1-12935
|
20-0467835
|
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
5320 Legacy Drive
Plano, Texas
|
75024
|
|
(Address of principal executive offices)
|
(Zip code)
|
|
Registrant’s telephone number, including area code:
|
(972) 673-2000
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d)
|
Exhibits.
|
Exhibit Number
|
Description
|
|
99.1
|
Denbury Press Release, dated February 23, 2012
|
Denbury Resources Inc.
(Registrant)
|
||||
Date: February 23, 2012
|
By:
|
/s/ Alan Rhoades
|
||
Alan Rhoades
|
||||
Vice President and Chief Accounting Officer
|
||||
·
|
Commenced tertiary oil production at Oyster Bayou Field in December, ahead of schedule.
|
·
|
Completed the initial 116-mile segment of the 20-inch Greencore pipeline, Denbury’s first carbon dioxide (“CO2”) pipeline in the Rocky Mountain Region.
|
·
|
Record quarterly Bakken sales volumes of 11,743 barrels of oil equivalent per day (“BOE/d”).
|
·
|
Initiated a stock repurchase program under which the Company acquired approximately 14.1 million shares through quarter-end, or 3.5% of September 30, 2011 shares outstanding, at an average cost of $13.83 per share.
|
·
|
Maintained strong capital structure with quarter-end liquidity of approximately $1.2 billion.
|
·
|
Subsequent to quarter-end, commenced tertiary oil production at Hastings Field in January 2012, ahead of schedule.
|
Operating Area
|
2012 Estimated Production (BOE/d)
|
|||
Tertiary
|
33,000 – 36,000 | |||
Bakken
|
12,750 – 14,750 | |||
Other*
|
24,500 | |||
Total*
|
70,250 – 75,250 |
Previous Income Statement Line Item
|
|
Three Months Ended December 31, 2011
|
|
Twelve Months Ended December 31, 2011
|
||||
Lease operating expenses
|
|
$
|
127,458
|
|
|
$
|
521,018
|
|
Production taxes and marketing expenses
|
|
|
42,417
|
|
|
|
151,805
|
|
CO2 discovery and operating expenses
|
|
|
8,667
|
|
|
|
14,048
|
|
General and administrative
|
|
|
30,238
|
|
|
|
133,890
|
|
FOURTH QUARTER FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|||
(Amounts in thousands of U.S. dollars, except per share and unit data)
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
||
|
|
|
December 31,
|
|
|
Percentage
|
||
|
|
|
2011
|
|
2010
|
|
|
Change
|
Revenues and other income
|
|
|
|
|
|
|
||
|
Oil sales
|
596,482
|
|
485,295
|
|
+
|
23%
|
|
|
Natural gas sales
|
9,855
|
|
28,298
|
|
-
|
65%
|
|
|
CO2 sales and transportation fees
|
5,903
|
|
5,364
|
|
+
|
10%
|
|
|
Interest income and other income
|
5,017
|
|
100
|
|
+
|
>100%
|
|
|
|
Total revenues and other income
|
617,257
|
|
519,057
|
|
+
|
19%
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
||
|
Lease operating expenses
|
124,230
|
|
127,570
|
|
-
|
3%
|
|
|
Marketing expenses
|
8,058
|
|
7,857
|
|
+
|
3%
|
|
|
CO2 discovery and operating expenses
|
9,369
|
|
2,584
|
|
+
|
>100%
|
|
|
Taxes other than income
|
39,239
|
|
32,909
|
|
+
|
19%
|
|
|
General and administrative
|
27,884
|
|
37,700
|
|
-
|
26%
|
|
|
Interest expense, net
|
35,717
|
|
52,883
|
|
-
|
32%
|
|
|
Depletion, depreciation and amortization
|
110,129
|
|
111,624
|
|
-
|
1%
|
|
|
Derivatives expense
|
159,811
|
|
114,212
|
|
+
|
40%
|
|
|
Transaction and other costs related to the Encore merger
|
-
|
|
13,018
|
|
-
|
100%
|
|
|
Impairment of assets
|
22,951
|
|
-
|
|
|
N/A
|
|
|
|
Total expenses
|
537,388
|
|
500,357
|
|
+
|
7%
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
79,869
|
|
18,700
|
|
+
|
>100%
|
||
|
|
|
|
|
|
|
|
|
Income tax provision (benefit)
|
|
|
|
|
|
|
||
|
Current income taxes
|
2,400
|
|
21,880
|
|
-
|
89%
|
|
|
Deferred income taxes
|
24,862
|
|
(6,940)
|
|
+
|
>100%
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income
|
52,607
|
|
3,760
|
|
+
|
>100%
|
||
|
Add: net loss attributable to noncontrolling interest
|
-
|
|
6,604
|
|
-
|
100%
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO DENBURY STOCKHOLDERS
|
52,607
|
|
10,364
|
|
+
|
>100%
|
||
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
||
|
Basic
|
0.14
|
|
0.03
|
|
+
|
>100%
|
|
|
Diluted
|
0.13
|
|
0.03
|
|
+
|
>100%
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares:
|
|
|
|
|
|
|
||
|
Basic
|
389,034
|
|
396,500
|
|
-
|
2%
|
|
|
Diluted
|
393,163
|
|
402,436
|
|
-
|
2%
|
|
|
|
|
|
|
|
|
|
|
Production (daily - net of royalties):
|
|
|
|
|
|
|
||
|
Oil (barrels)
|
62,901
|
|
64,914
|
|
-
|
3%
|
|
|
Gas (mcf)
|
25,998
|
|
69,130
|
|
-
|
62%
|
|
|
BOE (6:1)
|
67,234
|
|
76,435
|
|
-
|
12%
|
|
|
|
|
|
|
|
|
|
|
Unit sales price (including derivative settlements):
|
|
|
|
|
|
|
||
|
Oil (per barrel)
|
102.86
|
|
79.18
|
|
+
|
30%
|
|
|
Gas (per mcf)
|
7.65
|
|
7.24
|
|
+
|
6%
|
|
|
BOE (6:1)
|
99.18
|
|
73.79
|
|
+
|
34%
|
|
|
|
|
|
|
|
|
|
|
Unit sales price (excluding derivative settlements):
|
|
|
|
|
|
|
||
|
Oil (per barrel)
|
103.08
|
|
81.26
|
|
+
|
27%
|
|
|
Gas (per mcf)
|
4.12
|
|
4.45
|
|
-
|
7%
|
|
|
BOE (6:1)
|
98.03
|
|
73.04
|
|
+
|
34%
|
|
|
Three Months Ended
|
|
|
|
|||
|
|
December 31,
|
|
|
Percentage
|
|||
|
|
2011
|
|
2010
|
|
|
Change
|
|
Derivative contracts
|
|
|
|
|
|
|
||
Cash receipt on settlements
|
7,161
|
|
15,352
|
|
-
|
53%
|
||
Non-cash fair value derivative adjustments
|
(166,972)
|
|
(129,564)
|
|
+
|
29%
|
||
|
Total expense from derivative contracts
|
(159,811)
|
|
(114,212)
|
|
+
|
40%
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial measure(1)
|
|
|
|
|
|
|
||
Net income attributable to Denbury stockholders (GAAP measure)
|
52,607
|
|
10,364
|
|
+
|
>100%
|
||
Non-cash fair value adjustments on derivative contracts (net of taxes)
|
103,523
|
|
80,330
|
|
+
|
29%
|
||
Impairment of assets (net of taxes)
|
14,230
|
|
-
|
|
|
N/A
|
||
CO2 exploration costs
|
4,658
|
|
-
|
|
|
N/A
|
||
Transaction and other costs related to the Encore merger (net of taxes)
|
-
|
|
8,071
|
|
-
|
100%
|
||
Early cash settlement of natural gas derivatives (net of taxes)
|
-
|
|
(6,225)
|
|
-
|
100%
|
||
Increase in deferred tax expense due to rate increase
|
-
|
|
4,519
|
|
-
|
100%
|
||
Adjustments attributable to noncontrolling interest
|
-
|
|
(10,125)
|
|
-
|
100%
|
||
|
Adjusted net income excluding certain items (non-GAAP measure)
|
175,018
|
|
86,934
|
|
+
|
>100%
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial measure(1)
|
|
|
|
|
|
|
||
Consolidated net income (GAAP Measure)
|
52,607
|
|
3,760
|
|
+
|
>100%
|
||
Adjustments to reconcile to cash flow from operations:
|
|
|
|
|
|
|
||
|
Depletion, depreciation, and amortization
|
110,129
|
|
111,624
|
|
-
|
1%
|
|
|
Deferred income taxes
|
24,862
|
|
(6,940)
|
|
+
|
>100%
|
|
|
Non-cash fair value derivative adjustments
|
166,972
|
|
129,564
|
|
+
|
29%
|
|
|
Impairment of assets
|
22,951
|
|
-
|
|
|
N/A
|
|
|
Other
|
9,410
|
|
9,518
|
|
-
|
1%
|
|
Adjusted cash flow from operations (non-GAAP measure)
|
386,931
|
|
247,526
|
|
+
|
56%
|
||
|
Net change in assets and liabilities relating to operations
|
(21,209)
|
|
15,510
|
|
-
|
>100%
|
|
Cash flow from operations (GAAP measure)
|
365,722
|
|
263,036
|
|
+
|
39%
|
||
|
|
|
|
|
|
|
|
|
Oil & natural gas capital investments (excluding Encore Merger)
|
342,611
|
|
172,794
|
|
+
|
98%
|
||
CO2 capital investments
|
25,200
|
|
26,228
|
|
-
|
4%
|
||
Pipelines and plants capital investments
|
93,727
|
|
38,379
|
|
+
|
>100%
|
||
Cash paid in Riley Ridge acquisition
|
30
|
|
132,257
|
|
-
|
100%
|
||
Proceeds from sales of properties
|
21,772
|
|
548,043
|
|
-
|
96%
|
||
|
|
|
|
|
|
|
|
|
BOE data (6:1)
|
|
|
|
|
|
|
||
|
Oil and natural gas revenues
|
98.03
|
|
73.04
|
|
+
|
34%
|
|
|
Gain on settlements of derivative contracts
|
1.15
|
|
2.18
|
|
-
|
47%
|
|
|
Lease operating expenses
|
(20.08)
|
|
(18.14)
|
|
+
|
11%
|
|
|
Marketing expenses
|
(1.30)
|
|
(1.12)
|
|
+
|
16%
|
|
|
|
Production netback
|
77.80
|
|
55.96
|
|
+
|
39%
|
|
CO2 discovery and operating expenses, net
|
(0.56)
|
|
0.40
|
|
-
|
>100%
|
|
|
Taxes other than income
|
(6.34)
|
|
(4.69)
|
|
+
|
35%
|
|
|
General and administrative expenses
|
(4.51)
|
|
(5.36)
|
|
-
|
16%
|
|
|
Transaction and other costs related to the Encore merger
|
-
|
|
(1.85)
|
|
-
|
100%
|
|
|
Net cash interest expense and other income
|
(4.37)
|
|
(6.79)
|
|
-
|
36%
|
|
|
Current income taxes and other
|
0.54
|
|
(2.47)
|
|
+
|
>100%
|
|
|
Changes in assets and liabilities relating to operations
|
(3.43)
|
|
2.21
|
|
-
|
>100%
|
|
|
|
Cash flow from operations
|
59.13
|
|
37.41
|
|
+
|
58%
|
|
|
|
|
|
|
|
|
|
(1) See "Non-GAAP Measures" at the end of this report.
|
|
|
|
|
|
|
TWELVE MONTH FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
||
(Amounts in thousands of U.S. dollars, except per share and unit data)
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
Twelve Months Ended
|
|
|
|
||
|
|
|
December 31,
|
|
|
Percentage
|
||
|
|
|
2011
|
|
2010
|
|
|
Change
|
Revenues and other income
|
|
|
|
|
|
|
||
|
Oil sales
|
2,217,529
|
|
1,661,380
|
|
+
|
33%
|
|
|
Natural gas sales
|
51,622
|
|
131,912
|
|
-
|
61%
|
|
|
CO2 sales and transportation fees
|
22,711
|
|
19,204
|
|
+
|
18%
|
|
|
Gain on sale of interests in Genesis
|
-
|
|
101,537
|
|
-
|
100%
|
|
|
Interest income and other income
|
17,462
|
|
7,758
|
|
+
|
>100%
|
|
|
|
Total revenues and other income
|
2,309,324
|
|
1,921,791
|
|
+
|
20%
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
||
|
Lease operating expenses
|
507,397
|
|
470,364
|
|
+
|
8%
|
|
|
Marketing expenses
|
26,047
|
|
31,036
|
|
-
|
16%
|
|
|
CO2 discovery and operating expenses
|
14,258
|
|
7,801
|
|
+
|
83%
|
|
|
Taxes other than income
|
147,534
|
|
120,541
|
|
+
|
22%
|
|
|
General and administrative
|
125,525
|
|
134,121
|
|
-
|
6%
|
|
|
Interest expense, net
|
164,360
|
|
176,113
|
|
-
|
7%
|
|
|
Depletion, depreciation, and amortization
|
409,196
|
|
434,307
|
|
-
|
6%
|
|
|
Derivatives income
|
(52,497)
|
|
(23,833)
|
|
+
|
>100%
|
|
|
Loss on early extinguishment of debt
|
16,131
|
|
-
|
|
|
N/A
|
|
|
Transaction and other costs related to the Encore merger
|
4,377
|
|
92,271
|
|
-
|
95%
|
|
|
Impairment of assets
|
22,951
|
|
-
|
|
|
N/A
|
|
|
|
Total expenses
|
1,385,279
|
|
1,442,721
|
|
-
|
4%
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
924,045
|
|
479,070
|
|
+
|
93%
|
||
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
|
|
|
|
||
|
Current income taxes
|
8,249
|
|
33,194
|
|
-
|
75%
|
|
|
Deferred income taxes
|
342,463
|
|
160,349
|
|
+
|
>100%
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income
|
573,333
|
|
285,527
|
|
+
|
>100%
|
||
|
Less: net income attributable to noncontrolling interest
|
-
|
|
(13,804)
|
|
-
|
100%
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO DENBURY STOCKHOLDERS
|
573,333
|
|
271,723
|
|
+
|
>100%
|
||
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
||
|
Basic
|
1.45
|
|
0.73
|
|
+
|
99%
|
|
|
Diluted
|
1.43
|
|
0.72
|
|
+
|
99%
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares:
|
|
|
|
|
|
|
||
|
Basic
|
396,023
|
|
370,876
|
|
+
|
7%
|
|
|
Diluted
|
400,958
|
|
376,255
|
|
+
|
7%
|
|
|
|
|
|
|
|
|
|
|
Production (daily - net of royalties):
|
|
|
|
|
|
|
||
|
Oil (barrels)
|
60,736
|
|
59,918
|
|
+
|
1%
|
|
|
Gas (mcf)
|
29,542
|
|
78,057
|
|
-
|
62%
|
|
|
BOE (6:1)
|
65,660
|
|
72,927
|
|
-
|
10%
|
|
|
|
|
|
|
|
|
|
|
Unit sales price (including derivative settlements):
|
|
|
|
|
|
|
||
|
Oil (per barrel)
|
98.90
|
|
71.69
|
|
+
|
38%
|
|
|
Gas (per mcf)
|
7.34
|
|
6.45
|
|
+
|
14%
|
|
|
BOE (6:1)
|
94.78
|
|
65.81
|
|
+
|
44%
|
|
|
|
|
|
|
|
|
|
|
Unit sales price (excluding derivative settlements):
|
|
|
|
|
|
|
||
|
Oil (per barrel)
|
100.03
|
|
75.97
|
|
+
|
32%
|
|
|
Gas (per mcf)
|
4.79
|
|
4.63
|
|
+
|
3%
|
|
|
BOE (6:1)
|
94.68
|
|
67.37
|
|
+
|
41%
|
|
|
Twelve Months Ended
|
|
|
|
|||
|
|
December 31,
|
|
|
Percentage
|
|||
|
|
2011
|
|
2010
|
|
|
Change
|
|
Derivative contracts
|
|
|
|
|
|
|
||
Cash receipt (payment) on settlements
|
2,377
|
|
(31,612)
|
|
+
|
>100%
|
||
Non-cash fair value derivative adjustments
|
50,120
|
|
55,445
|
|
-
|
10%
|
||
|
Total income from derivative contracts
|
52,497
|
|
23,833
|
|
+
|
>100%
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial measure(1)
|
|
|
|
|
|
|
||
Net income attributable to Denbury stockholders (GAAP measure)
|
573,333
|
|
271,723
|
|
+
|
>100%
|
||
Non-cash fair value adjustments on derivative contracts (net of taxes)
|
(31,074)
|
|
(34,376)
|
|
-
|
10%
|
||
Transaction and other costs related to the Encore merger (net of taxes)
|
2,714
|
|
60,060
|
|
-
|
95%
|
||
Loss on early extinguishment of debt (net of taxes)
|
10,001
|
|
-
|
|
|
N/A
|
||
Impairment of assets
|
14,230
|
|
-
|
|
|
N/A
|
||
CO2 exploration costs
|
4,658
|
|
-
|
|
|
N/A
|
||
Early cash settlement of natural gas derivatives (net of taxes)
|
-
|
|
(6,225)
|
|
-
|
100%
|
||
Gain on sale of interests in Genesis (net of taxes)
|
-
|
|
(62,953)
|
|
-
|
100%
|
||
Increase in deferred tax expense due to rate increase
|
-
|
|
11,591
|
|
-
|
100%
|
||
Cumulative effect of CO2 accounting policy revision (net of taxes)
|
-
|
|
(5,964)
|
|
-
|
100%
|
||
Interest on newly issued debt one month prior to merger (net of taxes)
|
-
|
|
4,263
|
|
-
|
100%
|
||
Adjustments attributable to noncontrolling interest
|
-
|
|
(8,283)
|
|
-
|
100%
|
||
|
Adjusted net income excluding certain items (non-GAAP measure)
|
573,862
|
|
229,836
|
|
+
|
>100%
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial measure(1)
|
|
|
|
|
|
|
||
Consolidated net income (GAAP measure)
|
573,333
|
|
285,527
|
|
+
|
>100%
|
||
Adjustments to reconcile to cash flow from operations:
|
|
|
|
|
|
|
||
|
Depletion, depreciation, and amortization
|
409,196
|
|
434,307
|
|
-
|
6%
|
|
|
Deferred income taxes
|
342,463
|
|
160,349
|
|
+
|
>100%
|
|
|
Non-cash fair value derivative adjustments
|
(50,120)
|
|
(55,445)
|
|
-
|
10%
|
|
|
Loss on early extinguishment of debt
|
16,131
|
|
-
|
|
|
N/A
|
|
|
Impairment of assets
|
22,951
|
|
-
|
|
|
N/A
|
|
|
Other
|
45,954
|
|
(50,439)
|
|
+
|
>100%
|
|
Adjusted cash flow from operations (non-GAAP measure)
|
1,359,908
|
|
774,299
|
|
+
|
76%
|
||
|
Net change in assets and liabilities relating to operations
|
(155,094)
|
|
81,512
|
|
-
|
>100%
|
|
Cash flow from operations (GAAP measure)
|
1,204,814
|
|
855,811
|
|
+
|
41%
|
||
|
|
|
|
|
|
|
|
|
Oil & natural gas capital investments (excluding Encore merger)
|
1,118,158
|
|
697,246
|
|
+
|
60%
|
||
CO2 capital investments
|
84,789
|
|
93,556
|
|
-
|
9%
|
||
Pipelines and plants capital investments
|
236,133
|
|
207,536
|
|
+
|
14%
|
||
Cash paid in Encore merger, net of cash acquired
|
-
|
|
814,984
|
|
-
|
100%
|
||
Cash paid in Riley Ridge acquisition
|
199,263
|
|
132,257
|
|
+
|
51%
|
||
Proceeds from sales of properties
|
69,370
|
|
1,458,029
|
|
-
|
95%
|
||
Proceeds from sale of interest in Genesis
|
-
|
|
162,619
|
|
-
|
100%
|
||
Cash and cash equivalents
|
18,693
|
|
381,869
|
|
-
|
95%
|
||
Total long-term debt (principal amount excluding capital leases and pipeline financings)
|
2,436,350 |
|
2,176,350
|
|
+
|
12%
|
||
Financing leases
|
243,274
|
|
248,519
|
|
-
|
2%
|
||
Total stockholders' equity
|
4,806,498
|
|
4,380,707
|
|
+
|
10%
|
||
|
|
|
|
|
|
|
|
|
BOE data (6:1)
|
|
|
|
|
|
|
||
|
Oil and natural gas revenues
|
94.68
|
|
67.37
|
|
+
|
41%
|
|
|
Gain (loss) on settlements of derivative contracts
|
0.10
|
|
(1.19)
|
|
+
|
>100%
|
|
|
Lease operating expenses
|
(21.17)
|
|
(17.67)
|
|
+
|
20%
|
|
|
Marketing expenses
|
(1.09)
|
|
(1.17)
|
|
-
|
7%
|
|
|
|
Production netback
|
72.52
|
|
47.34
|
|
+
|
53%
|
|
CO2 discovery and operating expenses, net
|
0.36
|
|
0.43
|
|
-
|
16%
|
|
|
Taxes other than income
|
(6.16)
|
|
(4.53)
|
|
+
|
36%
|
|
|
General and administrative expenses
|
(5.24)
|
|
(5.04)
|
|
+
|
4%
|
|
|
Transaction and other costs related to the Encore merger
|
(0.18)
|
|
(3.47)
|
|
-
|
95%
|
|
|
Net cash interest expense and other income
|
(5.42)
|
|
(5.67)
|
|
-
|
4%
|
|
|
Current income taxes and other
|
0.86
|
|
0.03
|
|
+
|
>100%
|
|
|
Changes in assets and liabilities relating to operations
|
(6.47)
|
|
3.06
|
|
-
|
>100%
|
|
|
|
Cash flow from operations
|
50.27
|
|
32.15
|
|
+
|
56%
|
|
|
|
|
|
|
|
|
|
(1) See "Non-GAAP Measures" at the end of this report.
|
|
|
|
|
|
|
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