OMV AG Reached A Binding Basic Agreement With Gazprom PAO On The Potential Asset Swap Corporate Call
Dec 14, 2016 AM CET
OMV.VA - OMV AG
OMV AG Reached A Binding Basic Agreement With Gazprom PAO On The Potential Asset Swap Corporate Call
Dec 14, 2016 / 01:30PM GMT
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Corporate Participants
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* Magdalena Moll
OMV AG - Head of IR
* Rainer Seele
OMV AG - CEO
* Johann Pleininger
OMV AG - Executive Board Member, Upstream
* Reinhard Florey
OMV AG - CFO
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Conference Call Participants
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* Mehdi Ennebati
Societe Generale - Analyst
* Haythem Rashed
Morgan Stanley - Analyst
* Josh Stone
Barclays - Analyst
* Marc Kofler
Jefferies - Analyst
* Bertrand Hodee
Kepler Cheuvreux - Analyst
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Presentation
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Operator [1]
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Welcome to the OMV Group's conference call. (Operator Instructions). I would now like to hand the conference over to Miss Magdalena Moll. Please go ahead, Miss Moll.
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Magdalena Moll, OMV AG - Head of IR [2]
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Thank you, Andrea. Ladies and gentlemen, thank you for joining us on such short notice to this conference call. Today, we have a special occasion; we welcome you to OMV's conference call on the asset swap with Gazprom.
We are pleased to inform you that OMV and Gazprom have signed today a binding Basic Agreement for the asset swap. This is really a major milestone for OMV in reaching one of its most important strategic targets, namely to exceed the 100% reserve replacement rate.
With me on the call today, to give you more details on the transaction, are Rainer Seele, our Chairman of the Executive Board and Chief Executive Officer; Reinhard Florey, our Chief Financial Officer; and Johann Pleininger, the Executive Board Member responsible for upstream. Following their short presentation, all three Executive Board members are happy to take your questions.
Please also note that we have published the charts and the speech on our website at www.omv.com. So with this, I would like to hand the presentation over to Rainer.
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Rainer Seele, OMV AG - CEO [3]
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Good afternoon, ladies and gentlemen. A warm welcome to today's conference call on the asset swap with Gazprom and thank you for joining us.
I'm delighted to announce that OMV and Gazprom today signed the binding basic agreement to swap the assets of equivalent value. As we announced in February 2016, OMV considers Russia to be one of its most important growth regions in upstream. The establishment of a strong partnership of Gazprom along the value chain offers a unique chance for OMV to create value by entering low cost production and adding substantial reserves.
In the anticipated swap, OMV will received a 24.98% stake in the blocks IV/V of the Achimov reservoir in the Urengoy natural gas and condensate field, which is located in Western Siberia. The project will substantially increase OMV's production by the beginning of the next decade, and will provide a long-term stable production base for the next 20 years. Start of production is planned for 2019. In addition, OMV will add around 560 million barrels of oil equivalent in cumulative production. This is about five times our annual production, of current annual production.
In return, Gazprom will receive a 38.5% participation in OMV's wholly owned subsidiary, OMV (NORGE). OMV has grown its presence on the Norwegian Continental Shelf quite substantially in the recent years. The current portfolio consists of a total of 32 licenses, out of which five are operated by us.
The economic effective date of the transaction will be January 1, 2017. Signing of final transaction documents, which include detailed corporate governance and other customary legal contract terms, is expected by mid-2017. Closing is envisaged by yearend 2018 at the latest, and is conditional upon governmental and corporate approvals.
We firmly believe that this is an important strategic step to reshape OMV's upstream portfolio. The transaction will balance our upstream portfolio, improve our competitiveness, and provide a strong growth platform.
Now, my Board colleague, [Hans], will give you more insights on the assets in Russia and Norway.
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Johann Pleininger, OMV AG - Executive Board Member, Upstream [4]
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Thank you, Rainer, and welcome also from my side. Let me start with Achimov IV/V. The Achimov IV/V project encompasses the development and operation of blocks IV and V of the Achimov reservoir in the Urengoy field in Western Siberia. The Urengoy field is Russia's largest gas field and extends over 12,000 square kilometers. This field was discovered in 1966 and has been producing gas for over 35 years from shallow reservoirs. The Achimov reservoir is a deep and condensate-rich reservoir. Currently blocks I and II are producing.
OMV will receive a 24.98% stake in the Achimov IV/V joint venture with Gazprom and Wintershall.
The Achimov IV/V project has already been sanctioned in March 2016, and is currently in the development phase. The project will add approximately 560 million barrels of oil equivalent in cumulative production, representing OMV's share of production until the end of the contract in 2039.
The split is about 70% gas and 30% condensate. According to the current assumptions, we expect the reserves to be booked mostly over the first five years of the project. This will increase the reserve replacement ratio to more than 100% for OMV for a period of five years. It is anticipated that 14 to 20 wells will be drilled annually in the timeframe 2018 to 2024. We expect the production startup in 2019.
Plateau production of more than 80,000 barrels of oil equivalent per day will be reached in 2025. We assume that the plateau production level will last for at least 12 years, with only a slight decline thereafter, providing a long-term stable production base for OMV. At the end of the contract period in 2039, the production level still will amount to 70,000 barrels of oil equivalent per day. This should lead to a strong and stable free cash flow contribution.
OMV's share of total investments is expected to amount to approximately EUR0.9 billion from 2017 to 2039. In the first two years, around 40% of CapEx will be spent.
Now, let's turn to our Norwegian upstream subsidiary. OMV (NORGE), headquartered in Stavanger, is a wholly owned subsidiary of OMV. OMV has identified the North Sea as a core region. Norway has become the second highest production country after Romania. Total 2P reserves of OMV (NORGE) amount to 200 million barrels of oil equivalent; thereof liquids and natural gas having a share of 50% each.
The first nine months 2016 average production of 67,000 barrels of oil equivalent per day came from OMV's interests in Gullfaks, Gudrun and Edvard Grieg. Additional production is expected from the field development of Aasta Hansteen in 2018 and the redevelopment of Gullfaks. The Wisting project, which is currently in the appraisal phase, provides further upside potential.
In summary, OMV's Norwegian subsidiary holds a favorable position in a politically very stable region for oil and gas production. And now I would like to turn the presentation back to Rainer.
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Rainer Seele, OMV AG - CEO [5]
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Thanks, Hans. Ladies and gentlemen, let me now talk about the strategic rationale of this transaction. The following aspects have been considered for a strategic decision to pursue the asset swap.
First, the ability to continuously replenish reserves is crucial for OMV to renew its production base. Russia offers significant opportunities for reserve replenishment. With remaining reserves of around 420 billion barrels of oil equivalent, Russia offers potential to become a major source of reserve replenishment in OMV's portfolio.
The realization of the Achimov deal is expected to make a significant contribution to OMV's current 1P reserves level. Thus, the transaction enables OMV to exceed its strategic target of a 100% reserve replenishment for a period of five years [we can manage].
Second, production from Achimov IV and V is estimated to amount to approximately 25,000 barrels of oil equivalent per day in 2020 and reach plateau of more than 80,000 barrels of oil equivalent per day in 2025. The project will, therefore, substantially increase OMV's production.
Third, the access to production in Russia will improve OMV's cost position. In Russia, costs along the entire upstream value chain, from finding to development and production costs, are among the lowest in the world. The high volume/low cost operations in Achimov IV/V will have a substantial impact on OMV's upstream unit costs by 2025. Unit production costs in Achimov IV/V are expected to be below $2 per boe, on an average, for the contracted period.
With this major new hydrocarbon reserve coming into our portfolio, OMV will not need to spend as heavily on exploration and appraisal in an effort to achieve a 100% reserve replacement ratio. Consequently, OMV reduces its exploration and appraisal expenditure from EUR700 million in the past years to EUR300 million annually over the medium term.
Finally, the asset swap strengthens the partnership between OMV and Gazprom. OMV has had a long and successful cooperation with Gazprom for almost half a century. As a result of the asset swap, OMV will benefit from Gazprom's strong position in Russia and its technological knowhow. Gazprom, in turn, will be able to diversify its asset base outside Russia. Additionally, OMV will identify and jointly develop further projects and opportunities with Gazprom that will strengthen OMV in the long term.
Let me now turn to the financial impact on OMV. Following this transaction, OMV will continue to fully consolidate the OMV (NORGE) subsidiary and its reserves. OMV (NORGE)'s financial performance has been driven by development activities turning fields into production since 2014.
While revenues and operating cash flow increased since 2014, constant investments in further exploration and development activities burdens free cash flows. For 2016, free cash flow is forecasted to turn positive, ramping up in the following years, reflecting successful project developments coming into production.
OMV (NORGE) will distribute to Gazprom its respective share of dividends. In turn, OMV will be entitled to dividend income from the Achimov IV/V joint venture. The dividend is expected to be distributed from 2020 onwards.
OMV's share of net income will be shown in the income statement in clean CCS operating result as net income from equity-accounted investments. Thank you, ladies and gentleman, and now I am more than happy to take your questions.
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Questions and Answers
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Magdalena Moll, OMV AG - Head of IR [1]
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Now, ladies and gentlemen, I would like to open the call for questions. I would like to ask you to please limit your questions to one at a time so that we can take as many questions as possible. Of course, you're always welcome to rejoin the queue for a follow-up question. Our first question comes from Mehdi Ennebati, Societe Generale.
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Mehdi Ennebati, Societe Generale - Analyst [2]
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I will ask very quick, small questions; there will be three. Just, Rainer, can you please confirm that you will keep your EUR300 million exploration expenditures until 2020? I'm not sure I heard the 2020 figure.
Second, do you see a risk, even if it's a low risk, that the deal won't be approved by the Norwegian authorities, or did you deal with them before finalizing the deal with Gazprom?
And regarding your CapEx guidance for 2017, 2018; if the deal is not fully concluded before yearend 2018, will you have to revise down your CapEx guidance for 2017, 2018, removing the CapEx which were allocated to Achimov project?
And maybe just a small one. Can you--?
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Magdalena Moll, OMV AG - Head of IR [3]
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No, no, my dear Mehdi. We have agreed on one question so three questions, this is fine, so.
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Rainer Seele, OMV AG - CEO [4]
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Mehdi, you will get quick and straightforward answers. I can confirm EUR300 million E&A budgeting until 2020, yes.
Your second question, risk and Norway; we are going to have a joint approach to the Norwegian ministries, as we have to approach the Russian ministry in the next months to come, asking for and starting the approval process.
We needed to have first the Basic Agreement in line that we do understand what kind of assets swap structure are we going to have and are we going to discuss with the authorities. What is even more important, Mehdi, is that we have to agree on the corporate governance, which is very important in the approval process, and we have scheduled that we have an agreement on all these corporate governance issues, etc., etc., until summer next year. So I don't expect that we will have a clear picture in Q1 next year, but we will start this process in January, February next year.
CapEx guidance, well, I confirm the EUR2.2 billion CapEx budget as an orientation for 2017. Let's wait and see. We have in our budget that we will go for the project. Let's wait and see when we do have to send or transfer the money, whether it's going to be 2017 or 2018, after closing, of course, depending when are we going to close the deal and definitely this will be in 2018.
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Magdalena Moll, OMV AG - Head of IR [5]
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Good. Thank you very much. Now we move on to Haythem Rashed, Morgan Stanley. And please have the discipline because there are so many questions coming that, yes, limit it to two questions per person, if you can.
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Haythem Rashed, Morgan Stanley - Analyst [6]
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Thank you, Maggie, and I will keep it to one main question and one very short clarification. The clarification is just around the EUR0.9 billion of your share of CapEx; I just wanted to understand, is that actually a share of full field development spend for the field as a whole or the development as a whole? Or is there some other element of spend in terms of either project finance or some other way in which you're kind of funding the development of the field? It just seemed that that number is quite low relative to the amount of production you expect over the time period, so just if you could clarify that.
And the second question I had, the main question actually, was just coming back to this idea of the timing. Now, from your previous experience, Rainer, in Wintershall with the closing of the transaction when you entered into the same development previously, it took quite a while. And I just wanted to understand what are the major hurdles or challenges to closing this transaction, because it sounds like you've put a time limit of end 2018 but it could be something that could come a lot sooner?
So just if you could give us a sense of what could make this perhaps potentially close a lot quicker than that or what could delay it, that would be very helpful. Thank you.
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Johann Pleininger, OMV AG - Executive Board Member, Upstream [7]
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Haythem, Hans speaking. I would like to answer the first question regarding the CapEx. The EUR0.9 billion are the total CapEx until end of the contract; we will spend around 40% in the first two years, which is around EUR200 million to EUR250 million in the first two years.
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Magdalena Moll, OMV AG - Head of IR [8]
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But, Haythem, and this is important, we will not spend it or really pay it out in cash in the first two years, but it will only be paid after closing and this is 2018.
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Haythem Rashed, Morgan Stanley - Analyst [9]
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Can I just clarify that that means that the full development of Achimov IV/V, you're saying, is EUR3.6 billion to develop that particular formation? Is that what you're saying? There is no other additional CapEx that is going to be spent or going to be funded in some other way? I just wanted to understand that, that's all.
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Johann Pleininger, OMV AG - Executive Board Member, Upstream [10]
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That's true. And why is it so low, if I can say? It's because the infrastructure is already built with Achimov I and II because this is already producing. So we are using the same infrastructure and pipeline system. So we just need to drill the wells and need to build the gas treatment facilities for Achimov IV and V; everything else is already existing.
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Haythem Rashed, Morgan Stanley - Analyst [11]
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Okay. Very clear. Thanks.
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Rainer Seele, OMV AG - CEO [12]
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All right, the second question, Haythem, on my experience with Wintershall, closing the deal, well, the major challenge is just to get the necessary approvals from the authorities in time. And my experience in Wintershall was not so much challenging issues in Western Europe, it was more getting all the approvals from the state authorities in Siberia.
I hope that we might get an accelerated approval for Achimov IV/V as one Western company is already in the project, so that we don't have to invent the wheel and we might can fly in the back wind of the already closed deal and approval process of Wintershall. So that's the major challenge.
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Haythem Rashed, Morgan Stanley - Analyst [13]
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Okay, thank you. That's very helpful.
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Magdalena Moll, OMV AG - Head of IR [14]
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Josh Stone, Barclays.
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Josh Stone, Barclays - Analyst [15]
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Just one question, please. Given that it could be quite a long time between the deal being signed and closed, are there any provisions for movement in oil or gas price over that period in terms of how the deal is structured? Thank you.
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Unidentified Company Representative [16]
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In terms of the structuring, as we are not talking about a signed transaction, but an announcement of, basically, agreement, there have, of course, not been any kind of provisions of that kind for that time being. So this is a matter of what we expect until end of the first half 2017 to finalize the signing for this transaction.
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Josh Stone, Barclays - Analyst [17]
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Okay. Thank you.
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Magdalena Moll, OMV AG - Head of IR [18]
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Marc Kofler, Jefferies.
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Marc Kofler, Jefferies - Analyst [19]
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Two questions from me, please. Rainer, in your comments you alluded to the integrated approach across the value chain with Gazprom; could you expand on that please, particularly thinking about some of the other possibilities you see out in the future? And then also, I think in the past you talked about Nord Stream 2 as well, so just really piecing that all together, please.
And then secondly, I think today you're talking about first gas from 2019; earlier on this year, I think it was 2018. Is there any obvious reasons for that slippage in the project? I'm just trying to get a feel for some of the execution risk around the development. Thank you.
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Rainer Seele, OMV AG - CEO [20]
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All right, well, I'll take the first question. Hans will answer on the first gas topic. What we do have in mind, working along the value chain, is first of all, as we have started working the market, we would like to increase our trading activities, together with Gazprom, so that we are going to contract additional gas volumes. You might have seen the comments from Gazprom that we have increased the gas imports from Russia towards Austria, so we would like to increase the trading activities, which means that we are ready to import more gas, which also makes sense in the context that we are going to expand also our cooperation with Gazprom towards midstream.
Yes, you're right, we do have an interest, an ongoing interest, we haven't cooled down, to cooperate with Gazprom also in the Nord Stream 2 project. Because, as this project has a strategic importance for us as OMV because the final destination of the vast majority of the gas running through Nord Stream 2 is going to be the Baumgarten hub, which will be improved and is important as the Southern European trading hub and it's just within our system.
So it makes much sense that we also continue to work in midstream, and this is going to be also the first investment project we will have as a joint project with Gazprom. So far, we never had a joint investment project as OMV together with Gazprom. And of course, it's a good start with Achimov IV/V. Of course, other opportunities are waiting in Russia but, honestly speaking, we have to concentrate 120% finalizing the deal and closing the deal, so that this is our priority.
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Johann Pleininger, OMV AG - Executive Board Member, Upstream [21]
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Coming to first gas; first gas, you are right, originally was estimated at the end of 2018. It's now slightly delayed for beginning of the second half in 2019 but there's nothing to worry about. It's just that the drilling will start a little bit later but, as I said, it's just half a year delay, roughly.
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Marc Kofler, Jefferies - Analyst [22]
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Okay. Thank you.
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Magdalena Moll, OMV AG - Head of IR [23]
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Very good. Now we are coming already to the sequence of follow-up questions and here, I'm happy to announce that Mehdi is first in line.
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Mehdi Ennebati, Societe Generale - Analyst [24]
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Just a very quick additional question; regarding the resources, the 2.6 billion boe for the full project, I wanted to know if you are using the same recovery factor than Achimov I/II? And if there is some upside here, meaning that we say big fields get bigger, so is there any possibility that this recovery factor will go up in the years to come?
The second question, just a follow-up one; can you please, Reinhard, just remind me, in 2017 and 2018 what is the CapEx that you are using for Achimov IV/V in your Group CapEx guidance?
And there was some discussion about a tax increase for gas producers in Russia, particularly Gazprom. I wanted to know if you can just make us a very quick update on that, and if Achimov IV/V project is impacted by that potential tax increase? Thank you.
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Johann Pleininger, OMV AG - Executive Board Member, Upstream [25]
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I will take the first question. The recovery factor is similar to Achimov I and II. And indeed, as you said, usually big fields are getting bigger but, let's say, right now we are just at the beginning. We have done the due diligence, [taken the] due diligence but remains to be seen. But I support what you have been saying, that big fields becoming usually bigger but, right now, we can't confirm it.
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Mehdi Ennebati, Societe Generale - Analyst [26]
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So what recovery factor are you currently using?
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Johann Pleininger, OMV AG - Executive Board Member, Upstream [27]
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The recovery factor is -- I can't tell you the exact one because we don't disclose those figures. First of all, I can't disclose a figure from Achimov I and II, and from IV and V, we will see once we have been starting up production.
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Mehdi Ennebati, Societe Generale - Analyst [28]
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Okay. Thank you.
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Reinhard Florey, OMV AG - CFO [29]
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All right, Mehdi, our CapEx guidance. What we have said and now we are going both together in the math, yes, you have some information already, we have said, it's EUR0.9 billion from 2017 until 2039. And we have said, 40% of the EUR0.9 billion will be spent in the first two years. So how you split the number now into 2017 and 2018, I will leave to you. This is the part of the math you have to do yourself.
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Mehdi Ennebati, Societe Generale - Analyst [30]
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No, because there is another question. You said that the CapEx started by March 2016 and, given the deal is effective from January 1, I don't know if the 40% relates from January 1 or from March 2016?
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Reinhard Florey, OMV AG - CFO [31]
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That's the case. The effective date is January 1; I'm taking the bill from January 1, 2017. What is the past, I don't care. I hope they will spend a lot in 2016, but I have no influence, to my biggest regret.
So your last question, Mehdi, the tax increases; it's my understanding that this is in discussion in Russia, but there is no tax change being approved so far. By the way, we also have tax increases being discussed here in Austria, as well in other countries. So we have to wait and see whether or not this really will become true and then I will let you know whether or not it's going to be impact our project.
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Mehdi Ennebati, Societe Generale - Analyst [32]
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Thank you.
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Magdalena Moll, OMV AG - Head of IR [33]
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Bertrand Hodee, Kepler Cheuvreux.
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Bertrand Hodee, Kepler Cheuvreux - Analyst [34]
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One question on the structure of the OMV (NORGE). What kind of free cash flow do you expect, let's say, if we are at $60 at OMV (NORGE)? And what kind of dividend payment can Gazprom expect to receive from OMV (NORGE) in a $60 oil price environment, or whatever oil price environment you may choose to give a guidance on that?
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Rainer Seele, OMV AG - CEO [35]
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Bertrand, I'm very sorry that I cannot release specific numbers on your questions. What I have said in my remark is that in 2016, this year, we will have the first year where the free cash flow is forecast to be, to turn, I would say slightly positive as one word, to give you an idea, slightly positive. But then it's ramping up positive in the following years. That's all what we can say as we speak about OMV (NORGE).
And the dividend policy is part of our contractual agreements, which we haven't fixed so far, but it's depending on the performance of the Company, of course. And Gazprom, as the new partner in the Company, of course, will ask for a dividend which is reflecting the current business performance year by year.
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Bertrand Hodee, Kepler Cheuvreux - Analyst [36]
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And can I ask one follow-up? What kind of CapEx should we assume for OMV (NORGE) on a 100% basis, let's say in the next two to three years?
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Reinhard Florey, OMV AG - CFO [37]
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You know, everybody sitting around my table is now shaking his head. They're telling me, Reinhard, Reinhard, Reinhard, Reinhard, Reinhard, be careful, be careful, be careful, be careful, be careful. That's what's going on here in my room. Bertrand, very clever questions. But I will have a problem, because today we are in the mood to drink champagne and if I disappoint my team here because I release some information they don't want, we will get only mineral water. It's also sparkling but it's not tasting like champagne. So that's the reason why I would like to ask you to understand that we don't want to release the information CapEx on OMV (NORGE).
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Bertrand Hodee, Kepler Cheuvreux - Analyst [38]
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Okay, fair enough. Thank you very much.
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Magdalena Moll, OMV AG - Head of IR [39]
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Thank you very much. Good questions, but here we have to refer a little bit to your analytical skills, that you make a good assumption. Haythem Rashed.
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Haythem Rashed, Morgan Stanley - Analyst [40]
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I just wanted to follow up a little bit just on pricing, just to understand how we should think about the gas that comes out of this field, whether you will just get, effectively, a European gas price as this is exported to Europe? Or is there some kind of agreement where some of this will go to the domestic market at different prices? Just if you can give us a sense of how we should be thinking about pricing these molecules.
The second question, which was related to that is, clearly, once this is up and running and plateau, you are going to become a much gassier Company than you are today, given the size of this relative to your existing production. And I just wondered whether that's something that you thought about strategically as well for future, perhaps optionalities you're looking at. Are you thinking of becoming more gassy generally or actually, would you be then looking to add oil; you want to keep yourself fairly balanced. Just to get a sense of where you're thinking on that. Thanks.
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Rainer Seele, OMV AG - CEO [41]
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In terms of pricing, I have to say, we do have, as Hans said, a 70/30 split of gas to condensate. The condensate can go for international pricing. I would recommend use your blend as an orientation. Why? Because we are injecting the condensate as a blending component into the [Transneft] system to make this heavy crude from the UR regions a little bit more transportable.
As we speak about the natural gas pricing, what you have said is correct and it's both, but I don't tell you the share. We [do] both pricing structure. Part of the gas will be priced net back to the European gas prices and part of the gas will be on the domestic prices pricing. But if you look into statistics published by some consultants who makes analyses of European gas prices towards domestic Russian gas prices, you will find out that the Russian gas market will come closer to a net back pricing of European gas prices, because the gas prices in Europe went down substantially and, on the other hand, the ruble effect is reflected.
What we have, and that's very important, what we have agreed in principle is a wellhead type business as we speak about selling and marketing of our production in Siberia. So when the gas and the condensate sees the daylight, we are selling to Gazprom under take or pay conditions.
The portfolio effect, we do have right now a 50/50 split oil and gas. You are right, with a 70/30, we are swapping 50/50 in Norway, so we will become a bit more gassier. Our strategy is that we are targeting, more or less, the 50/50 structure, which is more or less a balanced portfolio. But we would not be against having a little bit more a gassier portfolio in OMV as we think that the dynamics in the market, especially the gas demand, has a better outlook, long term, compared to the oil demand.
If I look into IEA figures, I can see that oil demand long term will go down, whereas gas demand will go up. So that's the reason why we think we are well advised to become a bit more gassier. But this wouldn't mean that we will turn from 50/50 to 90/10. We are not so drastic in our thinking, but a little bit more gas is, from my point of view, not too bad.
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Haythem Rashed, Morgan Stanley - Analyst [42]
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Okay. Thank you.
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Rainer Seele, OMV AG - CEO [43]
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Hans says condensate is a liquid.
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Johann Pleininger, OMV AG - Executive Board Member, Upstream [44]
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Condensate is counted as liquid and, therefore, it's counted on the oil side. Therefore, this has not such a big impact as it seems to be, because 70% is gas and 30% is condensate.
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Haythem Rashed, Morgan Stanley - Analyst [45]
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Fair enough. That's very helpful. Thank you.
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Magdalena Moll, OMV AG - Head of IR [46]
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I think, after this wonderful statement, we have now come to the end of the conference call, ladies and gentlemen. I would like to thank you for joining us and would you invite you, if you have any further questions, please contact the Investor Relations team and we will be happy to help you. We all wish you still a very nice and say goodbye to all of you. Thank you.
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Rainer Seele, OMV AG - CEO [47]
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Bye.
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Johann Pleininger, OMV AG - Executive Board Member, Upstream [48]
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Bye.
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Operator [49]
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That concludes today's telephone conference call. A replay of the call will be available for one week. The number is printed on the teleconference invitation. Or alternatively, please contact OMV's Investor Relations Department directly to obtain the replay numbers. You may now replace your handsets.
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