CALGARY, Alberta, March 14, 2013 /PRNewswire/ - Equal Energy Ltd. ("Equal","the Company", "we" or "our") (NYSE: EQU) (TSX: EQU), an exploration and production oil and gas company is pleased to announce its financial and operating results for the three months and year ended December 31, 2012. All dollar amounts are in Canadian dollars unless otherwise indicated and volumes are net of royalties.
Don Klapko, President and Chief Executive Officer commented, "This past year was one of major transition for Equal Energy Ltd. We took many important and proactive steps to improve the company's financial position and provide clarity and focus for its future operations. Our balance sheet is in excellent condition, providing financial flexibility to execute our plans. We also have responded to our shareholders who sought immediate return from our efforts and we've implemented a US$0.20 annual dividend, paid quarterly beginning January 1, 2013.
Asset sales, including those concluded as part of Equal's strategic review process launched in May 2012, totaled $160 million. Overall the sales were completed at values in excess of our trading multiples at the time and were collectively accretive to the value of Equal. The asset sales totaled approximately 5.1 million boe of proved reserves on a net revenue interest basis and 6.8 million proved plus probable reserves. Equal received $31.40 per boe proved and $23.50 per boe on a proved plus probable basis for these sales. The proceeds of the sales were used primarily for debt reduction. Net debt, including working capital was reduced from $176 million at December 31, 2011 to $18 million at December 31, 2012. Based on our 2013 budgeted cash flow of $33 million, Equal's net debt to cash flow ratio has been reduced from over 5.3 times to 0.5 times.
The culmination of the strategic review process also resulted in the complete exit of Equal from its Canadian operations. We are in the process of relocating our head office and transitioning management to Oklahoma City. The combined interest and general and administrative cost savings total over $7 million as a result of the debt reduction and focus of our operations in Oklahoma.
As a result of the changes made in 2012, Equal has become a US Domestic Issuer and this year's financial reports reflect the company's operations, financial results and reserves under U.S. SEC disclosure rules.
Strong Operating Results
- Production averaged 7,186 boe/d during 2012, up 30% compared to 2011, primarily due to the acquisition of Hunton assets in June 2011 offset partially by the sale of Northern Oklahoma assets in September 2012.
- Funds from operations were down only 12% as the company offset commodity prices that were 29% weaker on a boe basis compared to 2011 with higher production and savings in operating costs, general and administrative costs and interest expense.
Successful Drilling Programs in 2012
- Equal drilled 3 (2.7 net) Twin Cities Central Dolomite Hunton liquids rich natural gas wells. These wells were brought on stream in the first half of 2012 and are performing well above our historical average and budget type curve for Twin Cities Central Dolomite Hunton wells.
- Significant effort has been put into geological mapping and targeting of the drilling horizon for our Hunton wells, resulting in our most recent wells being some of our best to date.
- Six wells were drilled in Northern Oklahoma early in 2012 and subsequently sold with the Northern Oklahoma sale in late September.
- Two successful Cardium horizontal oil wells were drilled during 2012 and were subsequently sold as part of the strategic review outcome.
Looking Forward
Management and the board of directors continue to take action to
transition Equal's mind and management to reflect its focus in
Oklahoma.Scott Smalling has joined the company as its new Vice
President and Chief Financial Officer resident in Oklahoma City.
Additional management positions are expected to be filled in Oklahomain the coming months.
Three current directors will not be standing for re-election and the director slate for the May Annual Shareholder Meeting will be announced shortly. The Governance and Nominating Committee of the board of directors is working to re-constitute the board and to bring in expertise and background relevant to the U.S. mid-continent oil and gas business.
We have established a 5 year inventory for one rig drilling continuously and our geological team is working to add future drilling locations. Plans for 2013 include the drilling of up to 10 horizontal liquids rich natural gas wells in the Twin Cities Central Dolomite area. Two have been drilled with one on production at this time. Our priorities are to protect the balance sheet and to maintain our dividend distribution. Capital spending compared to cash flow will be monitored on an ongoing basis to ensure both objectives are met.
I'd like to thank the Equal employees for their hard work and dedication during 2012. It was a year of transition and uncertainty which is always challenging. We've had to depart with many of our Canadian staff and friends which was difficult. We thank these people for their integrity and professionalism during the transition. I'd also like to thank the board of directors for their hard work and guidance. In particular, I'd like to thank our shareholders for their support as we changed the face of Equal in 2012. We believe the actions we've taken sets Equal up for success and the company has an exciting future.
The following table is a summary of selected financial and operational information for the three months and year ended December 31, 2012 with comparative 2011 figures.
| Financial and Operations Summary (in thousands except for volumes, percentages and per share and boe amounts) | Three months ended December 31 | Year ended December 31 | |||||||||
| 2012 | 2011 | Change | 2012 | 2011 | Change | ||||||
| FINANCIAL | |||||||||||
| NGL, natural gas and oil revenues including realized hedging | 16,104 | 21,696 | (26%) | 67,541 | 72,887 | (7%) | |||||
| Funds from operations | 7,770 | 10,787 | (28%) | 30,048 | 34,113 | (12%) | |||||
| Net income/(loss) from continuing operations | (5,153) | 92 | (5701%) | 31,111 | 2 | >1000% | |||||
| Per share - basic ($) | (0.15) | 0.00 | 100% | 0.89 | 0.00 | >1000% | |||||
| Per share - diluted ($) | (0.15) | 0.00 | 100% | 0.82 | 0.00 | >1000% | |||||
| Net income/(loss) from discontinued operations | 28,057 | (1,192) | (2454%) | 30,716 | 5,371 | 472% | |||||
| Per share - basic ($) | 0.80 | (0.03) | (2767%) | 0.87 | 0.17 | 412% | |||||
| Per share - diluted ($) | 0.68 | (0.03) | (2367%) | 0.76 | 0.16 | 375% | |||||
| Net income/(loss) | 22,904 | (1,100) | (2182%) | 61,827 | 5,373 | 1051% | |||||
| Per share - basic ($) | 0.65 | (0.03) | (2267%) | 1.76 | 0.17 | 935% | |||||
| Per share - diluted ($) | 0.57 | (0.03) | (2000%) | 1.58 | 0.16 | 888% | |||||
| Total assets | 226,222 | 325,252 | 226,222 | 323,094 | |||||||
| Working capital (deficit) including long-term debt | 26,602 | (131,462) | 26,602 | (131,462) | |||||||
| Convertible debentures | 45,000 | 45,000 | 45,000 | 45,000 | |||||||
| Shareholders' equity | 161,277 | 99,880 | 161,277 | 99,880 | |||||||
| SHARES OUTSTANDING | |||||||||||
| Shares outstanding - basic (000s) | 35,152 | 34,757 | 35,062 | 32,040 | |||||||
| Shares outstanding - diluted (000s) | 41,363 | 35,717 | 41,125 | 32,768 | |||||||
| Shares outstanding at period end (000s) | 35,227 | 34,779 | 35,227 | 34,779 | |||||||
| OPERATIONS | |||||||||||
| Average daily production | |||||||||||
| NGL (bbls per day) | 3,160 | 2,842 | 11% | 3,237 | 2,401 | 35% | |||||
| Gas (mcf per day) | 19,097 | 22,370 | (15%) | 22,664 | 17,461 | 30% | |||||
| Oil (bbls per day) | 167 | 214 | (22%) | 172 | 212 | (19%) | |||||
| Total (boe per day) | 6,510 | 6,784 | (4%) | 7,186 | 5,523 | 30% | |||||
| Average sales price | |||||||||||
| NGL ($ per bbl) | 31.51 | 44.33 | (29%) | 31.41 | 47.46 | (34%) | |||||
| Gas ($ per mcf) | 3.11 | 4.08 | (24%) | 2.95 | 3.83 | (23%) | |||||
| Oil ($ per bbl) | 85.03 | 86.58 | (2%) | 92.63 | 89.22 | 4% | |||||
| Cash flow netback ($ per boe) | |||||||||||
| Revenue | 26.88 | 34.76 | (23%) | 25.68 | 36.16 | (29%) | |||||
| Production expenses | 6.18 | 8.52 | (27%) | 7.78 | 8.39 | (7%) | |||||
| Production taxes | 1.47 | 1.68 | (13%) | 1.43 | 1.64 | (13%) | |||||
| Operating netback | 17.68 | 24.56 | (28%) | 16.47 | 26.13 | (37%) | |||||
| General and administrative | 4.60 | 3.31 | 39% | 2.88 | 4.20 | (31%) | |||||
| Interest expense | 1.79 | 3.90 | (54%) | 2.25 | 4.88 | (54%) | |||||
| Other cash costs | (0.13) | 0.07 | (286%) | (0.08) | 0.13 | (162%) | |||||
| Cash flow netback | 12.97 | 17.28 | (25%) | 11.42 | 16.92 | (33%) | |||||
| Equal Energy Ltd. | ||||
| Consolidated Balance Sheets | ||||
| (in thousands of Canadian dollars) (unaudited) | December 31, 2012 | December 31, 2011 | ||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 22,969 | 5,553 | ||
| Accounts receivable | 15,524 | 19,742 | ||
| Prepaid expenses, deposits and other | 926 | 552 | ||
| Commodity contracts | 1,446 | 4,813 | ||
| Assets of discontinued operations | 2,168 | 5,750 | ||
| Total current assets | 43,033 | 36,410 | ||
| Oil and natural gas properties, full cost method of accounting: | ||||
| Proved | 145,442 | 173,417 | ||
| Unproved | 2,080 | 4,627 | ||
| Total oil and natural gas properties | 147,522 | 178,044 | ||
| Other capital assets | 485 | 917 | ||
| Total property, plant and equipment | 148,007 | 178,961 | ||
| Other assets | 1,422 | 1,859 | ||
| Commodity contracts | 159 | - | ||
| Deferred income tax asset | 33,601 | 41,293 | ||
| Assets of discontinued operations | - | 64,571 | ||
| Total assets | 226,222 | 323,094 | ||
| Liabilities | ||||
| Current liabilities | ||||
| Accounts payable and accrued liabilities | 8,600 | 14,673 | ||
| Liabilities of discontinued operations | 5,840 | 10,887 | ||
| Total current liabilities | 14,440 | 25,560 | ||
| Long-term debt | - | 138,820 | ||
| Convertible debentures | 45,000 | 45,000 | ||
| Asset retirement obligation | 4,722 | 5,270 | ||
| Liabilities of discontinued operations | 783 | 8,564 | ||
| Total liabilities | 64,945 | 223,214 | ||
| Shareholders' equity | ||||
| Common shares (35,226,526 and 34,779,435 shares issued and outstanding) | 225,249 | 223,437 | ||
| Contributed surplus | 9,298 | 6,439 | ||
| Accumulated other comprehensive loss | (26,218) | (21,117) | ||
| Deficit | (47,052) | (108,879) | ||
| Total shareholders' equity | 161,277 | 99,880 | ||
| Total liabilities and shareholders' equity | 226,222 | 323,094 |
| Equal Energy Ltd. | ||||||
| Consolidated Statements of Operations and Comprehensive Income | ||||||
| Three months ended December 31 | Year ended December 31 | |||||
| (in thousands of Canadian dollars except per share amounts) (unaudited) | 2012 | 2011 | 2012 | 2011 | ||
| Revenues NGL, natural gas and oil revenues | 15,173 | 20,298 | 61,478 | 70,512 | ||
| Realized gain on commodity contracts | 931 | 1,398 | 6,063 | 2,375 | ||
| Unrealized gain/(loss) on commodity contracts | (1,144) | (2,969) | (3,148) | 5,424 | ||
| Total revenues | 14,960 | 18,727 | 64,393 | 78,311 | ||
| Expenses | ||||||
| Production | 3,699 | 5,319 | 20,457 | 16,908 | ||
| Production taxes | 883 | 1,050 | 3,754 | 3,312 | ||
| General and administrative | 2,754 | 2,066 | 7,577 | 8,474 | ||
| Interest expense | 1,073 | 2,432 | 5,912 | 9,840 | ||
| Share-based compensation expense | 1,096 | 707 | 3,568 | 2,501 | ||
| Depletion and depreciation | 5,172 | 5,741 | 22,888 | 14,936 | ||
| Amortization of deferred charges | 109 | 435 | 437 | 1,860 | ||
| Accretion of asset retirement obligation | 94 | 109 | 405 | 248 | ||
| Gain on sale of assets | - | - | (36,036) | - | ||
| Transaction costs on asset acquisition/dispositions | 268 | - | 708 | 1,767 | ||
| Redemption fee on convertible debentures | - | 967 | - | 2,975 | ||
| Realized foreign exchange (gain)/loss | (75) | 42 | (207) | 240 | ||
| Unrealized foreign exchange (gain)/loss | 1,132 | (5,177) | (3,015) | 4,416 | ||
| 16,205 | 13,691 | 26,448 | 67,477 | |||
| Income/(loss) from continuing operations before taxes | (1,245) | 5,036 | 37,945 | 10,834 | ||
| Taxes | ||||||
| Current tax expense | - | 391 | - | 391 | ||
| Deferred tax expense | 3,908 | 4,553 | 6,834 | 10,441 | ||
| 3,908 | 4,944 | 6,834 | 10,832 | |||
| Income/(loss) from continuing operations | (5,153) | 92 | 31,111 | 2 | ||
| Discontinued operations: | ||||||
| Income/(loss) from discontinued operations | (14,549) | (1,192) | (11,890) | 5,371 | ||
| Gain on sales of discontinued operations, net of income tax expense of $14.2 million | 42,606 | - | 42,606 | - | ||
| Net income | 22,904 | (1,100) | 61,827 | 5,373 | ||
| Other comprehensive income/(loss) | ||||||
| Foreign currency translation adjustment | 3,131 | (6,437) | (5,101) | 4,829 | ||
| Comprehensive income/(loss) | 26,035 | (7,537) | 56,726 | 10,202 | ||
| Earnings per share information | ||||||
| Basic earnings (loss) from continuing operations per share | ($ 0.15) | $ 0.00 | $ 0.89 | $ 0.00 | ||
| Basic earnings (loss) from discontinued operations per share | $ 0.80 | ($ 0.03) | $ 0.87 | $ 0.17 | ||
| Basic earnings (loss) per share | $ 0.65 | ($ 0.03) | $ 1.76 | $ 0.17 | ||
| Diluted earnings (loss) from continuing operations per share | ($ 0.15) | $ 0.00 | $ 0.82 | $ 0.00 | ||
| Diluted earnings (loss) from discontinued operations per share | $ 0.68 | ($ 0.03) | $ 0.76 | $ 0.16 | ||
| Diluted earnings (loss) per share | $ 0.57 | ($ 0.03) | $ 1.58 | $ 0.16 | ||
| Equal Energy Ltd. | ||||||
| Consolidated Statements of Cash Flows | ||||||
| Three months ended December 31 | Year ended December 31 | |||||
| (in thousands of Canadian dollars) (unaudited) | 2012 | 2011 | 2012 | 2011 | ||
| Operating Activities | ||||||
| Net income / (loss) | 22,904 | (1,100) | 61,827 | 5,373 | ||
| Net income / (loss) from discontinued operations | (28,057) | 1,192 | (30,716) | (5,371) | ||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||
| Depletion and depreciation | 5,172 | 5,741 | 22,888 | 14,936 | ||
| Accretion of asset retirement obligation | 94 | 109 | 405 | 248 | ||
| Share-based compensation | 1,096 | 707 | 3,568 | 2,501 | ||
| Amortization of deferred charges | 109 | 435 | 437 | 1,860 | ||
| Unrealized commodity contracts (gain) / loss | 1,144 | 2,969 | 3,148 | (5,424) | ||
| Gain on sale of assets | - | - | (36,036) | - | ||
| Transactions costs on asset dispositions | 268 | - | 708 | - | ||
| Redemption fee on convertible debentures | - | 967 | - | 2,975 | ||
| Deferred tax (reduction) / expense | 3,908 | 4,553 | 6,834 | 10,441 | ||
| Cash paid on decommissioning provision | - | - | (46) | - | ||
| Unrealized foreign exchange (gain)/loss | 1,132 | (5,177) | (3,015) | 4,416 | ||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | (2,216) | (878) | 3,899 | (6,708) | ||
| Prepaid expenses and other current assets | (706) | 1,092 | (386) | 983 | ||
| Accounts payable and accrued liabilities | 1,164 | (6,499) | (5,931) | 2,908 | ||
| Net cash provided by operating activities - continuing operations | 6,012 | 4,111 | 27,584 | 29,138 | ||
| Net cash provided by (used in) operating activities - discontinued operations | (1,439) | 10,205 | 7,211 | 27,141 | ||
| Net cash provided by operating activities | 4,573 | 14,316 | 34,795 | 56,279 | ||
| Investing Activities | ||||||
| Property, plant and equipment additions | (1,317) | (3,307) | (19,228) | (32,900) | ||
| Asset acquisition | - | - | - | (86,098) | ||
| Proceeds on sale of property, plant and equipment | - | (205) | 58,673 | - | ||
| Transaction costs on asset dispositions | (268) | - | (708) | - | ||
| Change in non-cash working capital | (3) | (2,543) | (1,613) | 2,065 | ||
| Cash provided by (used in) investing activities - continuing operations | (1,588) | (6,055) | 37,124 | (116,933) | ||
| Cash provided by (used in) investing activities - discontinued operations | 84,083 | 31,304 | 80,646 | (12,972) | ||
| Net cash provided by / (used in) investing activities | 82,495 | 25,249 | 117,770 | (129,905) | ||
| Financing Activities | ||||||
| Increase / (decrease) in long-term debt | (71,066) | 1,946 | (135,066) | 109,047 | ||
| Issue of shares, net of issuance costs | - | (43) | - | 47,417 | ||
| Issuance of convertible debentures, net of costs | - | - | - | 42,741 | ||
| Redemption of convertible debentures | - | (39,212) | - | (119,618) | ||
| Redemption fee on convertible debentures | - | (1,071) | - | (2,975) | ||
| Net cash provided by / (used in) financing activities | (71,066) | (38,380) | (135,066) | 76,612 | ||
| Foreign exchange on financial balances | 44 | (86) | (83) | 62 | ||
| Change in cash and cash equivalents | 16,046 | 1,099 | 17,416 | 3,048 | ||
| Cash and cash equivalents, beginning of period | 6,923 | 4,454 | 5,553 | 2,505 | ||
| Cash and cash equivalents, end of period | 22,969 | 5,553 | 22,969 | 5,553 | ||
| Supplementary Cash Flow Information | ||||||
| Interest paid | 474 | 3,203 | 6,795 | 11,310 | ||
| Income tax paid | - | 61 | 67 | 391 | ||
Non-GAAP Financial Measures
Equal considers funds from operations a key measure for the ability of the Company to repay debt and to fund future growth through capital investment. Funds from operations, as presented, is not intended to represent cash provided by operating activities nor should it be viewed as an alternative to cash provided by operating activities or other measures of financial performance calculated in accordance with U.S. GAAP.
Management uses cash flow netback to analyze the profitability of its operations. Cash flow netback, as presented, is not intended to represent an alternative to net income (loss) or other measures of financial performance calculated in accordance with GAAP.
| Funds from Operations and Cash Flow Netback | Three months ended December 31 | Year ended December 31 | ||||||
| (in thousands of Canadian dollars) | 2012 | 2011 | 2012 | 2011 | ||||
| NGL, natural gas and oil revenues | 15,173 | 20,298 | 61,478 | 70,512 | ||||
| Realized gain on commodity contracts | 931 | 1,398 | 6,063 | 2,375 | ||||
| Production | 3,699 | 5,319 | 20,457 | 16,908 | ||||
| Production taxes | 883 | 1,050 | 3,754 | 3,312 | ||||
| General and administrative | 2,754 | 2,066 | 7,577 | 8,474 | ||||
| Interest expense | 1,073 | 2,432 | 5,912 | 9,840 | ||||
| Realized foreign exchange (gain)/loss | (75) | 42 | (207) | 240 | ||||
| Funds From Operations | 7,770 | 10,787 | 30,048 | 34,113 | ||||
| Total production volume (mboe) | 599 | 624 | 2,630 | 2,016 | ||||
| Cash Flow Netback | 12.97 | 17.28 | 11.42 | 16.92 | ||||
The Company believes that using working capital including long-term debt provides a better measure than using debt as it provides a clearer picture on the Company's cash requirement.
| Working Capital including Long-term Debt (in thousands of Canadian dollars) | December 31, 2012 | December 31, 2011 | ||
| Cash | 22,969 | 5,553 | ||
| Accounts receivable | 15,524 | 19,742 | ||
| Prepaid expenses, deposits and other | 926 | 552 | ||
| Accounts payable and accrued liabilities | (8,600) | (14,673) | ||
| Accounts receivable - discontinued operations | 1,463 | 5,432 | ||
| Prepaid expenses, deposits and other - discontinued operations | 130 | 318 | ||
| Accounts payable and accrued liabilities - discontinued operations | (5,810) | (9,566) | ||
| Working capital | 26,602 | 7,358 | ||
| Long-term debt | - | (138,820) | ||
| Working capital including long-term debt | 26,602 | (131,462) |
Annual General and Special Meeting of Shareholders
The 2013 Annual General and Special Meeting of Shareholders of Equal Energy Ltd., will be held in the Strand/Tivoli Room at the Metropolitan Centre, 333 - 4th Avenue S.W., Calgary, Alberta at 10:00 a.m. (CalgaryTime) on Monday, May 13, 2013.
Equal Energy Ltd.'s 10K, complete consolidated financial statements, accompanying notes and Management's Discussion and Analysis for the year ended December 31, 2012 will be available on Equal's website at www.equalenergy.ca, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.
About Equal Energy Ltd.
Equal is an exploration and production oil and gas company. Equal's
shares and convertible debentures are listed on the Toronto Stock
Exchange under the symbols (EQU, EQU.DB.B) and Equal's shares are
listed on the New York Stock Exchange under the symbol (EQU). The oil
and gas properties are located in Oklahoma. Equal has compiled a
multi-year drilling inventory for its Hunton liquids rich natural gas
property in Oklahoma.
Forward-Looking Statements
Certain information in this press release constitutes forward-looking
statements under applicable securities law including the timing or
uncertainty or amount of payment of future dividends, the amount of the
2013 budgeted cash flow, the reduction of net debt to cash flow, timing
of relocation of the head office, the amount of interest and G&A
savings, the hiring of additional management positions, the future
performance of wells drilled, of plans to drill up to 10 wells in 2013,
the timing and number of new board members added and the future outcome
of actions taken. Any statements that are contained in this press
release that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as "may," "should," "anticipate," "expects,"
"seeks" and similar expressions.
Forward-looking statements necessarily involve known and unknown risks, such as risks associated with closing the Royalties sale, repayment of the bank credit facility, the future amount of the bank credit facility, oil and gas production; marketing and transportation; loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of dispositions; inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws and regulatory matters. Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Equal's operations or financial results are included in Equal's reports on file with Canadian and U.S. securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com, the SEC's website www.sec.gov, Equal's website www.equalenergy.ca) or by contacting Equal. Furthermore, the forward looking statements contained in this news release are made as of the date of this news release, and Equal does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
Conversion: Natural gas volumes recorded in thousand cubic feet ("mcf") are converted to barrels of oil equivalent ("boe") using the ratio of six (6) mcf to one (1) barrel of oil ("bbl"). Boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1bbl is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalent at the wellhead. All dollar values are in Canadian dollars unless otherwise stated.
SOURCE Equal Energy Ltd.
