Valero Energy

-12.96%

Live  

Valero Energy Corporation is an American multinational energy corporation headquartered in San Antonio, Texas. It is one of the largest refiners in the United States with 15 petroleum refineries and 13 ethanol plants. The company also has a presence in Canada, the United Kingdom, Ireland, and the Caribbean.
Valero's primary business is refining crude oil into gasoline, diesel, jet fuel, and other products. It also owns a network of over 6,800 gas stations under various brands such as Valero, Diamond Shamrock, and Beacon. In addition, the company has a growing renewable fuels business, with plants that produce ethanol, renewable diesel, and renewable jet fuel.
Valero also has a stake in the Port Arthur Pipeline System that transports crude oil from Texas to the Gulf Coast. It also has a joint venture with Kinder Morgan to build a new natural gas pipeline from the Permian Basin to the Texas Gulf Coast.
Valero is committed to environmental sustainability and has invested in various projects to reduce its carbon footprint, such as carbon capture and sequestration, renewable energy, and energy efficiency. The company has also been recognized for its safety record and community involvement through its philanthropy and volunteer efforts.
Overall, Valero Energy is a major player in the energy industry, with a strong presence in refining and a growing focus on renewable fuels. It is committed to responsible and sustainable operations and has a strong track record in safety and community involvement.

Valero Energy is a big company that helps make and sell fuels like gasoline and diesel, which are used to power cars, trucks, and even ships. Imagine if you have a toy car that runs on batteries; gasoline is like the fuel for real cars that makes them go.
Here’s how Valero makes money:
1. Refining Oil: Valero takes crude oil, which is a natural resource that comes from deep in the ground, and processes it in large factories called refineries. They transform this crude oil into useful products like gasoline, diesel, and jet fuel. When they sell these products to gas stations or airlines, they earn money.
2. Selling Disguised Fuels: Besides gasoline, Valero also makes other products from the oil, like chemicals used in making plastics. This means they can sell more things, which helps them make even more money.
3. Trading and Storage: Valero doesn’t just sell fuel; they also store it in tanks and trade it with other companies. When they buy and sell fuel at the right times, they can make extra profits.
Now, why is Valero successful and likely to stay successful in the future?
1. High Demand: People will always need fuel to drive their cars and run businesses. As long as cars exist, companies like Valero will have customers.
2. Innovation: Valero works on improving their technology to make refining oil more efficient and cleaner for the environment. When companies invest in new and better ways to do things, they can save money and attract more customers.
3. Diverse Products: By making not just gasoline but also other products like jet fuel and chemicals, Valero can reach more markets and grow, even if one part of the business isn’t doing as well.
In summary, Valero Energy is good at turning crude oil into useful products that people need. They make money by refining, selling, and trading fuel. Their strong position in the market, ongoing improvements, and wide range of products help them stay successful now and in the future.

VmFsZXJvIE VuZXJneSBD b3Jwb3JhdG lvbiBpcyBu b3RhYmxlIG ZvciBzZXZl cmFsIHJlYX NvbnMuIEZp cnN0LCBpdC BpcyBvbmUg b2YgdGhlIG xhcmdlc3Qg aW5kZXBlbm RlbnQgcGV0 cm9sZXVtIH JlZmluZXJz IGFuZCBtYX JrZXRlcnMg aW4gdGhlIF VuaXRlZCBT dGF0ZXMsIG 9wZXJhdGlu ZyBudW1lcm 91cyByZWZp bmVyaWVzIG FuZCBwcm9k dWNpbmcgYS B2YXJpZXR5 IG9mIHJlZm luZWQgcGV0 cm9sZXVtIH Byb2R1Y3Rz LiBUaGUgY2 9tcGFueSBw bGF5cyBhIH NpZ25pZmlj YW50IHJvbG UgaW4gdGhl IGVuZXJneS BzZWN0b3Ig Ynkgc3VwcG x5aW5nIGdh c29saW5lLC BkaWVzZWws IGFuZCBqZX QgZnVlbC4g PGJyPlNlY2 9uZGx5LCBW YWxlcm8gaG FzIGEgc3Ry b25nIGNvbW 1pdG1lbnQg dG8gc3VzdG FpbmFiaWxp dHkgYW5kIH JlbmV3YWJs ZSBlbmVyZ3 kuIEl0IG9w ZXJhdGVzIH NldmVyYWwg cmVuZXdhYm xlIGZ1ZWwg ZmFjaWxpdG llcywgaW5j bHVkaW5nIH Rob3NlIHRo YXQgcHJvZH VjZSBldGhh bm9sIGFuZC BiaW9kaWVz ZWwsIHBvc2 l0aW9uaW5n IGl0c2VsZi BhcyBhIGtl eSBwbGF5ZX IgaW4gdGhl IHRyYW5zaX Rpb24gdG93 YXJkcyBjbG VhbmVyIGVu ZXJneSBzb3 VyY2VzLjxi cj5BZGRpdG lvbmFsbHks IFZhbGVyby BpcyByZWNv Z25pemVkIG ZvciBpdHMg c3RyYXRlZ2 ljIGFjcXVp c2l0aW9ucy BhbmQgZXhw YW5zaW9ucy wgd2hpY2gg aGF2ZSBlbm hhbmNlZCBp dHMgY2FwYW NpdHkgYW5k IG1hcmtldC BwcmVzZW5j ZS4gVGhlIG NvbXBhbnni gJlzIGZpbm FuY2lhbCBw ZXJmb3JtYW 5jZSBoYXMg YWxzbyBkcm F3biBhdHRl bnRpb24sIG FzIGl0IGhh cyBjb25zaX N0ZW50bHkg YmVlbiBhbW 9uZyB0aGUg dG9wIHBlcm Zvcm1lcnMg aW4gdGhlIG 9pbCByZWZp bmluZyBzZW N0b3IsIGdl bmVyYXRpbm cgc3Vic3Rh bnRpYWwgcm V2ZW51ZSBh bmQgcHJvZm l0cy48YnI+ TGFzdGx5LC BWYWxlcm8g aXMga25vd2 4gZm9yIGl0 cyBjb21tdW 5pdHkgZW5n YWdlbWVudC BhbmQgY29y cG9yYXRlIH NvY2lhbCBy ZXNwb25zaW JpbGl0eSBp bml0aWF0aX Zlcywgd2hp Y2ggaW5jbH VkZSBpbnZl c3RtZW50cy BpbiBlZHVj YXRpb24sIG Vudmlyb25t ZW50YWwgc3 VzdGFpbmFi aWxpdHksIG FuZCBkaXNh c3RlciByZW xpZWYgZWZm b3J0cy4gVG hpcyBtdWx0 aWZhY2V0ZW QgYXBwcm9h Y2ggY29udH JpYnV0ZXMg dG8gaXRzIH JlcHV0YXRp b24gYXMgYS BsZWFkaW5n IGVuZXJneS Bjb21wYW55 Ljxicj4=

VmFsZXJvIE VuZXJneSBD b3Jwb3JhdG lvbiBpcyBh biBpbnRlcm 5hdGlvbmFs IG9pbCBhbm QgZ2FzIGxl YWRlciwgYX Mgd2VsbCBh cyB0aGUgd2 9ybGQncyBs YXJnZXN0IG luZGVwZW5k ZW50IHJlZm luZXIgYW5k IG1hcmtldG VyIG9mIHBl dHJvbGV1bS Bwcm9kdWN0 cy4gPGJyPl RoZSBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgY2VudGVy ZWQgYXJvdW 5kIGl0cyB2 ZXJ0aWNhbG x5IGludGVn cmF0ZWQgb3 BlcmF0aW9u cywgd2hpY2 ggaW5jbHVk ZSByZWZpbm luZywgbWFu dWZhY3R1cm luZywgbWFy a2V0aW5nLC BhbmQgbG9n aXN0aWNzIG J1c2luZXNz ZXMuIFRoaX MgYWxsb3dz IGZvciBncm VhdGVyIGNv bnRyb2wgb3 ZlciB0aGUg ZW50aXJlIH N1cHBseSBj aGFpbiwgZn JvbSB0aGUg cHJvZHVjdG lvbiBvZiBj cnVkZSBvaW wgdG8gdGhl IHNhbGUgb2 YgZmluaXNo ZWQgcHJvZH VjdHMuPGJy PlZhbGVyb+ KAmXMgcmVm aW5pbmcgYn VzaW5lc3Mg YWNjb3VudH MgZm9yIHRo ZSBtYWpvcm l0eSBvZiBp dHMgcmV2ZW 51ZSBhbmQg aXMgYSBrZX kgcGFydCBv ZiBpdHMgYn VzaW5lc3Mg bW9kZWwuIF RoZSBjb21w YW55IG93bn MgYW5kIG9w ZXJhdGVzID E1IHJlZmlu ZXJpZXMgd2 l0aCBhIHRv dGFsIHRocm 91Z2hwdXQg Y2FwYWNpdH kgb2YgYXBw cm94aW1hdG VseSAzLjEg bWlsbGlvbi BiYXJyZWxz IHBlciBkYX ksIG1ha2lu ZyBpdCBvbm Ugb2YgdGhl IGxhcmdlc3 QgcmVmaW5p bmcgY29tcG FuaWVzIGlu IHRoZSB3b3 JsZC4gVGhl c2UgcmVmaW 5lcmllcyBw cm9kdWNlIG Egd2lkZSB2 YXJpZXR5IG 9mIGZ1ZWxz IGluY2x1ZG luZyBnYXNv bGluZSwgZG llc2VsLCBq ZXQgZnVlbC wgYW5kIHBl dHJvY2hlbW ljYWxzLjxi cj5JbiBhZG RpdGlvbiB0 byByZWZpbm luZywgVmFs ZXJvIGFsc2 8gb3BlcmF0 ZXMgYSByb2 J1c3QgbWFy a2V0aW5nIG FuZCBsb2dp c3RpY3MgYn VzaW5lc3Mu IFRoZSBjb2 1wYW55IGVt cGxveXMgYS Bjb21iaW5h dGlvbiBvZi Bvd25lZCBm YWNpbGl0aW VzIGFuZCB0 aGlyZC1wYX J0eSB0ZXJt aW5hbHMsIH BpcGVsaW5l cywgYW5kIH NoaXBzIHRv IHRyYW5zcG 9ydCBhbmQg bWFya2V0IG l0cyByZWZp bmVkIHByb2 R1Y3RzIHRv IGN1c3RvbW VycyBhcm91 bmQgdGhlIH dvcmxkLiBW YWxlcm8gYW xzbyBoYXMg YSBzdHJvbm cgd2hvbGVz YWxlIGFuZC BicmFuZGVk IHJldGFpbC BtYXJrZXRp bmcgbmV0d2 9yayBpbiB0 aGUgVW5pdG VkIFN0YXRl cywgQ2FuYW RhLCBhbmQg dGhlIENhcm liYmVhbi48 YnI+VmFsZX JvJ3MgYnVz aW5lc3MgbW 9kZWwgaXMg YWxzbyBmb2 N1c2VkIG9u IG1haW50YW luaW5nIGEg c3Ryb25nIG JhbGFuY2Ug c2hlZXQgYW 5kIGdlbmVy YXRpbmcgY2 9uc2lzdGVu dCBjYXNoIG Zsb3cgdG8g c3VwcG9ydC BpdHMgb3Bl cmF0aW9ucy BhbmQgZnV0 dXJlIGdyb3 d0aC4gVGhl IGNvbXBhbn kgaGFzIGEg ZGl2ZXJzaW ZpZWQgY3Vz dG9tZXIgYm FzZSBhbmQg cHJvZHVjdC BtaXgsIGFz IHdlbGwgYX MgYSBzdHJv bmcgdHJhY2 sgcmVjb3Jk IG9mIG9wZX JhdGlvbmFs IGVmZmljaW VuY3kgYW5k IGNvc3QgbW FuYWdlbWVu dC48YnI+T3 ZlcmFsbCwg VmFsZXJvJ3 MgYnVzaW5l c3MgbW9kZW wgaXMgYnVp bHQgb24gY2 9uc2lzdGVu dCBncm93dG gsIG9wZXJh dGlvbmFsIG V4Y2VsbGVu Y2UsIGFuZC BhIGNvbW1p dG1lbnQgdG 8gZGVsaXZl cmluZyB2YW x1ZSB0byBz aGFyZWhvbG RlcnMsIGN1 c3RvbWVycy wgYW5kIHRo ZSBjb21tdW 5pdGllcyBp biB3aGljaC BpdCBvcGVy YXRlcy4=

AI could potentially pose a material threat to Valero Energy through several channels, though the extent of this threat would depend on various factors.
1. Substitution: AI advancements could lead to the development of alternative energy sources or more efficient energy technologies, such as battery storage or hydrogen fuel. As these technologies improve, they might provide cheaper and more sustainable alternatives to traditional petroleum-based products. If consumer and industrial preferences shift towards these alternatives, Valero could face reduced demand for its products.
2. Disintermediation: The rise of AI technologies could affect the petroleum supply chain by enabling more direct connections between producers, consumers, and retailers. AI-driven platforms can streamline the distribution of energy products, potentially reducing the role of traditional intermediaries. This could challenge Valero’s business model and market positioning, especially if new entrants leverage AI to offer more efficient, cost-effective solutions.
3. Margin Pressure: The integration of AI in energy production and management could lead to increased competition and lower operational costs for rivals. If competitors adopt AI technologies to enhance efficiency in refining, logistics, or energy trading, they may be able to offer lower prices, leading to margin pressure for Valero. The company’s ability to maintain profitability will depend on its capacity to innovate and adopt similar technologies.
In summary, while AI presents opportunities for efficiency and innovation, it also poses potential threats related to substitution, disintermediation, and margin pressure. Valero Energy must remain vigilant and adapt to these changes to protect its market position.

Valero Energy’s earnings, cash flow, and valuation are sensitive to changes in interest rates due to its operations in the energy sector, particularly as a refiner and marketer of transportation fuels and petrochemical products. Here are some key factors to consider:
1. Cost of Capital: Higher interest rates increase the cost of borrowing for Valero. This can impact its financial flexibility, capital expenditures, and ability to finance new projects or expansions. Increased borrowing costs may lead to lower profitability if the company takes on more debt to maintain operations.
2. Investment Valuation: Valero’s valuation can be affected by interest rates through the discounting of future cash flows. Higher rates generally lead to a higher discount rate, lowering the present value of expected future earnings. This can result in a decrease in valuation multiples.
3. Consumer Demand: Rising interest rates can lead to higher borrowing costs for consumers and businesses. This might reduce demand for fuel and petrochemical products as spending decreases. Lower demand can negatively impact Valero’s sales and revenue, thereby affecting earnings and cash flow.
4. Refining Margins: Changes in interest rates can influence refining margins, as they may affect commodity prices such as crude oil. For example, if interest rates rise sharply and slow down economic growth, demand for crude oil and refined products could decrease, adversely affecting Valero’s refining margins.
5. Cash Flow Management: Valero may experience tighter cash flow management if interest rates increase, particularly if existing debts come with variable interest rates. This can affect operational liquidity and the company’s ability to respond effectively to market fluctuations.
Overall, while Valero Energy’s operations are influenced by many factors, changes in interest rates can significantly impact its earnings, cash flow, and overall valuation due to their effect on financing costs, consumer demand, and market dynamics.

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvWE g4bWM4QWhB SlhyWHFYVW RQdWcud2Vi cCIgYWx0PS JWYWxlcm8g RW5lcmd5Ii B0aXRsZT0i VmFsZXJvIE VuZXJneSIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD05MCB3 aWR0aD05MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BWYWxlcm8g RW5lcmd5Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+GkyBEaX Njb3ZlciA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IOKAlCBm cmVlIGVCb2 9rIQogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1ZtRnNa WCBKdklFVn VaWEpuIGVT QkRiM0p3Yj MgSmhkR2x2 YmlCcCBjeU JoSUcxMWJI IFJwYm1GMG FXOXUgWVd3 Z1pXNWxjbS BkNUlHTnZi WEJoIGJua2 dZbUZ6Wlcg UWdhVzRnVT JGdSBJRUZ1 ZEc5dWFXID hzSUZSbGVH RnogTENCVl UwRXVJRSBs MElHbHpJR0 4xIGNuSmxi blJzZVMgQj BhR1VnYkdG eSBaMlZ6ZE NCcGJtIFJs Y0dWdVpHVn UgZENCdmFX d2djbSBWbW FXNWxjaUJw IGJpQjBhR1 VnZDIgOXli R1FzSUhkcC BkR2dnYjNC bGNtIEYwYV c5dWN5QnAg YmlCMGFHVW dWVyA1cGRH VmtJRk4wIF lYUmxjeXdn UTIgRnVZV1 JoTENCMCBh R1VnUTJGeW FXIEppWldG dUxDQjAgYU dVZ1ZXNXBk RyBWa0lFdH BibWRrIGIy MHNJR0Z1Wk MgQkpjbVZz WVc1ayBMan hpY2o0eUxp IEJVYUdVZ1 kyOXQgY0dG dWVTQjNZWC BNZ1ptOTFi bVJsIFpDQn BiaUF4T1Qg Z3dJR0Z6SU ZaaCBiR1Z5 YnlCU1pXIF pwYm1sdVp5 QmggYm1RZ1 RXRnlhMiBW MGFXNW5JRU 52IGJYQmhi bmtnWW4ga2 dZU0J6YldG cyBiQ0JuY2 05MWNDIEJ2 WmlCcGJuWm wgYzNSdmNu TXNJRyBKMW RDQnBkQ0Jv IFlYTWdjWF ZwWTIgdHNl U0JuY205My BiaUIwYUhK dmRXIGRvSU dFZ2MyVnkg YVdWeklHOW 1JSCBOMGNt RjBaV2RwIF l5QmhZM0Yx YVggTnBkR2 x2Ym5NZyBZ WE1nZDJWc2 JDIEJoY3lC dVpYY2cgWT I5dWMzUnlk VyBOMGFXOX VJSEJ5IGIy cGxZM1J6TG ogeGljajR6 TGlCVSBhR1 VnYm1GdFpT IERpZ0p4V1 lXeGwgY20v aWdKMGdkMi BGeklHTm9i M05sIGJpQm laV05oZFgg TmxJR2wwSU cxbCBZVzV6 SU9LQW5IIF poYkdsaGJu VGkgZ0owZ2 IzSWc0byBD Y2MzUnliMj VuIDRvQ2RJ R2x1SUYgTn dZVzVwYzJn dSBJRlJvWl NCamIyIDF3 WVc1NUlIZG ggYm5SbFpD QmhJRyA1aG JXVWdkR2ho IGRDQjNiM1 ZzWkMgQnla V1pzWldOMC BJR2wwY3lC a1pYIFJsY2 0xcGJtRjAg YVc5dUlHRn VaQyBCa1pX UnBZMkYwIG FXOXVJSFJ2 SUggTjFZMk 5sYzNNdSBQ R0p5UGpRdU lGIFpoYkdW eWJ5QjMgWV hNZ2IyNWxJ RyA5bUlIUm 9aU0JtIFpY Y2dZMjl0Y0 cgRnVhV1Z6 SUhSdiBJSE 4xWTJObGMz IE5tZFd4c2 VTQnUgWVha cFoyRjBaUy BCMGFHVWdi MmxzIElHTn lhWE5wY3kg QnZaaUIwYU dVZyBNVGs0 TUhNc0lHIF IxWlNCMGJ5 QnAgZEhNZ2 JHOTNMVyBO dmMzUXNJR2 hwIFoyZ3Ra V1ptYVcgTn BaVzVqZVNC diBjR1Z5WV hScGIyIDV6 SUdGdVpDQn AgZEhNZ2Nt OWlkWCBOME lHWnBibUZ1 IFkybGhiQ0 J6ZEggSjFZ M1IxY21VdS BQR0p5UGpV dUlGIFJvWl NCamIyMXcg WVc1NTRvQ1 pjeSBCbWFY SnpkQ0J0IF lXcHZjaUJo WTMgRjFhWE 5wZEdsdiBi aUIzWVhNZ2 RHIGhsSUhC MWNtTm8gWV hObElHOW1J SCBSb1pTQk RiM0p3IGRY TWdRMmh5YV ggTjBhU0J5 WldacCBibV Z5ZVNCcGJp IEJVWlhoaG N5QnAgYmlB eE9UZ3hMaS BCVWFHbHpJ R0psIFkyRn RaU0JXWVcg eGxjbS9pZ0 pseiBJR1pz WVdkemFHIG x3SUhKbFpt bHUgWlhKNU lHRnVaQyBC c1lXbGtJSF JvIFpTQm1i M1Z1WkcgRj BhVzl1SUda diBjaUJwZE hNZ1puIFYw ZFhKbElHZH kgYjNkMGFD NDhZbiBJK0 5pNGdWbUZz IFpYSnZJR0 psWTIgRnRa U0JoSUhCMS BZbXhwWTJ4 NUlIIFJ5WV dSbFpDQmog YjIxd1lXNT VJRyBsdUlE RTVPVGNzIE lHRnVaQ0Iz YVggUm9hVz RnWVNCNSBa V0Z5TENCcG RIIE1nYzNS dlkyc2cgY0 hKcFkyVWdh RyBGa0lHMX ZjbVVnIGRH aGhiaUJrYj MgVmliR1Zr SUdSMSBaU0 IwYnlCcGRI IE1nYzNSeW IyNW4gSUhC bGNtWnZjbS AxaGJtTmxJ R0Z1IFpDQn diM1JsYm4g UnBZV3dnWm 05eSBJR1ox ZEhWeVpTIE JuY205M2RH Z3UgUEdKeV BqY3VJRSBs dUlESXdNRE VzIElGWmhi R1Z5YnkgQj NZWE1nZEdo bCBJR1pwY2 5OMElHIDV2 YmkxcGJuUm wgWjNKaGRH VmtJRiBVdV V5NGdjbVZt IGFXNWxjaU IwYnkgQmxi blJsY2lCMC BhR1VnUlhW eWIzIEJsWV c0Z2JXRnkg YTJWMExDQj NhWCBSb0lI Um9aU0JoIF kzRjFhWE5w ZEcgbHZiaU J2WmlCMCBh R1VnYjJsc0 lHIE52YlhC aGJua2cgVl d4MGNtRnRZ WCBJZ1JHbG hiVzl1IFpD QlRhR0Z0Y2 0gOWpheTRn VkdocCBjeU JsZUhCaGJu IE5wYjI0Z1 oyRjIgWlNC V1lXeGxjbS A4Z1lXTmpa WE56IElIUn ZJRzVsZHkg QnRZWEpyWl hSeiBJR0Z1 WkNCcGJtIE 55WldGelpX UWcgYVhSek lISmxabSBs dWFXNW5JR0 5oIGNHRmph WFI1SUcgSj VJRzkyWlhJ ZyBNekF3TE RBd01DIEJp WVhKeVpXeH ogSUhCbGNp QmtZWCBrdV BHSnlQamd1 IElGWmhiR1 Z5YnkgQjNZ WE1nYjI1bC BJRzltSUhS b1pTIEIwYj NBZ01qQWcg WTI5dGNHRn VhVyBWeklH OXVJSFJvIF pTQkdiM0ow ZFcgNWxJRF V3TUNCcyBh WE4wSUdsdU lEIEl3TURn c0lIZHAgZE dnZ2NtVjJa VyA1MVpYTW diMllnIGJX OXlaU0IwYU cgRnVJQ1F4 TWpBZyBZbW xzYkdsdmJp IDQ4WW5JK0 9TNGcgU1c0 Z1lXUmthWC BScGIyNGdk RzhnIGFYUn pJSEpsWm0g bHVhVzVuSU c5dyBaWEpo ZEdsdmJuIE 1zSUZaaGJH VnkgYnlCaG JITnZJRyBo aGN5QmhJSE psIGJtVjNZ V0pzWlMgQm 1kV1ZzY3lC ayBhWFpwYz JsdmJpIHdn ZDJocFkyZ2 cgY0hKdlpI VmpaWCBNZ1 pYUm9ZVzV2 IGJDQmhibV FnWW0gbHZa R2xsYzJWcy BMaUJVYUds eklHIFJwZG 1semFXOXUg SUdoaGN5Qm 9aVyB4d1pX UWdkR2hsIE lHTnZiWEJo Ym4ga2dZbV ZqYjIxbCBJ R0VnYkdWaF pHIFZ5SUds dUlIQnkgYj JSMVkybHVa eSBCc2IzY3 RZMkZ5IFlt OXVJSEpsYm 0gVjNZV0pz WlNCbSBkV1 ZzY3k0OFlu IEkrTVRBdU lFUmwgYzNC cGRHVWdhWC BSeklITjFZ Mk5sIGMzTX NJRlpoYkcg VnlieUJvWV hNZyBabUZq WldRZ1kzIE pwZEdsamFY TnQgSUdadm NpQnBkSCBN Z1pXNTJhWE p2IGJtMWxi blJoYkMgQn laV052Y21R dSBJRlJvWl NCamIyIDF3 WVc1NUlHaG ggY3lCaVpX VnVJSCBOMV pXUWdiWFZz IGRHbHdiR1 VnZEcgbHRa WE1nWm05eS BJSFpwYjJ4 aGRHIGx1Wn lCbGJXbHog YzJsdmJuTW dZVyA1a0lI QnZiR3gxIG RHbHZiaUJ6 ZEcgRnVaR0 Z5WkhNcyBJ R0Z1WkNCb1 lYIE1nWW1W bGJpQjAgYU dVZ2MzVmlh bSBWamRDQn ZaaUJ1IGRX MWxjbTkxY3 kgQndjbTkw WlhOMCBjeU JoYm1RZ1ky IEZ0Y0dGcF oyNXogSUdK NUlHVnVkbS BseWIyNXRa VzUwIFlXd2 daM0p2ZFgg QnpManhpY2 o0PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=