Hess Midstream LP

Live  

Hess Midstream LP is a master limited partnership (MLP) that focuses on providing a range of midstream services to the oil and gas industry, particularly in the United States. The company is primarily involved in the transportation, processing, and storage of crude oil and natural gas in key production areas.
Hess Midstream operates assets in several core regions, including the Bakken Shale in North Dakota, where it plays a significant role in supporting the production and transportation of crude oil. The company manages a network of pipelines, processing facilities, and storage terminals, allowing it to offer integrated services to upstream oil and gas producers.
As an MLP, Hess Midstream is structured to provide tax advantages to its investors, typically distributing a significant portion of its earnings in the form of quarterly distributions. The company is known for its stable cash flows, driven by long-term contracts with its customers, which help mitigate market volatility.
Hess Corporation, a major integrated energy company, is a key stakeholder in Hess Midstream, and its operational activities are closely linked with the midstream assets operated by Hess Midstream.
The company is committed to maintaining high safety and environmental standards in its operations, as well as investing in technology and infrastructure to enhance efficiency and reduce emissions.
Investors often view Hess Midstream as an attractive option for exposure to the midstream sector, particularly due to its connection with a leading exploration and production company and its strategic position in important oil-producing regions.

Hess Midstream LP is a company that helps move oil and natural gas from one place to another. Imagine if you had a lemonade stand and needed to get lemon juice and sugar from a store to make your lemonade. Hess Midstream does something similar but with oil and gas instead of lemonade.
Here’s how the company makes money:
1. Transportation: Hess Midstream has special pipes and trucks that carry oil and gas. When companies want to move their oil and gas, they pay Hess Midstream to use these pipes and trucks.
2. Processing: Sometimes, oil and gas need to be cleaned or changed to be used properly. Hess Midstream has facilities that process this oil and gas, and they charge for that service too.
3. Storage: They also have tanks to hold oil and gas when it’s not being moved right away. Companies pay Hess Midstream to keep their oil and gas safe in these tanks.
Now, why is Hess Midstream successful? There are a few reasons:
1. Growing Demand: More people around the world need oil and gas for energy. As countries grow and develop, they use more energy, so there’s a big need for companies like Hess Midstream.
2. Strong Partnerships: Hess Midstream works closely with other companies, and having good relationships helps them do well. When companies trust Hess Midstream, they will keep using their services.
3. Stable Business: Oil and gas are important for many things, so even when times are tough, people and businesses still need energy. This stability helps Hess Midstream keep earning money.
Looking to the future, Hess Midstream is likely to stay successful because:
1. Investing in Technology: The company tries to improve how it works by using new technology. This can help them do things faster and cheaper.
2. Environmental Focus: People are becoming more aware of the environment. Hess Midstream is looking at ways to transport energy that are better for the Earth, which can bring in new customers who care about being green.
3. Expanding Operations: As they grow and find more oil and gas fields to work with, they will have more opportunities to provide their services.
So, in simple terms, Hess Midstream LP is like a delivery and processing company for oil and gas, and it continues to do well by meeting the needs of a world that needs energy!

SGVzcyBNaW RzdHJlYW0g TFAgaXMgbm 90YWJsZSBm b3Igc2V2ZX JhbCByZWFz b25zOjxicj 4xLiA8c3Ry b25nPkludG VncmF0aW9u IHdpdGggSG VzcyBDb3Jw b3JhdGlvbj wvc3Ryb25n PjogSXQgb3 BlcmF0ZXMg YXMgYSBtaW RzdHJlYW0g cHJvdmlkZX IgaW4gdGhl IG9pbCBhbm QgZ2FzIHNl Y3RvciBhbm QgaXMgY2xv c2VseSB0aW VkIHRvIEhl c3MgQ29ycG 9yYXRpb24s IGEgbWFqb3 IgaW5kZXBl bmRlbnQgZX hwbG9yYXRp b24gYW5kIH Byb2R1Y3Rp b24gY29tcG FueS4gVGhp cyByZWxhdG lvbnNoaXAg cHJvdmlkZX MgaXQgd2l0 aCBhIHN0ZW FkeSBmbG93 IG9mIHJlc2 91cmNlcyBh bmQgZGVtYW 5kcy48YnI+ Mi4gPHN0cm 9uZz5HZW9n cmFwaGljIE ZvY3VzPC9z dHJvbmc+Oi BUaGUgY29t cGFueSBwcm ltYXJpbHkg b3BlcmF0ZX MgaW4gdGhl IEJha2tlbi BTaGFsZSBm b3JtYXRpb2 4gbG9jYXRl ZCBpbiBOb3 J0aCBEYWtv dGEuIFRoaX MgcmVnaW9u IGlzIGtub3 duIGZvciBp dHMgaGlnaC 1xdWFsaXR5 IGNydWRlIG 9pbCBwcm9k dWN0aW9uLC BtYWtpbmcg SGVzcyBNaW RzdHJlYW0g YSBjcnVjaW FsIHBsYXll ciBpbiB0aG Ugc3VwcGx5 IGNoYWluIG luIHRoYXQg YXJlYS48Yn I+My4gPHN0 cm9uZz5EaX ZlcnNlIFNl cnZpY2VzPC 9zdHJvbmc+ OiBIZXNzIE 1pZHN0cmVh bSBvZmZlcn MgYSByYW5n ZSBvZiBzZX J2aWNlcywg aW5jbHVkaW 5nIGdhdGhl cmluZywgcH JvY2Vzc2lu Zywgc3Rvcm FnZSwgYW5k IHRyYW5zcG 9ydGF0aW9u IG9mIGh5ZH JvY2FyYm9u cy4gVGhpcy BkaXZlcnNp ZmljYXRpb2 4gaGVscHMg bWl0aWdhdG Ugcmlza3Mg YXNzb2NpYX RlZCB3aXRo IGZsdWN0dW F0aW9ucyBp biBjb21tb2 RpdHkgcHJp Y2VzIGFuZC BtYXJrZXQg Y29uZGl0aW 9ucy48YnI+ NC4gPHN0cm 9uZz5TdHJv bmcgRmluYW 5jaWFsIFBy b2ZpbGU8L3 N0cm9uZz46 IFRoZSBjb2 1wYW55IGhh cyBkZW1vbn N0cmF0ZWQg YSBoaXN0b3 J5IG9mIHN0 cm9uZyBmaW 5hbmNpYWwg cGVyZm9ybW FuY2UgYW5k IGNhc2ggZm xvdyBnZW5l cmF0aW9uLC B3aGljaCBp cyBhdHRyYW N0aXZlIHRv IGludmVzdG 9ycyBzZWVr aW5nIHJlbG lhYmxlIHJl dHVybnMuIE l0IG9mdGVu IHByaW9yaX RpemVzIGEg c3RhYmxlIG Rpc3RyaWJ1 dGlvbiBtb2 RlbCwgYXBw ZWFsaW5nIH RvIGluY29t ZS1mb2N1c2 VkIGludmVz dG9ycy48Yn I+NS4gPHN0 cm9uZz5Hcm 93dGggT3Bw b3J0dW5pdG llczwvc3Ry b25nPjogSG VzcyBNaWRz dHJlYW0gaX MgcG9zaXRp b25lZCBmb3 IgZ3Jvd3Ro IGR1ZSB0by BvbmdvaW5n IGRldmVsb3 BtZW50cyBp biB0aGUgQm Fra2VuIHJl Z2lvbiwgaW 5jbHVkaW5n IGluY3JlYX NlZCBwcm9k dWN0aW9uIG FuZCBkZW1h bmQgZm9yIG 1pZHN0cmVh bSBzZXJ2aW Nlcy4gVGhl IGNvbXBhbn kgaXMgYWxz byBpbnZlc3 RpbmcgaW4g aW5mcmFzdH J1Y3R1cmUg dG8gc3VwcG 9ydCBmdXR1 cmUgZXhwYW 5zaW9uLjxi cj42LiA8c3 Ryb25nPlN1 c3RhaW5hYm lsaXR5IElu aXRpYXRpdm VzPC9zdHJv bmc+OiBUaG UgY29tcGFu eSBpcyBpbm NyZWFzaW5n bHkgZm9jdX Npbmcgb24g ZW52aXJvbm 1lbnRhbCBz dXN0YWluYW JpbGl0eSBh bmQgcmVkdW NpbmcgdGhl IGNhcmJvbi Bmb290cHJp bnQgb2YgaX RzIG9wZXJh dGlvbnMsIG FsaWduaW5n IHdpdGggYn JvYWRlciBp bmR1c3RyeS BhbmQgc29j aWV0YWwgdH JlbmRzIHRv d2FyZCBjbG VhbmVyIGVu ZXJneSBwcm FjdGljZXMu PGJyPk92ZX JhbGwsIEhl c3MgTWlkc3 RyZWFtIExQ IHN0YW5kcy BvdXQgaW4g dGhlIG1pZH N0cmVhbSBz ZWN0b3IgZH VlIHRvIGl0 cyBzdHJhdG VnaWMgcGFy dG5lcnNoaX BzLCBvcGVy YXRpb25hbC BlZmZpY2ll bmN5LCBhbm QgY29tbWl0 bWVudCB0by Bncm93dGgg YW5kIHN1c3 RhaW5hYmls aXR5Ljxicj 4=

SGVzcyBNaW RzdHJlYW0g TFAgb3Blcm F0ZXMgcHJp bWFyaWx5IG luIHRoZSBt aWRzdHJlYW 0gc2VjdG9y IG9mIHRoZS BvaWwgYW5k IGdhcyBpbm R1c3RyeS4g SXRzIGJ1c2 luZXNzIG1v ZGVsIHJldm 9sdmVzIGFy b3VuZCBwcm 92aWRpbmcg dHJhbnNwb3 J0YXRpb24s IHN0b3JhZ2 UsIGFuZCBw cm9jZXNzaW 5nIHNlcnZp Y2VzIGZvci BjcnVkZSBv aWwsIG5hdH VyYWwgZ2Fz LCBhbmQgbm F0dXJhbCBn YXMgbGlxdW lkcy4gVGhl IGNvbXBhbn kgZm9jdXNl cyBvbiB0aH JlZSBtYWlu IHNlZ21lbn RzOiA8YnI+ MS4gPHN0cm 9uZz5HYXRo ZXJpbmcgYW 5kIFByb2Nl c3Npbmc8L3 N0cm9uZz46 IEhlc3MgTW lkc3RyZWFt IGNvbGxlY3 RzIGNydWRl IG9pbCBhbm QgbmF0dXJh bCBnYXMgZn JvbSBwcm9k dWN0aW9uIH NpdGVzIGFu ZCBkZWxpdm VycyBpdCB0 byBwcm9jZX NzaW5nIGZh Y2lsaXRpZX MuIFRoaXMg c2VnbWVudC BpbmNsdWRl cyB0aGUgb3 BlcmF0aW9u IG9mIHBpcG VsaW5lcyBh bmQgaW5mcm FzdHJ1Y3R1 cmUgdG8gZm FjaWxpdGF0 ZSB0aGUgZW ZmaWNpZW50 IG1vdmVtZW 50IG9mIGh5 ZHJvY2FyYm 9ucy48YnI+ Mi4gPHN0cm 9uZz5UcmFu c3BvcnRhdG lvbjwvc3Ry b25nPjogVG hlIGNvbXBh bnkgb3Blcm F0ZXMgYSBu ZXR3b3JrIG 9mIHBpcGVs aW5lcyBhbm QgdHJhbnNw b3J0YXRpb2 4gc2Vydmlj ZXMgdGhhdC Btb3ZlIGNy dWRlIG9pbC BhbmQgbmF0 dXJhbCBnYX MgdG8gcmVm aW5lcmllcy BhbmQgbWFy a2V0cy4gVG hpcyBlbnN1 cmVzIHRoYX QgcHJvZHVj ZXJzIGNhbi BnZXQgdGhl aXIgcHJvZH VjdHMgdG8g d2hlcmUgdG hleSBhcmUg bmVlZGVkLC B3aGljaCBp cyBjcnVjaW FsIGZvciBt YWludGFpbm luZyBzdXBw bHkgY2hhaW 5zLjxicj4z LiA8c3Ryb2 5nPlRlcm1p bmFsaW5nIG FuZCBTdG9y YWdlPC9zdH Jvbmc+OiBI ZXNzIE1pZH N0cmVhbSBw cm92aWRlcy BzdG9yYWdl IHNvbHV0aW 9ucyBmb3Ig Y3J1ZGUgb2 lsIGFuZCBu YXR1cmFsIG dhcyBsaXF1 aWRzLCBhbG xvd2luZyBw cm9kdWNlcn MgdG8gbWFu YWdlIGludm VudG9yeSBh bmQgbG9naX N0aWNhbCBj aGFsbGVuZ2 VzLiBUaGUg dGVybWluYW wgZmFjaWxp dGllcyBoZW xwIGJ1ZmZl ciBmbHVjdH VhdGlvbnMg aW4gcHJvZH VjdGlvbiBh bmQgZGVtYW 5kLjxicj5U aGUgY29tcG FueSB0eXBp Y2FsbHkgb3 BlcmF0ZXMg dW5kZXIgbG 9uZy10ZXJt LCBmZWUtYm FzZWQgY29u dHJhY3RzIH dpdGggcHJv ZHVjZXJzLC B3aGljaCBw cm92aWRlcy BzdGFibGUs IHJlY3Vycm luZyByZXZl bnVlLiBUaG lzIGJ1c2lu ZXNzIG1vZG VsIGFsbG93 cyBIZXNzIE 1pZHN0cmVh bSB0byBmb2 N1cyBvbiBt YWludGFpbm luZyBpbmZy YXN0cnVjdH VyZSBhbmQg bWF4aW1pem luZyBvcGVy YXRpb25hbC BlZmZpY2ll bmN5IHdoaW xlIG1pbmlt aXppbmcgZG lyZWN0IGV4 cG9zdXJlIH RvIGNvbW1v ZGl0eSBwcm ljZSBmbHVj dHVhdGlvbn MuIEFkZGl0 aW9uYWxseS wgdGhlIGNv bXBhbnkgb2 Z0ZW4gY29s bGFib3JhdG VzIGNsb3Nl bHkgd2l0aC BpdHMgcGFy ZW50IGNvbX BhbnksIEhl c3MgQ29ycG 9yYXRpb24s IGxldmVyYW dpbmcgc3lu ZXJnaWVzIG luIG9wZXJh dGlvbnMgYW 5kIGNhcGl0 YWwgaW52ZX N0bWVudHMu IE92ZXJhbG wsIEhlc3Mg TWlkc3RyZW FtIGFpbXMg dG8gcHJvdm lkZSByZWxp YWJsZSBtaW RzdHJlYW0g c2VydmljZX MgdGhhdCBz dXBwb3J0IH RoZSBicm9h ZGVyIGVuZX JneSBzdXBw bHkgY2hhaW 4uPGJyPg==

AI’s impact on Hess Midstream LP, which operates in the midstream oil and gas sector, can be analyzed through several lenses:
1. Substitution: AI does not directly substitute the physical infrastructure and services provided by Hess Midstream, such as transportation, processing, and storage of oil and gas. However, advancements in AI and machine learning can lead to more efficient energy solutions, such as alternative energy sources and enhanced energy storage technologies. These innovations could shift focus away from traditional hydrocarbobased energy, potentially affecting demand for Hess Midstream’s services if the energy landscape changes significantly.
2. Disintermediation: AI can streamline operations and reduce dependency on traditional midstream services by optimizing logistics and supply chain management. If AI-enabled platforms enable producers to manage their own transportation and storage efficiently, this could reduce reliance on companies like Hess Midstream. However, given the complexity and regulatory requirements in the oil and gas sector, complete disintermediation is less likely in the near term, although partial disintermediation in certain market segments could occur.
3. Margin Pressure: AI-driven efficiencies can lead to lower operational costs for energy producers. If Hess Midstream cannot adopt AI technologies at a comparable pace, it may face margin pressure as competitors leverage AI to cut costs and improve service delivery. Additionally, if innovations result in decreased demand for fossil fuels or shift the competitive landscape dramatically, Hess Midstream might experience decreased pricing power and pressure on margins.
In summary, while AI presents challenges that could affect Hess Midstream’s competitive positioning and margins, the core reliance on physical midstream services makes an immediate material threat less direct. However, the company must stay proactive in integrating AI and other technological advancements to remain competitive in a rapidly evolving energy landscape.

Hess Midstream LP, like many companies, can experience sensitivity to changes in interest rates through several key channels:
1. Debt Service Costs: If Hess Midstream has variable-rate debt, an increase in interest rates will lead to higher interest expenses, which can reduce net income and cash flow. Conversely, lower interest rates may decrease debt service costs, improving profitability.
2. Capital Expenditures: Interest rates influence the cost of financing new projects. Higher rates can make it more expensive for Hess Midstream to finance capital expenditures, potentially leading to delayed projects or reduced growth. Lower rates could encourage more investment.
3. Discount Rate for Valuation: In discounted cash flow (DCF) models, higher interest rates typically increase the discount rate, which can reduce the present value of future cash flows, negatively impacting valuation. A decrease in interest rates would have the opposite effect, possibly enhancing the company’s value.
4. Impact on Demand: Changes in interest rates can also affect economic activity and, consequently, the demand for energy and midstream services. Higher rates may slow economic growth, impacting volumes flowed and, ultimately, revenues.
5. Investor Sentiment: Higher interest rates can lead investors to seek higher yields from fixed income investments, which could decrease the attractiveness of dividend-paying stocks like Hess Midstream. This could lead to price volatility or declines in equity valuation.
In summary, while Hess Midstream may not be the most interest rate-sensitive operator in the sector, fluctuations in interest rates can have a notable impact on its financial performance and valuation through debt costs, investment decisions, and market perceptions.

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 bG9nb3Mvdk hiRHV6NXN2 TkRkZ3FpQ0 swbUcud2Vi cCIgYWx0PS JIZXNzIE1p ZHN0cmVhbS BMUCIgdGl0 bGU9Ikhlc3 MgTWlkc3Ry ZWFtIExQIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTkwIH dpZHRoPTkw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IEhlc3MgTW lkc3RyZWFt IExQPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T pSBHZXQgb3 VyIGZyZWUg ZUJvb2sgbm 93OiA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBTR1Z6Y3 lCTmFXIFJ6 ZEhKbFlXMG cgVEZBZ2FY TWdZUyBCem FXZHVhV1pw IFkyRnVkQ0 J3YkcgRjVa WElnYVc0Zy BkR2hsSUdW dVpYIEpuZV NCelpXTjAg YjNJc0lIQm hjbiBScFkz VnNZWEpzIG VTQnBiaUIw YUcgVWdiV2 xrYzNSeSBa V0Z0SUhObF oyIDFsYm5R c0lIZG8gYV dOb0lHbHVk bSA5c2RtVn pJSFJvIFpT QjBjbUZ1Yz MgQnZjblJo ZEdsdiBiaX dnYzNSdmNt IEZuWlN3Z1 lXNWsgSUhC eWIyTmxjMy BOcGJtY2di MllnIGFIbG tjbTlqWVgg SmliMjV6TG lCSSBaWEps SUdGeVpTIE J6YjIxbElH bHUgZEdWeV pYTjBhVyA1 bklHWmhZM1 J6IElHRmli M1YwSUggUm 9aU0JqYjIx dyBZVzU1T2 p4aWNqIDR4 TGlCR2IzSn QgWVhScGIy NDZJRSBobG MzTWdUV2xr IGMzUnlaV0 Z0SUUgeFFJ SGRoY3lCbS BiM0p0WldR Z1lYIE1nWV NCd1lYSjAg SUc5bUlFaG xjMyBNZ1Ey OXljRzl5IF lYUnBiMjdp Z0ogbHpJSE 4wY21GMCBa V2Q1SUhSdk lIIE5sY0dG eVlYUmwgSU dsMGN5QnRh VyBSemRISm xZVzBnIGIz QmxjbUYwYV cgOXVjeUJt Y205dCBJR2 wwY3lCMWNI IE4wY21WaG JTQmggWTNS cGRtbDBhVy BWekxDQmhi R3h2IGQybH VaeUJtYjMg SWdiVzl5Wl NCbSBiMk4x YzJWa0lHIG x1ZG1WemRH MWwgYm5Sek lHRnVaQyBC dFlXNWhaMl Z0IFpXNTBM anhpY2ogNH lMaUJUZEhK MSBZM1IxY2 1VNklGIFJv WlNCamIyMX cgWVc1NUlH OXdaWCBKaG RHVnpJR0Z6 IElHRWdiV0 Z6ZEcgVnlJ R3hwYldsMC BaV1FnY0dG eWRHIDVsY2 5Ob2FYQWcg S0UxTVVDa3 NJSCBkb2FX Tm9JSEJ5IG IzWnBaR1Z6 SUggUmhlQ0 JpWlc1bCBa bWwwY3lCMG J5IEJwYm5a bGMzUnYgY2 5NZ2QyaHBi RyBVZ1ptRm phV3hwIGRH RjBhVzVuSU cgTmhjR2ww WVd3ZyBjbU ZwYzJsdVp5 IEJtYjNJZ1 ozSnYgZDNS b0lIQnliMi BwbFkzUnpM anhpIGNqNH pMaUJMWlgg a2dRWE56Wl hSeiBPaUJJ WlhOeklFID FwWkhOMGNt VmggYlNCaW IyRnpkSCBN Z1lTQmthWF psIGNuTnBa bWxsWkMgQn diM0owWm05 cyBhVzhnYj JZZ2JXIGxr YzNSeVpXRn QgSUdGemMy VjBjeSB3Z2 FXNWpiSFZr IGFXNW5JR2 RoZEcgaGxj bWx1WnlCaC BibVFnY0hK dlkyIFZ6Yz JsdVp5Qm0g WVdOcGJHbD BhVyBWekxD QjBjbUZ1IG MzQnZjblJo ZEcgbHZiaU J3YVhCbCBi R2x1WlhNc0 lHIEZ1WkNC dVlYUjEgY2 1Gc0lHZGhj eSBCd2NtOW paWE56IGFX NW5JSEJzWV cgNTBjeXdn Y0hKcCBiV0 Z5YVd4NUlH IFp2WTNWel pXUWcgYVc0 Z2RHaGxJRS BKaGEydGxi aUJ6IGFHRn NaU0J3Ykcg RjVJR2x1SU U1diBjblJv SUVSaGEyID kwWVM0OFlu SSsgTkM0Z1 UzUnlZWCBS bFoybGpJRk JoIGNuUnVa WEp6YUcgbH djem9nVkdo bCBJR052Yl hCaGJuIGtn YVhNZ2FHVm ggZG1sc2VT QmhjMyBOdl kybGhkR1Zr IElIZHBkR2 dnU0cgVnpj eUJEYjNKdy BiM0poZEds dmJpIHdnZD JocFkyZ2cg YVhNZ1lTQn djbSA5dGFX NWxiblFnIG FXNWtaWEJs Ym0gUmxibl FnYjJscyBJ R0Z1WkNCbl lYIE1nWlho d2JHOXkgWV hScGIyNGdZ VyA1a0lIQn liMlIxIFkz UnBiMjRnWT IgOXRjR0Z1 ZVM0ZyBWR2 hwY3lCeVpX IHhoZEdsdm JuTm8gYVhB Z2NISnZkbS Bsa1pYTWdT R1Z6IGN5Qk 5hV1J6ZEgg SmxZVzBnZD JsMCBhQ0Jo SUhOMFlXIE pzWlNCamRY TjAgYjIxbG NpQmlZWCBO bElHRnVaQ0 JzIGIyNW5M WFJsY20gMG dZMjl1ZEhK aCBZM1J6TG p4aWNqIDQx TGlCUWRXSn MgYVdNZ1Qy Wm1aWCBKcG JtYzZJRWhs IGMzTWdUV2 xrYzMgUnla V0Z0SUhkbC BiblFnY0hW aWJHIGxqSU dsdUlHeGgg ZEdVZ01qQX hOQyBCaGJt UWdhR0Z6IE lITnBibU5s SUcgMWhhVz UwWVdsdSBa V1FnWVNCem RIIEp2Ym1j Z1ptbHUgWV c1amFXRnNJ SCBCbGNtWn ZjbTFoIGJt TmxMQ0J2Wm 4gUmxiaUJs YlhCbyBZWE 5wZW1sdVp5 IEJwZEhNZ1 kyOXQgYlds MGJXVnVkQy BCMGJ5Qnla WFIxIGNtNX BibWNnWTIg RndhWFJoYk NCMCBieUJw Ym5abGMzIF J2Y25NZ2RH aHkgYjNWbm FDQmpiMiA1 emFYTjBaVz UwIElHUnBj M1J5YVcgSj FkR2x2Ym5N dSBQR0p5UG pZdUlFIGR5 YjNkMGFDQk ogYm1sMGFX RjBhWCBabG N6b2dWR2hs IElHTnZiWE JoYm4ga2dh R0Z6SUdadi BZM1Z6WldR Z2IyIDRnYj NKbllXNXAg WXlCbmNtOT NkRyBnZ1lX NWtJR1Y0IG NHRnVjMmx2 YmkgQndjbT lxWldOMCBj eUIwYnlCcG JtIE55WldG elpTQnAgZE hNZ1kyRndZ VyBOcGRIa2 dZVzVrIElH Vm1abWxqYV cgVnVZM2tz SUdGcyBhV2 R1YVc1bklI IGRwZEdnZ2 RHaGwgSUds dVkzSmxZWC BOcGJtY2dj SEp2IFpIVm pkR2x2Ymkg Qm1jbTl0SU hSbyBaU0JD WVd0clpXID RnY21WbmFX OXUgTGp4aW NqNDNMaSBC RGIyMXRhWF J0IFpXNTBJ SFJ2SUYgTj FjM1JoYVc1 aCBZbWxzYV hSNU9pIEJJ WlhOeklFMX AgWkhOMGNt VmhiUyBCbG JYQm9ZWE5w IGVtVnpJR1 Z1ZG0gbHli MjV0Wlc1MC BZV3dnY21W emNHIDl1Yz JsaWFXeHAg ZEhrc0lHbH RjRyB4bGJX VnVkR2x1IF p5QnpkSEpo ZEcgVm5hV1 Z6SUhSdiBJ SEpsWkhWal pTIEJsYlds emMybHYgYm 5NZ1lXNWtJ RyBsdGNISn ZkbVVnIGIz QmxjbUYwYV cgOXVZV3dn WldabSBhV0 5wWlc1amVT IDQ4WW5JK0 9DNGcgUkds MmFXUmxibS BRZ1VHOXNh V041IE9pQl VhR1VnWTIg OXRjR0Z1ZV NCcCBjeUJy Ym05M2JpIE JtYjNJZ2FY UnogSUdOdm JXMXBkRyAx bGJuUWdkRz hnIGJXRnBi blJoYVcgNX BibWNnWVNC eiBkR0ZpYk dVZ1lXIDVr SUdkeWIzZH AgYm1jZ1pH bHpkSCBKcF luVjBhVzl1 IElHWnZjaU JwZEggTWdk VzVwZEdodi BiR1JsY25N c0lHIEZ3Y0 dWaGJHbHUg WnlCMGJ5Qn BibSBOdmJX VXRiM0pwIF pXNTBaV1Fn YVcgNTJaWE 4wYjNKeiBM anhpY2o0NU xpIEJKYm1S MWMzUnkgZV NCUWIzTnBk RyBsdmJqb2 dTR1Z6IGN5 Qk5hV1J6ZE ggSmxZVzBn YVhNZyBjbV ZqYjJkdWFY IHBsWkNCaG N5QnYgYm1V Z2IyWWdkRy BobElHeGxZ V1JwIGJtY2 diV2xrYzMg UnlaV0Z0SU c5dyBaWEpo ZEc5eWN5IE JwYmlCT2Iz SjAgYUNCQm JXVnlhVyBO aExDQmlaVz VsIFptbDBh VzVuSUcgWn liMjBnZEdo bCBJSEJ5Yj JSMVkzIFJw YjI0Z1ozSn YgZDNSb0lH bHVJSCBOb1 lXeGxJRzlw IGJDQmhibV FnWjIgRnpM anhpY2o0eC BNQzRnU1c1 dWIzIFpoZE dsdmJqb2cg VkdobElHTn ZiWCBCaGJu a2dhWE1nIF kyOXVkR2x1 ZFcgRnNiSG tnWlhodyBi Rzl5YVc1bk lIIFJsWTJo dWIyeHYgWj JsallXd2dh VyA1dWIzWm hkR2x2IGJu TWdZVzVrSU cgVnVhR0Z1 WTJWdCBaVz UwY3lCMGJ5 IEJwZEhNZ2 FXNW0gY21G emRISjFZMy BSMWNtVWdk RzhnIFltVj BkR1Z5SUgg TmxjblpsSU dsMCBjeUJq ZFhOMGIyID FsY25NZ1lX NWsgSUdsdG NISnZkbSBV Z2IzQmxjbU YwIGFXOXVZ V3dnY0cgVn labTl5YldG dSBZMlV1UE dKeVBsIFJv WlhObElHWm ggWTNSeklH bHNiSCBWem RISmhkR1Vn IFNHVnpjeU JOYVcgUnpk SEpsWVcwZy BURkRpZ0ps eklIIEpsYk dWMllXNWog WlNCcGJpQj BhRyBVZ1pX NWxjbWQ1IE lITmxZM1J2 Y2kgQmhibV FnYUdsbiBh R3hwWjJoME lHIGwwY3lC emRISmggZE dWbmFXTWdh VyA1cGRHbG hkR2wyIFpY TWdkRzhnWm 0gOXpkR1Z5 SUdkeSBiM2 QwYUNCaGJt IFFnYzNWem RHRnAgYm1G aWFXeHBkSC BrdVBHSnlQ Zz09CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==