Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the
“Company”, “we” or “us”), today announced financial and operating
results for the fourth quarter and year ended December 31,
2018.
Fourth Quarter 2018
Highlights
- Revenues of $41.2 million
- Increased 16% over fourth quarter
2017
- Average daily production of 10,454
Boepd(1)
- Increased 15% over fourth quarter 2017
while the oil component increased 27% over fourth quarter 2017
- Net income of $81.0 million
- Compared to $5.5 million in fourth
quarter 2017
- Net income attributable to Earthstone
Energy, Inc. of $36.1 million, or $1.26 per diluted share
- Compared to $2.3 million, or $0.09 per
diluted share in fourth quarter 2017
- Adjusted EBITDAX(2) of $23.9 million
- Increased 8% over fourth quarter
2017
Full Year 2018
Highlights
- Revenues of $165.4 million
- Increased by 53% over 2017
- Average daily production of 9,937
Boepd(1)
- Increased by 26% over 2017 while the
oil component increased 30% over 2017
- Net income of $95.2 million
- Compared to a net loss of $44.7 million
in 2017
- Net income attributable to Earthstone
Energy, Inc. of $42.3 million, or $1.50 per diluted share
- Compared to a net loss of $12.5
million, or a $0.53 loss per share in 2017
- Adjusted EBITDAX(2)(3) of $96.2 million
- Increased by 59% over 2017
(1) Represents reported sales volumes. (2) Adjusted EBITDAX
is a non-GAAP financial measure. See “Non-GAAP Financial Measures”
section below. (3) Includes a $4.7 million charge to expense
representing a lawsuit settlement. Adjusted EBITDAX has not been
increased to adjust for this charge in the period presented (see
“Non-GAAP Financial Measures” below).
Management Comments
Robert J. Anderson, President of Earthstone, stated, “2018 was a
very successful year for Earthstone as we keenly focused on
operating efficiencies and thereby generated low-cost reserve
additions and strong cash margins. We realized significant
improvement in every metric including production, revenues and
operating expenses, thus driving a 59% increase in Adjusted EBITDAX
to $96.2 million for the year. We also increased our proved
reserves by 24% with a finding and development cost of only $9.49
per Boe for extensions and discoveries. Considering that we have
only been operating in the Midland Basin for less than two years,
we are pleased with our accomplishments and the contributions of
all of our employees.
“For 2019, we have set high expectations for Earthstone as we
build on these successes. Our strong balance sheet, substantial
hedge position averaging over $65 per barrel of oil and positive
operating margins give us the confidence to increase our capital
budget by approximately 25%, allowing us the flexibility to
continue to demonstrate the quality of our acreage position through
the drill bit. Also, we intend to evaluate and pursue external
growth opportunities as we have in the past, to enhance our asset
base and grow our scale through acreage trades and acquisitions at
attractive valuations, while maintaining low leverage.
“We are executing a successful one-rig development program in
the Midland Basin and expect to continue our multi-year growth in
production, although our 2019 production profile is projected to
remain lumpy with a majority of the completions scheduled in the
second half of the year. We presently estimate that we will achieve
free cash flow in 2020 assuming we maintain our existing pace of
development and current commodity prices continue through such
time.”
Selected Financial Data
(unaudited)
($000s except where noted)
Three Months Ended December
31,
Years Ended December 31,
2018 2017 2018
2017 Total revenues 41,235 35,676 165,356
108,078 Lease operating expense 6,013 4,669
20,522 19,658 General and administrative expense (excluding
stock-based compensation)(1) 7,814 5,628 21,088 20,466 Stock-based
compensation (non-cash) 1,536 1,956 7,071 6,601 Total
general and administrative expense 9,350 7,584 28,159 27,067
Net income (loss) 80,986 5,497 95,213 (44,733 )
Less: Net income
(loss) attributable to noncontrolling interest 44,856 3,173
52,888 (32,219 )
Net income (loss) attributable to Earthstone
Energy, Inc. 36,130 2,324 42,325 (12,514 ) Net income (loss)
per common share(2) Basic 1.26 0.09 1.50 (0.53 ) Diluted 1.26 0.09
1.50 (0.53 ) Adjusted EBITDAX(3) 23,928 22,102 96,167 60,640
Production(4): Oil (MBbls) 674 529 2,370 1,828 Gas (MMcf) 728 933
3,610 3,260 NGL (MBbls) 167 150 655 500 Total (MBoe)(5) 962 834
3,627 2,872 Average Daily Production (Boepd) 10,454 9,071 9,937
7,869 Average Prices: Oil ($/Bbl) 52.92 54.34 59.40 48.43 Gas
($/Mcf) 1.57 2.62 2.05 2.69 NGL ($/Bbl) 26.60 30.01 26.23 21.51
Total ($/Boe) 42.87 42.75 45.59 37.63 Adj. for Realized Derivatives
Settlements: Oil ($/Bbl) 51.40 52.28 53.13 48.00 Gas ($/Mcf) 0.98
2.78 1.98 2.71 NGL ($/Bbl) 26.60 30.01 26.23 21.51 Total ($/Boe)
41.37 41.63 41.43 37.38 (1) Includes bonuses accrued of $2.4
million for 2018 but not paid until February 2019. (2) Net Income
(loss) per common share attributable to Earthstone Energy, Inc. (3)
See “Non-GAAP Financial Measures” section below. (4) Represents
reported sales volumes. (5) Barrels of oil equivalent have been
calculated on the basis of six thousand cubic feet (Mcf) of natural
gas equals one barrel of oil equivalent (Boe).
Financial Position
In November 2018, the Company had its borrowing base increased
to $275.0 million under its senior secured revolving credit
facility (“Credit Facility”). At December 31, 2018, the Company had
outstanding borrowings under its Credit Facility of $78.8 million
and a cash balance of approximately $0.4 million.
Capital Expenditures
During 2018, in addition to completing a strategic acreage trade
in October 2018 for $27.8 million, we incurred capital expenditures
of approximately $153.2 million, on an accrual basis, primarily
consisting of drilling and completion costs, of which $41.4 million
was incurred during the fourth quarter of 2018.
As previously reported, the Company has currently established a
2019 capital expenditure budget of $190 million.
Hedging Update
Subsequent to December 31, 2018, we unwound 730 MBbls of
Crude Oil Swaps at a weighted average contract price of $54.97/Bbl
and 92,000 MMBtu of Natural Gas Swaps at a weighted average
contract price of $2.87/MMBtu for 2019. Additionally, we unwound
668 MBbls of WTI Midland Argus Crude Basis Swaps at a weighted
average contract price of $(7.19) and 92,000 MMBtu of Natural Gas
WAHA Basis Swaps at a weighted average contract price of
$(1.07)/MMBtu for 2019. Accordingly, as of March 1, 2019, our
average crude oil swap prices for 2019 and 2020 are $65.67 and
$65.87, respectively.
The following tables set forth our outstanding derivative
contracts as of March 1, 2019 and December 31, 2018. When
aggregating multiple contracts, the weighted average contract price
is disclosed.
As of March 1, 2019:
Period Commodity Volume
(Bbls / MMBtu)
Price
($/Bbl / $/MMBtu)
2019 Crude Oil Swap 2,292,100 $65.67 2019 Crude Oil Basis Swap (1)
365,000 $4.50 2019 Crude Oil Basis Swap (2) 2,007,500 $(5.36) 2019
Natural Gas Swap 3,740,500 $2.86 2019 Natural Gas Basis Swap (3)
3,740,500 $(1.14) 2020 Crude Oil Swap 1,464,000 $65.87 2020 Crude
Oil Basis Swap (2) 1,464,000 $(2.74) 2020 Natural Gas Swap
2,562,000 $2.85 2020 Natural Gas Basis Swap (3) 2,562,000 $(1.07)
(1) The basis differential price is between LLS Argus Crude
and the WTI NYMEX. (2) The basis differential price is between WTI
Midland Argus Crude and the WTI NYMEX. (3) The basis differential
price is between W. Texas (WAHA) and the Henry Hub NYMEX.
As of December 31, 2018:
Period Commodity Volume
(Bbls / MMBtu)
Price
($/Bbl / $/MMBtu)
2019 Crude Oil Swap 3,022,100 $63.09 2019 Crude Oil Basis Swap (1)
365,000 $4.50 2019 Crude Oil Basis Swap (2) 2,675,500 $(5.81) 2019
Natural Gas Swap 3,832,500 $2.86 2019 Natural Gas Basis Swap (3)
3,832,500 $(1.14) 2020 Crude Oil Swap 1,464,000 $65.87 2020 Crude
Oil Basis Swap (2) 1,464,000 $(2.74) 2020 Natural Gas Swap
2,562,000 $2.85 2020 Natural Gas Basis Swap (3) 2,562,000 $(1.07)
(1) The basis differential price is between LLS Argus Crude
and the WTI NYMEX. (2) The basis differential price is between WTI
Midland Argus Crude and the WTI NYMEX. (3) The basis differential
price is between W. Texas (WAHA) and the Henry Hub NYMEX.
Conference Call Details
Earthstone is hosting a conference call on Wednesday, March 13,
2019 at 11:00 a.m. Eastern (10:00 a.m. Central) to discuss the
Company’s operations and financial results for the fourth quarter
and full year 2018 and its outlook for 2019. Prepared remarks by
Frank A. Lodzinski, Chief Executive Officer, Robert J. Anderson,
President, and Mark Lumpkin, Jr., Executive Vice President and
Chief Financial Officer will be followed by a question and answer
session.
Investors and analysts are invited to participate in the call by
dialing 877-407-6184 for domestic calls or 201-389-0877 for
international calls, in both cases asking for the Earthstone
conference call. A webcast will also be available through the
Company's website (www.earthstoneenergy.com). Please select "Events
& Presentations" under the "Investors" section of the Company's
website and log on at least 10 minutes in advance to register.
A replay of the call will be available on the Company’s website
and by telephone until 11:00 a.m. Eastern (10:00 a.m. Central),
Wednesday, March 27, 2019. The number for the replay is
877-660-6853 for domestic calls or 201-612-7415 for international
calls, using Replay ID: 13688462.
About Earthstone Energy,
Inc.
Earthstone Energy, Inc. is a growth-oriented, independent energy
company engaged in developing and operating oil and gas properties.
The Company’s assets are located in the Midland Basin of west Texas
and the Eagle Ford trend of south Texas. Earthstone is listed on
the NYSE under the symbol “ESTE”. For more information, visit the
Company’s website at www.earthstoneenergy.com.
Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”), and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Statements that are
not strictly historical statements constitute forward-looking
statements and may often, but not always, be identified by the use
of such words such as “expects,” “believes,” “intends,”
“anticipates,” “plans,” “estimates,” “guidance,” “target,”
“potential,” “possible,” or “probable” or statements that certain
actions, events or results “may,” “will,” “should,” or “could” be
taken, occur or be achieved. Forward-looking statements are based
on current expectations and assumptions and analyses made by
Earthstone and its management in light of experience and perception
of historical trends, current conditions and expected future
developments, as well as other factors appropriate under the
circumstances that involve various risks and uncertainties that
could cause actual results to differ materially from those
reflected in the statements. These risks include, but are not
limited to, those set forth in Earthstone’s annual report on Form
10-K for the year ended December 31, 2018 and other Securities and
Exchange Commission filings. Earthstone undertakes no obligation to
revise or update publicly any forward-looking statements except as
required by law.
EARTHSTONE ENERGY, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands,
except share and per share amounts) December 31,
December 31, ASSETS 2018 2017
Current assets: Cash $ 376 $ 22,955 Accounts receivable:
Oil, natural gas, and natural gas liquids revenues 13,683 14,978
Joint interest billings and other, net of allowance of $134 and
$138 at December 31, 2018 and 2017, respectively 4,166 7,778
Derivative asset 43,888 184 Prepaid expenses and other current
assets 1,443 1,178
Total current assets 63,556
47,073
Oil and gas properties, successful
efforts method: Proved properties 755,443 605,039 Unproved
properties 266,140 275,025 Land 5,382 5,534 Total oil
and gas properties 1,026,965 885,598
Accumulated depreciation, depletion and amortization (127,256 )
(118,028 ) Net oil and gas properties 899,709 767,570
Other noncurrent assets: Goodwill 17,620 17,620 Office and
other equipment, net of accumulated depreciation of $2,490 and
$2,093 at December 31, 2018 and 2017, respectively 662 947
Derivative asset 21,121 — Other noncurrent assets 1,640
1,207
TOTAL ASSETS $ 1,004,308 $ 834,417
LIABILITIES AND EQUITY Current liabilities:
Accounts payable $ 26,452 $ 33,472 Revenues and royalties payable
28,748 10,288 Accrued expenses 22,406 8,707 Advances 3,174 4,587
Asset retirement obligation 557 — Derivative liability 528
11,805
Total current liabilities
81,865 68,859
Noncurrent liabilities: Long-term debt
78,828 25,000 Deferred tax liability 13,489 10,515 Asset retirement
obligation 1,672 2,354 Derivative liability 1,891 1,826 Other
noncurrent liabilities 71 131
Total noncurrent
liabilities 95,951 39,826
Equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized;
none issued or outstanding — — Class A Common Stock, $0.001 par
value, 200,000,000 shares authorized; 28,696,321 and 27,584,638
issued and outstanding at December 31, 2018 and 2017, respectively
29 28 Class B Common Stock, $0.001 par value, 50,000,000 shares
authorized; 35,452,178 and 36,052,169 issued and outstanding at
December 31, 2018 and 2017, respectively 35 36 Additional paid-in
capital 517,073 503,932 Accumulated deficit (182,497 ) (224,822 )
Total Earthstone Energy, Inc. equity 334,640 279,174
Noncontrolling interest 491,852 446,558
Total equity 826,492 725,732
TOTAL
LIABILITIES AND EQUITY $ 1,004,308 $ 834,417
EARTHSTONE ENERGY, INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In
thousands, except share and per share amounts)
Three Months Ended December
31,
Years Ended December 31,
2018 2017 2018 2017
REVENUES Oil $ 35,664 $ 28,721 $ 140,775 $ 88,536 Natural
gas 1,139 2,439 7,396 8,777 Natural gas liquids 4,432 4,516
17,185 10,765
Total revenues 41,235
35,676 165,356 108,078
OPERATING COSTS AND EXPENSES Lease operating expense 6,013
4,669 20,522 19,658 Severance taxes 1,945 2,355 8,060 6,060
Impairment expense 3,748 5,451 4,581 72,191 Depreciation, depletion
and amortization 14,206 8,657 47,568 36,915 General and
administrative expense 9,350 7,584 28,159 27,067 Transaction costs
12,632 56 13,524 4,732 Accretion of asset retirement obligation 41
56 169 434 Exploration expense 630 — 630 1
Total operating costs and expenses 48,565
28,828 123,213 167,058 (Loss) gain on
sale of oil and gas properties, net (2,689 ) 5,257 1,919 9,105
(Loss) income from operations (10,019 ) 12,105 44,062
(49,875 )
OTHER INCOME (EXPENSE) Interest expense,
net (1,110 ) (826 ) (2,898 ) (2,699 ) Write-off of deferred
financing costs — — — (526 ) Gain (loss) on derivative contracts,
net 94,553 (12,123 ) 60,947 (7,986 ) Litigation settlement 100 —
(4,675 ) — Other (expense) income, net (187 ) 14 247
(20 )
Total other income (expense) 93,356 (12,935 )
53,621 (11,231 )
Income (loss) before income
taxes 83,337 (830 ) 97,683 (61,106 ) Income tax (expense)
benefit (2,351 ) 6,327 (2,470 ) 16,373 Net income
(loss) 80,986 5,497 95,213 (44,733 )
Less: Net income
(loss) attributable to noncontrolling interest 44,856
3,173 52,888 (32,219 )
Net income (loss)
attributable to Earthstone Energy, Inc. $ 36,130 $ 2,324
$ 42,325 $ (12,514 ) Net income (loss) per
common share attributable to Earthstone Energy, Inc.: Basic $ 1.26
$ 0.09 $ 1.50 $ (0.53 ) Diluted $ 1.26 $ 0.09 $ 1.50 $ (0.53 )
Weighted average common shares outstanding: Basic 28,576,995
26,425,780 28,153,885 23,589,973 Diluted 28,576,995 26,425,780
28,217,774 23,589,973
EARTHSTONE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands) For the Years Ended December
31, 2018 2017 Cash flows from operating
activities: Net income (loss) $ 95,213 $ (44,733 ) Adjustments
to reconcile net income (loss) to net cash provided by operating
activities: Impairment of proved and unproved oil and gas
properties 4,581 72,191 Depreciation, depletion and amortization
47,568 36,915 Accretion of asset retirement obligations 169 434
Settlement of asset retirement obligations (79 ) (9 ) Gain on sale
of oil and gas properties, net (1,919 ) (9,105 ) Total (gain) loss
on derivative contracts, net (60,947 ) 7,986 Operating portion of
net cash paid in settlement of derivative contracts (15,090 ) (708
) Stock-based compensation 7,071 6,601 Deferred income taxes 2,470
(16,388 ) Write-off of deferred financing costs — 526 Amortization
of deferred financing costs 325 257 Changes in assets and
liabilities: (Increase) decrease in accounts receivable (8,195 )
444 (Increase) decrease in prepaid expenses and other current
assets (376 ) (335 ) Increase (decrease) in accounts payable and
accrued expenses 1,132 (282 ) Increase (decrease) in revenues and
royalties payable 31,869 (2,888 ) Increase (decrease) in advances
(1,413 ) 45
Net cash provided by operating activities
102,379 50,951
Cash flows from investing
activities: Acquisition of oil and gas properties (32,551 )
(55,609 ) Additions to oil and gas properties (149,999 ) (65,262 )
Additions to office and other equipment (170 ) (167 ) Proceeds from
sales of oil and gas properties 5,965 34,735
Net
cash used in investing activities (176,755 ) (86,303 )
Cash
flows from financing activities: Proceeds from borrowings
156,830 85,000 Repayments of borrowings (103,002 ) (74,298 ) Cash
paid related to the exchange and cancellation of Class A Common
Stock (1,524 ) (675 ) Issuance of Class A Common Stock, net of
offering costs of $2.2 million — 39,438 Deferred financing costs
(507 ) (1,358 )
Net cash provided by financing activities
51,797 48,107 Net increase (decrease) in cash and
cash equivalents (22,579 ) 12,755 Cash at beginning of period
22,955 10,200 Cash at end of period $ 376 $
22,955
Supplemental
disclosure of cash flow information
Cash paid for: Interest $ 2,290 $ 2,495 Non-cash investing and
financing activities: Class B Common stock issued in Bold
Contribution Agreement $ — $ 489,842 Class A Common stock issued in
Bold Contribution Agreement $ — $ 2,037 Accrued capital
expenditures $ 22,801 $ 19,883 Asset retirement obligations $ 252 $
(42 )
Earthstone Energy, Inc.Non-GAAP
Financial MeasuresUnaudited
I. Adjusted EBITDAX
The non-GAAP financial measure of Adjusted EBITDAX (as defined
below), as calculated by us below, is intended to provide readers
with meaningful information that supplements our financial
statements prepared in accordance with accounting principles
generally accepted in the United States (“GAAP”). Further, this
non-GAAP measure should only be considered in conjunction with
financial statements and disclosures prepared in accordance with
GAAP and should not be considered in isolation or as a substitute
for GAAP measures, such as net income or loss, operating income or
loss or any other GAAP measure of financial position or results of
operations. Adjusted EBITDAX is presented herein and reconciled
from the GAAP measure of net income (loss) because of its wide
acceptance by the investment community as a financial
indicator.
We define “Adjusted EBITDAX” as net income (loss) plus, when
applicable, accretion of asset retirement obligations; impairment
expense; depletion, depreciation and amortization; interest
expense, net; transaction costs; (gain) on sale of oil and gas
properties, net; exploration expense; unrealized loss (gain) on
derivative contracts; stock-based compensation; and income tax
expense (benefit).
Our Adjusted EBITDAX measure provides additional information
that may be used to better understand our operations. Adjusted
EBITDAX is one of several metrics that we use as a supplemental
financial measurement in the evaluation of our business and should
not be considered as an alternative to, or more meaningful than,
net income (loss) as an indicator of operating performance. Certain
items excluded from Adjusted EBITDAX are significant components in
understanding and assessing a company’s financial performance, such
as a company’s cost of capital and tax structure, as well as the
historic cost of depreciable and depletable assets. Adjusted
EBITDAX, as used by us, may not be comparable to similarly titled
measures reported by other companies. We believe that Adjusted
EBITDAX is a widely followed measure of operating performance and
is one of many metrics used by our management team and by other
users of our consolidated financial statements. For example,
Adjusted EBITDAX can be used to assess our operating performance
and return on capital in comparison to other independent
exploration and production companies without regard to financial or
capital structure and to assess the financial performance of our
assets and our company without regard to capital structure or
historical cost basis.
The following table provides a reconciliation of Net income
(loss) to Adjusted EBITDAX for the periods indicated:
($000s)
Three Months Ended December 31,
Years Ended December 31, 2018 2017
2018 2017 Net income (loss) (1) 80,986
5,497 95,213 (44,733 ) Accretion of asset retirement obligations 41
56 169 434 Impairment expense 3,748 5,451 4,581 72,191 Depletion,
depreciation and amortization 14,206 8,657 47,568 36,915 Interest
expense, net 1,110 826 2,898 2,699 Transaction costs 12,632 56
13,524 4,732 Loss (gain) on sale of oil and gas properties 2,689
(5,257 ) (1,919 ) (9,105 ) Exploration expense 630 — 630 1
Unrealized loss (gain) on derivative contracts (96,001 ) 11,187
(76,038 ) 7,278 Stock based compensation (non-cash)(2) 1,536 1,956
7,071 6,601 Income tax expense (benefit) 2,351 (6,327 )
2,470 (16,373 )
Adjusted EBITDAX 23,928
22,102 96,167 60,640 (1)
Includes a $4.7 million charge to expense in the third
quarter representing a lawsuit settlement. Adjusted EBITDAX has not
been increased to adjust for this charge in the period presented.
(2) Included in General and administrative expense in the Condensed
Consolidated Statements of Operations.
II. F&D Costs per Unit
Proved F&D costs per unit is a non-GAAP metric commonly used
in the oil and gas exploration and production industry by
companies, investors and analysts in order to measure a company’s
ability of adding and developing reserves at a reasonable cost.
F&D costs per unit is a statistical indicator that has
limitations, including its predictive and comparative value. In
addition, because F&D costs per unit do not consider the costs
or timing of future production of new reserves, such measures may
not be adequate measures of value creation. This reserve metric may
not be comparable to similarly titled measurements used by other
companies.
The calculation for F&D costs per unit is based on estimated
costs incurred in 2018. The calculation for F&D costs per unit
does not include future development costs required for the
development of proved undeveloped reserves.
The following table provides a calculation of the F&D costs
per unit for Extensions and Discoveries only as well as for
All-Sources.
Costs Incurred ($ in thousands) 2018
Acquisition costs: Proved $ 41,569 Unproved 31,268
Exploration costs 630 Development costs 153,161 Total
additions $ 226,628
Reserve Additions
(MBoe) 2018 Extensions and Discoveries 16,209
Purchases 6,810 Revisions 6,075 Total Reserves Added
29,094
Finding F&D Costs as typically
calculated by analysts $/Boe Extensions and
Discoveries $ 9.49 All-Sources, excluding Sales of minerals in
place & Production $ 7.79
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190312005886/en/
Mark Lumpkin, Jr.Executive Vice President – Chief Financial
OfficerEarthstone Energy, Inc.1400 Woodloch Forest Drive, Suite
300The Woodlands, TX
77380281-298-4246mark.lumpkin@earthstoneenergy.com
Scott ThelanderVice President of FinanceEarthstone Energy,
Inc.1400 Woodloch Forest Drive, Suite 300The Woodlands, TX
77380281-298-4246scott@earthstoneenergy.com
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