (17,107) | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest, net | (9,945) | (7,816) | (37,012) | (33,494) | ||||||||||||||||||||||
Gain (loss) on derivatives | (1,007) | 22,424 | 4,225 | (3,184) | ||||||||||||||||||||||
Other | 375 | 5 | (236) | 22 | ||||||||||||||||||||||
Total other income (expense) | (10,577) | 14,613 | (33,023) | (36,656) | ||||||||||||||||||||||
Loss before income taxes | (414,985) | (103,281) | (686,154) | (53,763) | ||||||||||||||||||||||
Income tax benefit: | ||||||||||||||||||||||||||
Current | (1,281) | (3,131) | (1,281) | (3,131) | ||||||||||||||||||||||
Deferred | (77,964) | (23,245) | (131,045) | (10,865) | ||||||||||||||||||||||
Total income taxes | (79,245) | (26,376) | (132,326) | (13,996) | ||||||||||||||||||||||
Net loss | (335,740) | (76,905) | (553,828) | (39,767) | ||||||||||||||||||||||
Net income (loss) attributable to non-controlling interest | (760) | 935 | 51 | 5,521 | ||||||||||||||||||||||
Net loss attributable to Unit Corporation | $ | (334,980) | $ | (77,840) | $ | (553,879) | $ | (45,288) | ||||||||||||||||||
Net income attributable to Unit Corporation per common share | ||||||||||||||||||||||||||
Basic | $ | (6.33) | $ | (1.49) | $ | (10.48) | $ | (0.87) | ||||||||||||||||||
Diluted | $ | (6.33) | $ | (1.49) | $ | (10.48) | $ | (0.87) | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 52,953 | 52,070 | 52,849 | 51,981 | ||||||||||||||||||||||
Diluted | 52,953 | 52,070 | 52,849 | 51,981 |
December 31, | |||||||||||
2019 | 2018 | ||||||||||
Balance Sheet Data: | |||||||||||
Current assets | $ | 105,051 | $ | 170,359 | |||||||
Total assets | $ | 2,090,052 | $ | 2,698,053 | |||||||
Current liabilities | $ | 260,049 | $ | 213,859 | |||||||
Long-term debt | $ | 663,216 | $ | 644,475 | |||||||
Other long-term liabilities and non-current derivative liability | $ | 97,439 | $ | 101,527 | |||||||
Deferred income taxes | $ | 13,713 | $ | 144,748 | |||||||
Total shareholders’ equity attributable to Unit Corporation | $ | 853,878 | $ | 1,390,881 |
Twelve Months Ended December 31, | |||||||||||
2019 | 2018 | ||||||||||
Statement of Cash Flows Data: | |||||||||||
Cash flow from operations before changes in operating assets and liabilities | $ | 249,121 | $ | 345,167 | |||||||
Net change in operating assets and liabilities | 20,275 | 7,580 | |||||||||
Net cash provided by operating activities | $ | 269,396 | $ | 352,747 | |||||||
Net cash used in investing activities | $ | (394,563) | $ | (450,342) | |||||||
Net cash provided by financing activities | $ | 119,286 | $ | 103,346 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
(In thousands except earnings per share) | ||||||||||||||||||||||||||
Adjusted net income attributable to Unit Corporation: | ||||||||||||||||||||||||||
Net loss attributable to Unit Corporation | $ | (334,980) | $ | (77,840) | $ | (553,879) | $ | (45,288) | ||||||||||||||||||
Impairments (net of income tax) | 295,081 | 111,652 | 484,567 | 111,652 | ||||||||||||||||||||||
(Gain) loss on derivatives (net of income tax) | 803 | (16,198) | (3,410) | 2,356 | ||||||||||||||||||||||
Settlements during the period of matured derivative contracts (net of income tax) | 3,551 | (3,796) | 13,073 | (16,867) | ||||||||||||||||||||||
Adjusted net income (loss) | $ | (35,545) | $ | 13,818 | $ | (59,649) | $ | 51,853 | ||||||||||||||||||
Adjusted diluted earnings per share attributable to Unit Corporation: | ||||||||||||||||||||||||||
Diluted loss per share | $ | (6.33) | $ | (1.49) | $ | (10.48) | $ | (0.87) | ||||||||||||||||||
Diluted earnings per share from impairments | 5.57 | 2.14 | 9.17 | 2.14 | ||||||||||||||||||||||
Diluted earnings per share from (gain) loss on derivatives | 0.02 | (0.31) | (0.06) | 0.05 | ||||||||||||||||||||||
Diluted earnings (loss) per share from settlements of matured derivative contracts | 0.07 | (0.07) | 0.24 | (0.32) | ||||||||||||||||||||||
Adjusted diluted earnings (loss) per share attributable to Unit Corporation | $ | (0.67) | $ | 0.27 | $ | (1.13) | $ | 1.00 | ||||||||||||||||||
Weighted Shares (Denominator) | 52,953 | 52,070 | 52,849 | 51,981 |
2019 | |||||||||||
(In millions) | |||||||||||
PV-10 at December 31, 2019 | $ | 462.0 | |||||||||
Discounted effect of income taxes | (0.3) | ||||||||||
Standardized Measure at December 31, 2019 | $ | 461.7 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||
September 30, | December 31, | December 31, | ||||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Oil and natural gas | $ | 42,681 | $ | 53,038 | $ | 74,863 | $ | 190,673 | $ | 291,384 | ||||||||||||||||||||||
Contract drilling | 8,800 | 10,102 | 17,173 | 52,385 | 65,107 | |||||||||||||||||||||||||||
Gas gathering and processing | 11,305 | 10,654 | 12,409 | 46,848 | 55,894 | |||||||||||||||||||||||||||
Total operating profit | 62,786 | 73,794 | 104,445 | 289,906 | 412,385 | |||||||||||||||||||||||||||
Depreciation, depletion and amortization | (70,214) | (76,941) | (64,629) | (275,573) | (243,605) | |||||||||||||||||||||||||||
Impairments | (234,880) | (390,836) | (147,884) | (625,716) | (147,884) | |||||||||||||||||||||||||||
Total operating income (loss) | (242,308) | (393,983) | (108,068) | (611,383) | 20,896 | |||||||||||||||||||||||||||
General and administrative | (10,094) | (8,347) | (9,955) | (38,246) | (38,707) | |||||||||||||||||||||||||||
Gain (loss) on disposition of assets | (231) | (2,078) | 129 | (3,502) | 704 | |||||||||||||||||||||||||||
Interest, net | (9,534) | (9,945) | (7,816) | (37,012) | (33,494) | |||||||||||||||||||||||||||
Gain (loss) on derivatives | 4,237 | (1,007) | 22,424 | 4,225 | (3,184) | |||||||||||||||||||||||||||
Other | (622) | 375 | 5 | (236) | 22 | |||||||||||||||||||||||||||
(Loss) before income taxes | $ | (258,552) | $ | (414,985) | $ | (103,281) | $ | (686,154) | $ | (53,763) |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||
September 30, | December 31, | December 31, | ||||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||
(In thousands except for operating days and operating margins) | ||||||||||||||||||||||||||||||||
Contract drilling revenue | $ | 37,596 | $ | 36,595 | $ | 52,965 | $ | 168,383 | $ | 196,492 | ||||||||||||||||||||||
Contract drilling operating cost | 28,796 | 26,493 | 35,792 | 115,998 | 131,385 | |||||||||||||||||||||||||||
Operating profit from contract drilling | 8,800 | 10,102 | 17,173 | 52,385 | 65,107 | |||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Elimination of intercompany rig profit and bad debt expense | (87) | (8) | 644 | 1,619 | 3,078 | |||||||||||||||||||||||||||
Operating profit from contract drilling before elimination of intercompany rig profit and bad debt expense | 8,713 | 10,094 | 17,817 | 54,004 | 68,185 | |||||||||||||||||||||||||||
Contract drilling operating days | 1,880 | 1,682 | 3,041 | 8,987 | 11,960 | |||||||||||||||||||||||||||
Average daily operating margin before elimination of intercompany rig profit and bad debt expense | $ | 4,635 | $ | 6,001 | $ | 5,859 | $ | 6,009 | $ | 5,701 |
Twelve Months Ended December 31, | |||||||||||
2019 | 2018 | ||||||||||
(In thousands) | |||||||||||
Net cash provided by operating activities | $ | 269,396 | $ | 352,747 | |||||||
Net change in operating assets and liabilities | (20,275) | (7,580) | |||||||||
Cash flow from operations before changes in operating assets and liabilities | $ | 249,121 | $ | 345,167 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
(In thousands except earnings per share) | ||||||||||||||||||||||||||
Net loss | $ | (335,740) | $ | (76,905) | $ | (553,828) | $ | (39,767) | ||||||||||||||||||
Income taxes | (79,245) | (26,376) | (132,326) | (13,996) | ||||||||||||||||||||||
Depreciation, depletion and amortization | 76,941 | 64,629 | 275,573 | 243,605 | ||||||||||||||||||||||
Impairments | 390,836 | 147,884 | 625,716 | 147,884 | ||||||||||||||||||||||
Interest expense | 9,945 | 7,816 | 37,012 | 33,494 | ||||||||||||||||||||||
(Gain) loss on derivatives | 1,007 | (22,424) | (4,225) | 3,184 | ||||||||||||||||||||||
Settlements during the period of matured derivative contracts | 4,367 | (4,763) | 16,196 | (22,803) | ||||||||||||||||||||||
Stock compensation plans | (4,175) | 5,502 | 12,932 | 22,899 | ||||||||||||||||||||||
Other non-cash items | 4,595 | (735) | 5,006 | (2,576) | ||||||||||||||||||||||
(Gain) loss on disposition of assets | 2,078 | (129) | 3,502 | (704) | ||||||||||||||||||||||
Adjusted EBITDA | 70,609 | 94,499 | 285,558 | 371,220 | ||||||||||||||||||||||
Adjusted EBITDA attributable to non-controlling interest | 5,218 | 6,315 | 25,025 | 21,488 | ||||||||||||||||||||||
Adjusted EBITDA attributable to Unit Corporation | $ | 65,391 | $ | 88,184 | $ | 260,533 | $ | 349,732 | ||||||||||||||||||
Diluted loss per share attributable to Unit | $ | (6.33) | $ | (1.49) | $ | (10.48) | $ | (0.87) | ||||||||||||||||||
Diluted loss per share from income taxes | (1.50) | (0.52) | (2.50) | (0.26) | ||||||||||||||||||||||
Diluted earnings per share from depreciation, depletion and amortization | 1.34 | 1.13 | 4.76 | 4.36 | ||||||||||||||||||||||
Diluted earnings per share from impairments | 7.38 | 2.84 | 11.81 | 2.84 | ||||||||||||||||||||||
Diluted earnings per share from interest expense | 0.18 | 0.15 | 0.67 | 0.63 | ||||||||||||||||||||||
Diluted earnings (loss) per share from (gain) loss on derivatives | 0.02 | (0.43) | (0.08) | 0.06 | ||||||||||||||||||||||
Diluted earnings (loss) per share from settlements during the period of matured derivative contracts | 0.10 | (0.09) | 0.32 | (0.44) | ||||||||||||||||||||||
Diluted earnings per share from stock compensation plans | (0.08) | 0.10 | 0.24 | 0.43 | ||||||||||||||||||||||
Diluted earnings per share from other non-cash items | 0.08 | — | 0.12 | (0.01) | ||||||||||||||||||||||
Diluted earnings per share (gain) loss on disposition of assets | 0.04 | — | 0.07 | (0.01) | ||||||||||||||||||||||
Adjusted EBITDA per diluted share | $ | 1.23 | $ | 1.69 | $ | 4.93 | $ | 6.73 | ||||||||||||||||||
Weighted Shares (Denominator) | 52,953 | 52,070 | 52,849 | 51,981 |
Document |
Mar. 16, 2020 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Mar. 16, 2020 |
Entity Registrant Name | Unit Corporation |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-9260 |
Entity Tax Identification Number | 73-1283193 |
Entity Address, Address Line One | 8200 South Unit Drive, |
Entity Address, City or Town | Tulsa, |
Entity Address, State or Province | OK |
Entity Address, Postal Zip Code | 74132 |
Entity Address, Country | US |
City Area Code | (918) |
Local Phone Number | 493-7700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | UNT |
Security Exchange Name | NYSE |
Entity Central Index Key | 0000798949 |
Amendment Flag | false |
GF0"4\9VC,X^X%R7X4FF,)'_,:"S#SC7
M97C&" QR/WNXN;F;\0^NSG6GD[TT]A+HKVHG*8VP]?(G6^]B+^-3IQ$GXYH+
MVU;#C73H&-F/M^ULNO)O_@-02P,$% @ E8-P4(N\A]TV @ ^@4 !0
M !X;"]S:&%R9613=')I;F=S+GAM;(54[V_:,!#]W/T5)SZU$I ?(" 31:J
M3J@MH"75M'TSR2582^S,=BC\]SN@K%),UGQ)XGM^]^[YSF.M#>R+7.C[UM:8
M\JOCZ'B+!=-=6:*@2"I5P0S]JLS1I4*6Z"VB*7+'=]V!4S N6E )_J?"J:R$
MN6_U^ZW)6//)V$QF,JX*%&;LF,G8.:Z=UU^8ZH(W:(/O^FX].)4[5%"R#+OU
MT(4/HD.)]>"H\]2(7Z/B,H&Y2&C+7UHN?+S'K.![,>=%#(\='E\Q4??TEUG/7H(PK8>_R43]-<#JUV5?4$L#!!0 (
M )6#<% +C]@#(0$ %<$ 3 6T-O;G1E;G1?5'EP97-=+GAM;+5434_#
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MBNQ&CB>65H*2ZA,O>43H6\>"/4E
*.,0= #;QGEY)P'<5N S+APM0J(LO?WS]_OGLZN+KE]TIU:NA^+<_#TCXKR >(%C<
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M7L!K+V9#^1LH9"!>H9++5(%KJVL@J!@)+WVBO61G
MUN_=8C-;G+_KR0J""!;4,; 3N#ZM()S4E5P#JH*SG"N@I,,[DA!?_"+9I=G
MU7&,N3B;L1A%.HCDA%H=D91?@BY.&B\/OFB:K0$U5HWTBU/P(TD[L"!]]1+!_7
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M/'-3<32L-NF+*K1OI-H? 9K)G34I
,#V]34!<
MZC^FO /JC>!C>'#2W)^(MB *B=- <%,19/X/2"0/4I '^,G=290(O!/OK2VY[ZM6A7M->4$]GMK0
MJY6A7TH05E^Z<*][S_?WWJRI^GUW>K;WY'OO&Y(!TWWJS0\-V;GGZX5['ZCF
MD"&?+M=H7CB[7ROITI#'41B"GNPPO>_NH^
(N4*CC=R2M\+YJ=ML
MGK!]1-:IK>ZS.0O_#78 -/_\_<75Q[,G;WEQMU7A+NV=\57=,)ZV=\9V5=>T
M7FB'B^F^Q X75]4M''%]I^'>\V )1_RB--YV#U@'ZG_E&DV;UC5#F_:KY
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MV!++V&R\^I86SP%I$AC<"*9X45-&A(:OCUU(5Y3P@RB*@*V
M!4O "J46)A(S,6,J4VQ#X FFN+O T!3EPR-=CM)QA*E;'$@T7$A"=#YR&5(D
M-65[SN\+>7EX.IYWHH:.CL^1) M%*/A^Q3F1L_B+6/S"!R4&@^S=- 'C .C<
MM\??TK5EVX11C6!%46SXH>F8:(J,J<0TRR!$83QCZ5K^?AA$-$A'\3%SBPH!
M0WB!OY>23
I^SKUQ6^Z4-Q[?,,2%Q8.^P9. W3DA
MO <@1CR++VJ(9?%M,EZ8WW=#24##Q!O%ZQ\^F53X'9FE$UY"I^),).=SO =S
M*JHK"863&6+!NM&)C>-T=&!0GG+G9>'\K2C *87+#S[ *Y4+NK"2U/]_:*:
M057*?]>9TQW>>?_%\4=M?C=4DH7: E!T21CN=Z3#KQ[O@,2;^Q?3@>F[[[:*
M_,E'^Z6CW4JS[,;,S6:J$;3"N.? -P^JXY=G
,%PX\(U28OC(=,!DW=AQES9R=&>?%S%OO)\=7_2$M.S5Z/D
M4\=/'(N3A'7W <5?EE G+01? PI(X/8T3\Q\D=Q9+$<'R4_[MD7^=1TI-A[Y
M[^UIT')"YY?=*%>1!_;;5?\ _UW@("IP(?-YD_+J5X]S34_H!A?D&&/F%_M
M^??W')4.2;W[JOZ$??RHGE^8B_FB4]T.&FP.\A7*>+'V''_(-W2ET?7\,>%)
M_L)F9_KH[Q^R]GK8\XI]1_WS[AUP[)G?-_T;AG>GYZ;Y'7#&^'+I#Q; ?2U_
M!\04B54P?!J1<>7="G)3#&0Y=]F*5^F[W3)UPS#%;GD'_$*IV_7WEKM);7@'
M()2] Z)T77FW,2=,1KZ0Y@62&_;]>'QLCZW[29OX)'@<\KBP<\SD$NGZ<6#:
M"#7K7Q?03MKG\F?%,E[USLMFD+QA9RW> :+>;