CALGARY, Alberta, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) delivered
strong cash from operating activities and adjusted funds flow in the third quarter including three full months of solid
contribution from the oil sands and Deep Basin assets acquired on May 17, 2017. To further optimize its portfolio and deleverage
its balance sheet, the company has announced sale agreements for its Pelican Lake, Suffield and Palliser assets for combined gross
cash proceeds of approximately $2.8 billion. Cenovus continues to target $4 billion to $5 billion of cumulative announced sale
agreements in 2017. Through a continued focus on capital discipline and strong operational performance, Cenovus generated $544
million in free funds flow in the quarter.
Key highlights
- Increased third quarter cash from operating activities and adjusted funds flow by 91% and 133% respectively, compared with
the same period in 2016
- Recorded a net loss of $69 million, a 73% improvement over Q3 2016
- Retired $950 million of the company’s $3.6 billion asset-sale bridge facility
- Reduced planned 2017 capital spending guidance by $100 million to $1.6 billion at the midpoint with no expected impact to
production in core areas. The reduced capital forecast reflects further cost and capital improvements achieved this year.
Financial & production
summary |
(For the period ended September 30)
|
2017
Q3 |
2016
Q3 |
% change |
Financial1
($ millions, except per share amounts) |
|
|
|
Cash from operating activities |
592 |
310 |
91 |
Adjusted funds flow2 |
982 |
422 |
133 |
Per share diluted |
0.80 |
0.51 |
|
Free funds flow2 |
544 |
214 |
154 |
Operating earnings/loss2 |
340 |
-236 |
|
Per share diluted |
0.28 |
-0.28 |
|
Net loss3 |
-69 |
-251 |
|
Per share diluted |
-0.06 |
-0.30 |
|
Capital investment |
438 |
208 |
111 |
Production (before royalties) |
|
|
|
Oil sands (bbls/d) |
362,494 |
153,591 |
136 |
Deep Basin liquids4 (bbls/d) |
32,864 |
n/a |
n/a |
Conventional oil4,5 (bbls/d) |
53,697 |
54,481 |
-1 |
Total oil and liquids (bbls/d) |
449,055 |
208,072 |
116 |
Deep Basin natural gas (MMcf/d) |
495 |
n/a |
n/a |
Conventional natural gas5 (MMcf/d) |
356 |
392 |
-9 |
Total natural gas (MMcf/d) |
851 |
392 |
117 |
Total production (BOE/d) |
590,851 |
273,405 |
116 |
1 Financial information includes results from discontinued operations.
2 Adjusted funds flow, free funds flow and operating earnings/loss are non-GAAP measures. See Advisory.
3 Net loss includes a non-cash after-tax loss of approximately $440 million related to the disposition of Cenovus’s
Pelican Lake assets.
4 Includes natural gas liquids (NGLs).
5 Majority of assets have been sold, have sale agreements in place or are being marketed and are presented as
discontinued operations. Conventional natural gas includes 6 MMcf/d of Athabasca natural gas for Q3 2017.
Overview
In the third quarter of 2017, Cenovus continued to realize the benefits of its May 17, 2017 asset acquisition, which included
taking complete ownership of its best-in-class oil sands assets in northern Alberta and adding a new core production area in the
Deep Basin in Alberta and British Columbia. With a full quarter contribution from the acquired assets, the company increased cash
from operating activities and adjusted funds flow by 91% and 133% respectively, free funds flow by 154% and total production by
116% compared with the third quarter of 2016.
Planned asset divestitures
As part of its strategy, the company is focused on its two core production areas - the oil sands and the Deep Basin. To further
optimize its portfolio, Cenovus put its legacy conventional oil and natural gas assets up for sale in the first half of 2017. The
company has successfully closed the sale of its Pelican Lake assets and used the net proceeds from the transaction to repay the
first tranche and a portion of the second tranche of its $3.6 billion asset-sale bridge facility. Sale agreements have also been
announced for the Suffield and Palliser assets and, upon closing, Cenovus intends to apply the net proceeds from those transactions
to further reduce the bridge facility. The company is also in the final stages of an analysis of its Deep Basin assets with a
view to identifying non-core properties for potential sale.
“I’m very pleased with the progress we’ve made so far in streamlining our portfolio and reducing near-term leverage, which
remains our top priority,” said Brian Ferguson, Cenovus President & Chief Executive Officer. “I believe the sale agreements reached
to date and the significant interest in our Weyburn operation showcase the quality of these assets and they give me confidence
that we will deliver on our 2017 divestiture target.”
CEO succession plan
Mr. Ferguson is retiring as President & Chief Executive Officer and as a director of the company as of the end of today, November
2, 2017 and will continue in an advisory role reporting to the Board Chair until March 31, 2018 to facilitate the leadership
transition. As announced on October 30, 2017, Cenovus is pleased to introduce Alex Pourbaix as President & Chief Executive Officer
beginning on November 6, 2017.
Financial performance
During the third quarter, Cenovus generated adjusted funds flow of $982 million or $0.80 per share compared with $422 million or
$0.51 per share in the same period a year earlier. This was mostly due to higher liquids and natural gas sales volumes, higher
realized liquids pricing as well as higher average benchmark crack spreads compared with 2016. The increase in adjusted funds flow
was partially offset by realized foreign exchange losses on working capital, a rise in finance costs primarily associated with
additional debt incurred to finance the acquisition and higher general and administrative (G&A) costs.
Third quarter cash from operating activities was $592 million, compared with $310 million in the same period in 2016. The
company’s combined upstream portfolio generated operating margin net of capital investment of $626 million in the third quarter,
including a full three months of contribution from the acquired assets. Cenovus had third quarter free funds flow of $544 million
compared with $214 million in the same period of 2016. Year to date, Cenovus has generated over $1 billion of free funds flow, even
with the benchmark price of West Texas Intermediate (WTI) crude oil averaging less than US$50.00 per barrel.
Net loss was $69 million during the third quarter, compared with a loss of $251 million in the same period in 2016. The net loss
includes a non-cash after-tax loss of approximately $440 million related to the disposition of Cenovus’s Pelican Lake assets.
Operating earnings were $340 million in the third quarter, compared with a loss of $236 million in the same period in 2016.
Hedging
Concurrent with its asset sale processes and to further support the company’s financial resilience while the balance of the
asset-sale bridge loan remains outstanding, Cenovus has accelerated its hedging program and has hedged a greater percentage of
forecast liquids and natural gas volumes. As of October 25, 2017, the company had crude oil hedges in place on 249,000 barrels per
day (bbls/d) for the remainder of this year at an average floor price of approximately US$50.72/bbl. The company also had 325,000
bbls/d hedged for the first half of 2018 with an average floor price of approximately US$50.09/bbl and 150,000 bbls/d with an
average floor price of approximately US$49.16/bbl for the second half of 2018. As of October 25, 2017 Cenovus had natural gas
hedges in place at an average New York Mercantile Exchange (NYMEX) price of approximately US$3.07 per million British thermal units
per day (MMBtu/d) on 202,000 MMBtu/d for the remainder of 2017. Cenovus’s 2018 hedging activity is weighted towards the first half
of the year and focused on providing downside price protection. The company expects to get back to a more normalized level of
hedging subsequent to the completion of its asset sale program.
Current hedge positions for 2017 |
Hedges at
October 25, 2017 |
Volume |
Price |
Crude – Brent Fixed Price
October - December |
144,000 bbls/d |
US$51.23/bbl |
Crude – WTI Collars
October - December |
50,000 bbls/d |
US$44.84/bbl - US$56.47/bbl |
Crude – Brent Put Contracts
October - December |
55,000 bbls/d |
US$53.00/bbl |
Crude – Brent - WTI
Spread
October - December |
50,000 bbls/d |
US$(1.88)/bbl |
Natural Gas – NYMEX Fixed Price
October - December |
~202,000 MMBtu/d |
~US$3.07/MMBtu |
Current hedge positions for 2018 |
Hedges at
October 25, 2017 |
Volume |
Price |
Crude – Brent Collars
January - June |
80,000 bbls/d |
US$49.54/bbl - US$59.86/bbl |
Crude – Brent Fixed Price
January - June |
60,000 bbls/d |
US$53.34/bbl |
Crude – Brent Put Contracts
January - June |
25,000 bbls/d |
US$53.00/bbl |
Crude – WTI Collars
January - June |
10,000 bbls/d |
US$45.30/bbl - US$62.77/bbl |
Crude – WTI Fixed Price
January - June |
150,000 bbls/d |
US$48.91/bbl |
Crude – WCS Differential
January - June |
~25,200 bbls/d |
~US$(13.92)/bbl |
Crude – WTI Fixed Price
July - December |
75,000 bbls/d |
US$49.32/bbl |
Crude – Brent Collars
July - December |
75,000 bbls/d |
US$49.00/bbl - US$59.69/bbl |
Crude – WCS Differential
July - December |
~9,600 bbls/d |
~US$(14.48)/bbl |
Continued cost leadership & capital discipline
Since 2014, Cenovus has achieved significant cost reductions across its business, including reducing its per-barrel oil sands
non-fuel operating costs by more than 30% and its per-barrel oil sands sustaining capital costs by 50%. As part of its
continued focus on cost leadership, the company is committed to achieving an additional $1 billion of cumulative capital,
operating and G&A cost reductions over the next three years.
To reflect the expected ongoing cost savings and efficiency improvements in its base business as well as the company’s continued
focus on capital discipline, Cenovus has further updated its capital spending guidance for 2017. Compared with the company’s July
26, 2017 guidance, total planned capital expenditures this year have been reduced by another $100 million at the midpoint, with no
expected impact to forecast production volumes for Cenovus’s core areas in the oil sands and Deep Basin. The majority of the
reduced capital spending forecast relates to continued improvements in drilling performance, development planning and optimized
scheduling of well start-ups at Cenovus’s oil sands operations. Updated guidance is available at cenovus.com under Investors.
Cenovus plans to take a disciplined approach to capital investment for 2018, prioritizing near-term debt reduction and increased
free funds flow over production growth. The company intends to provide its 2018 budget overview later this year.
Operating highlights
Oil sands
Production at Cenovus’s Christina Lake and Foster Creek oil sands operations rose to 362,494 bbls/d in the third quarter of 2017,
an increase of 136% from the same period a year ago. The increase was mainly due to the acquisition and to incremental volumes from
Foster Creek phase G and Christina Lake phase F, both of which began producing in the second half of 2016. Production at Foster
Creek was impacted by temporary treating issues during the month of August, which are routinely encountered with the start-up
of new sustaining well pads. Volumes recovered through September and the project continues to be on track to meet full-year
production guidance.
At Foster Creek, the steam to oil ratio (SOR), the amount of steam needed to produce one barrel of oil, was 2.5 in the third
quarter of 2017, compared with 2.6 in the same period of 2016. At Christina Lake, the SOR was 1.8 in the third quarter of 2017,
compared with 1.9 a year earlier.
Construction at Christina Lake phase G resumed in the first quarter of 2017, and activity has increased through the third
quarter. The expansion, which is expected to be completed with go-forward capital investment of between $16,000 and $18,000 per
flowing barrel, is anticipated to begin production in the second half of 2019.
Deep Basin
Integration of the company’s newly acquired Deep Basin assets has gone according to plan and the company is pleased with the
execution of its capital program to date. Production from the Deep Basin averaged 115,301 barrels of oil equivalent per day
(BOE/d), in line with the company’s expectations. Cenovus continues to take a disciplined approach to development, with plans to
peak at seven active rigs and drill 28 wells across the Deep Basin by year-end.
Downstream
Operating margin from refining and marketing was $211 million in the quarter, compared with $68 million in the same period of 2016.
The increase was largely the result of higher average market crack spreads, partially offset by narrower light-heavy oil
differentials and the appreciating value of the Canadian dollar. The company’s refining operating margin is calculated on a
first-in, first-out (FIFO) inventory accounting basis. Using the last-in, first-out (LIFO) accounting method employed by
most U.S. refiners, Cenovus’s operating margin from refining and marketing would have been $9 million lower in the quarter. In the
third quarter of 2016, operating margin would have been $33 million higher on a LIFO reporting basis.
Other developments
For the fourth quarter of 2017, the Board of Directors has declared a dividend of $0.05 per share, payable on December 29, 2017
to common shareholders of record as of December 15, 2017. Based on the November 1, 2017 closing share price on the Toronto Stock
Exchange of $13.01, this represents an annualized yield of about 1.5%. Declaration of dividends is at the sole discretion of the
Board and will continue to be evaluated on a quarterly basis.
Conference Call Today
9 a.m. Mountain Time (11 a.m. Eastern Time)
Cenovus will host a conference call today, November 2, 2017, starting at 9 a.m. MT (11 a.m. ET). To participate,
please dial 888-231-8191 (toll-free in North America) or 647-427-7450 approximately 10 minutes prior to the conference call. A live
audio webcast of the conference call will also be available via cenovus.com. The webcast will be archived for approximately 90 days.
ADVISORY
FINANCIAL INFORMATION
Basis of Presentation
Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis,
unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards
(IFRS).
Oil and Gas Information
Barrels of Oil Equivalent – Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand
cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to
six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value
equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is
significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an
accurate reflection of value.
Non-GAAP Measures and Additional Subtotal
The following measures do not have a standardized meaning as prescribed by IFRS and therefore are considered non-GAAP measures.
Readers should not consider these measures in isolation or as a substitute for analysis of Cenovus’s results as reported under
IFRS. These measures are defined differently by different companies in the oil and gas industry and may not be comparable to
similar measures presented by other issuers.
Adjusted Funds Flow is used in the oil and gas industry to assist in measuring a company’s ability to finance its capital
programs and meet its financial obligations. Adjusted Funds Flow is defined as Cash from Operating Activities excluding net change
in other assets and liabilities and net change in non-cash working capital. Net change in other assets and liabilities is composed
of site restoration costs and pension funding. Non-cash working capital is composed of current assets and current liabilities,
excluding cash and cash equivalents, risk management, the contingent payment and asset liabilities held for sale.
Free Funds Flow is defined as Adjusted Funds Flow less capital investment.
Operating earnings (Loss) is a non-GAAP measure used to provide a consistent measure of the comparability of Cenovus's
underlying financial performance between periods by removing non-operating items. Operating Earnings (Loss) is defined as Earnings
(Loss) Before Income Tax excluding gain (loss) on discontinuance, revaluation gain, gain on bargain purchase, unrealized risk
management gains (losses) on derivative instruments, unrealized foreign exchange gains (losses) on translation of U.S. dollar
denominated notes issued from Canada, foreign exchange gains (losses) on settlement of intercompany transactions, gains (losses) on
divestiture of assets, less income taxes on Operating Earnings (Loss) before tax, excluding the effect of changes in statutory
income tax rates and the recognition of an increase in U.S. tax basis.
Debt is defined as short-term borrowings and long-term debt, including the current portion. Net debt is defined as debt net of
cash and cash equivalents.
Operating Margin is an additional subtotal found in Note 1 and Note 8 of the Consolidated Financial Statements and is used to
provide a consistent measure of the cash generating performance of Cenovus’s assets for comparability of its underlying financial
performance between periods. Operating Margin is defined as revenues less purchased product, transportation and blending, operating
expenses, production and mineral taxes plus realized gains less realized losses on risk management activities. Items within the
Corporate and Eliminations segment are excluded from the calculation of Operating Margin.
FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking statements and forward-looking information (collectively referred to as
"forward-looking information") within the meaning of applicable securities legislation, including the United States Private
Securities Litigation Reform Act of 1995, about Cenovus's current expectations, estimates and projections about the future, based
on certain assumptions made by the Company in light of its experience and perception of historical trends. Although Cenovus
believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such
expectations will prove to be correct.
Forward-looking information in this document is identified by words such as “anticipate”, “committed”, “can be”, “could”,
“estimate", “expect”, “focus”, “forecast”, “forward”, “may”, "on track" “outlook”, “plan”, “position”, “potential”,
“priority”, “project”, “should”, “strategy”, “target”, “will” or similar expressions and includes suggestions of future
outcomes, including statements about: strategy and related milestones and schedules, including expected oil sands expansion phases;
projections for the remainder of 2017 and 2018 and the company’s related plans and strategies; development plans; forecast
operating and financial results; priorities for 2018 capital investment decisions; planned capital expenditures, including the
amount and timing thereof; expected future production; forecast cost savings and sustainability thereof; planned and potential
asset sales and related targets, including expected timelines, targeted proceeds and anticipated use of proceeds; and hedging
strategy, including expected impacts thereof. Readers are cautioned not to place undue reliance on forward-looking information as
actual results may differ materially from those expressed or implied.
Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and
uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on
which the forward-looking information is based include: forecast oil and natural gas prices and other assumptions inherent in
Cenovus’s 2017 guidance, available at cenovus.com under Investors; projected capital investment levels, the flexibility of Cenovus’s
capital spending plans and the associated source of funding; the achievement of further cost reductions and sustainability thereof;
expected condensate prices; estimates of quantities of oil, bitumen, natural gas and liquids from properties and other sources not
currently classified as proved; future use and development of technology; Cenovus’s ability to obtain necessary regulatory and
partner approvals; the successful and timely implementation of capital projects or stages thereof; Cenovus’s ability to generate
sufficient cash flow to meet its current and future obligations; estimated abandonment and reclamation costs, including associated
levies and regulations; achievement of expected impacts of the acquisition; successful integration of the Deep Basin Assets;
Cenovus’s ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; Cenovus’s ability to
access sufficient capital to pursue its development plans; Cenovus’s ability to complete planned and potential asset sales,
including with desired transaction metrics and within the timelines it expects; forecast crude oil and natural gas prices, forecast
inflation and other assumptions inherent in current guidance set out below; expected impacts of the contingent payment to
ConocoPhillips, including alignment of realized Western Canadian Select ("WCS") prices and WCS prices used to calculate the
contingent payment; Cenovus’s projected capital investment levels, the flexibility of capital spending plans and the associated
sources of funding; sustainability of achieved cost reductions, achievement of further cost reductions and sustainability thereof;
Cenovus’s ability to access and implement all technology necessary to achieve expected future results; Cenovus’s ability to
implement capital projects or stages thereof in a successful and timely manner; and other risks and uncertainties described from
time to time in the filings we make with securities regulatory authorities.
2017 guidance, as updated November 1, 2017, assumes: Brent prices of US$53.50/bbl, WTI prices of US$50.00/bbl; WCS of
US$38.25/bbl; NYMEX natural gas prices of US$3.15/MMBtu; AECO natural gas prices of $2.40/GJ; Chicago 3-2-1 crack spread of
US$15.50/bbl; and an exchange rate of $0.78 US$/C$.
Unless otherwise specifically stated or the context dictates otherwise, the financial outlook and forward-looking metrics in
this news release, in addition to the generally applicable assumptions described above, do not include or account for the effects
or impacts of planned asset sales.
The risk factors and uncertainties that could cause actual results to differ materially, include: possible failure by Cenovus to
realize the anticipated benefits of and synergies from the acquisition; possible failure to access or implement some or all of the
technology necessary to efficiently and effectively operate Cenovus’s assets and achieve expected future results; volatility of and
other assumptions regarding commodity prices; the effectiveness of Cenovus’s risk management program, including the impact of
derivative financial instruments, the success of hedging strategies and the sufficiency of Cenovus’s liquidity position; the
accuracy of cost estimates; commodity prices, currency and interest rates; possible lack of alignment of realized WCS prices and
WCS prices used to calculate the contingent payment to ConocoPhillips; product supply and demand; market competition, including
from alternative energy sources; risks inherent in marketing operations, including credit risks; exposure to counterparties and
partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; risks inherent
in the operation of Cenovus’s crude-by-rail terminal, including health, safety and environmental risks; maintaining desirable
ratios of Debt (and Net Debt) to Adjusted EBITDA as well as Debt (and Net Debt) to Capitalization; Cenovus’s ability to access
various sources of debt and equity capital, generally, and on terms acceptable to Cenovus; ability to finance growth and sustaining
capital expenditures; changes in credit ratings applicable to Cenovus or any of its securities; changes to Cenovus’s dividend plans
or strategy, including the dividend reinvestment plan; accuracy of reserves, resources, future production and future net revenue
estimates; Cenovus’s ability to replace and expand oil and gas reserves; Cenovus’s ability to maintain its relationship with its
partners and to successfully manage and operate its integrated business; reliability of Cenovus’s assets including in order to meet
production targets; potential disruption or unexpected technical difficulties in developing new products and manufacturing
processes; the occurrence of unexpected events such as fires, severe weather conditions, explosions, blow-outs, equipment failures,
transportation incidents and other accidents or similar events; refining and marketing margins; inflationary pressures on operating
costs, including labour, natural gas and other energy sources used in oil sands processes; potential failure of products to achieve
or maintain acceptance in the market; risks associated with fossil fuel industry reputation; unexpected cost increases or technical
difficulties in constructing or modifying manufacturing or refining facilities; unexpected difficulties in producing, transporting
or refining of crude oil into petroleum and chemical products; risks associated with technology and its application to Cenovus’s
business; risks associated with climate change; the timing and the costs of well and pipeline construction; Cenovus’s ability to
secure adequate and cost-effective product transportation including sufficient pipeline, crude-by-rail, marine or alternate
transportation, including to address any gaps caused by constraints in the pipeline system; availability of, and Cenovus’s ability
to attract and retain, critical talent; possible failure to obtain and retain qualified staff and equipment in a timely and
cost-efficient manner; changes in labour relationships; changes in the regulatory framework in any of the locations in which
Cenovus operates, including changes to the regulatory approval process and land-use designations, royalty, tax, environmental,
greenhouse gas, carbon, climate change and other laws or regulations, or changes to the interpretation of such laws and
regulations, as adopted or proposed, the impact thereof and the costs associated with compliance; the expected impact and timing of
various accounting pronouncements, rule changes and standards on Cenovus’s business, financial results and consolidated financial
statements; changes in general economic, market and business conditions; the political and economic conditions in the countries in
which Cenovus operates or supplies; the occurrence of unexpected events such as war, terrorist threats and the instability
resulting therefrom; and risks associated with existing and potential future lawsuits and regulatory actions against Cenovus.
Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances
could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward
looking information. For a full discussion of material risk factors, see “Risk Factors” in Cenovus’s Annual Information Form (AIF)
or Form 40-F for the period ended December 31, 2016, available on SEDAR at sedar.com, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com, and the updates under “Risk Management” in Cenovus’s most recently filed
Management’s Discussion and Analysis (MD&A).
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and
responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta, which use
specialized methods to drill and pump the oil to the surface, and natural gas and oil production in Alberta, British Columbia and
Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed
on the Toronto and New York stock exchanges. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
CENOVUS CONTACTS:
Investor Relations
Kam Sandhar
Vice-President, Investor Relations &
Corporate Development
403-766-5883
Steven Murray
Manager, Investor Relations
403-766-3382
Graham Ingram
Investor Relations
403-766-2849
Michelle Cheyne
Investor Relations
403-766-2584
|
Media
Brett Harris
Manager, External Communications
403-766-3420
Media Relations general line
403-766-7751 |
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