<SEC-DOCUMENT>0001193125-21-223209.txt : 20210908
<SEC-HEADER>0001193125-21-223209.hdr.sgml : 20210908
<ACCEPTANCE-DATETIME>20210723181958
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-223209
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EOG RESOURCES INC
		CENTRAL INDEX KEY:			0000821189
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				470684736
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1111 BAGBY, SKY LOBBY 2
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7136517000

	MAIL ADDRESS:	
		STREET 1:		1111 BAGBY, SKY LOBBY 2
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENRON OIL & GAS CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g176515g0722203549241.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;23, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Via EDGAR </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Brian McAllister</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Myra
Moosariparambil</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">Re:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EOG Resources, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2020 - Filed February&nbsp;25, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> - Furnished May&nbsp;6, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;001-09743</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of EOG Resources, Inc. (the &#147;<B><I>Company</I></B>&#148;, &#147;<B><I>EOG</I></B>&#148;, &#147;<B><I>we</I></B>&#148; or
&#147;<B><I>our</I></B>&#148;), I hereby submit the Company&#146;s responses to the comments received from the Staff of the United States Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) set forth in the Staff&#146;s
letter to the Company, dated June&nbsp;23, 2021, with respect to the Company&#146;s (i)&nbsp;Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2020 filed with the Commission via the Commission&#146;s EDGAR
system on February&nbsp;25, 2021 and (ii)&nbsp;Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished to the Commission via the Commission&#146;s EDGAR system on May&nbsp;6, 2021 (the &#147;<B><I>Form <FONT
STYLE="white-space:nowrap">8-K</FONT></I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, each response below is preceded by the Staff&#146;s comment
to which the response relates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed May&nbsp;6, 2021 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99.1 </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, page 16 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>You state, &#147;EOG believes these measures may be useful to investors who follow the practice of some
industry analysts who make certain adjustments to GAAP measures (for example, to exclude <FONT STYLE="white-space:nowrap">non-recurring</FONT> items) to facilitate comparisons to others in EOG&#146;s industry, and who utilize <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG&#146;s performance.&#148; For each
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure presented, please revise your disclosure to explain how management uses the measure and why you believe it provides useful information to investors regarding your liquidity or performance.
Refer to Item 10(e)(1)(i)(C) and (D)&nbsp;of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:&nbsp;&nbsp;&nbsp;&nbsp;</B>We historically disclosed the reason(s) and purpose(s) for each <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
financial measure presented on the corresponding reconciliation schedule. For example, see the disclosures set forth in the reconciliation schedules included in <A HREF="http://www.sec.gov/Archives/edgar/data/0000821189/000082118920000027/exh99-1050720.htm">
<U>Exhibit 99.1 to our Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished on May&nbsp;7, 2020</U></A> (in respect of our first quarter 2020 earnings release) and the disclosures set forth in the reconciliation schedules
included in <A HREF="http://www.sec.gov/Archives/edgar/data/0000821189/000082118920000009/exh99-1022720.htm"><U>Exhibit 99.1 to our Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished on February&nbsp;
27, 2020</U> (in respect of our fourth quarter and full year 2019 earnings release).</A> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our future disclosures, beginning with the disclosures that
will accompany our second quarter 2021 earnings release and related investor materials, we will return to such a disclosure format and will, for each <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure presented, (i)&nbsp;disclose the
reason(s) we believe the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure provides useful information to investors and (ii)&nbsp;disclose the purpose(s) for which EOG management uses the
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>energy opportunity growth </I></B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;23, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Specifically, and as an illustration for the Staff&#146;s
reference, we expect the substance of our disclosure with respect to the presentation of the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure &#147;Adjusted Net Income (Loss) <FONT STYLE="white-space:nowrap">(Non-GAAP)&#148;</FONT>
will read as follows: &#147;EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain
other adjustments to exclude <FONT STYLE="white-space:nowrap">non-recurring</FONT> and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in
the industry.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As an additional illustration for the Staff&#146;s reference, we expect the substance of our disclosure with respect to the
presentation of the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure &#147;Discretionary Cash Flow <FONT STYLE="white-space:nowrap">(Non-GAAP)&#148;</FONT> will read as follows: &#147;EOG believes this presentation may be useful to
investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities (GAAP) for Exploration Costs (excluding Stock-Based Compensation Expenses), Other <FONT STYLE="white-space:nowrap">Non-Current</FONT>
Income Taxes&#151;Net Receivable, Changes in Components of Working Capital and Other Assets and Liabilities, and Changes in Components of Working Capital Associated with Investing Activities. EOG management uses this information for comparative
purposes within the industry.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted above, we will include corresponding disclosure, on the corresponding reconciliation schedule, for each of
the other <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures presented in our future disclosures. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>In the Cost per Barrel of Oil Equivalent, the calculation of total exploration costs excludes certain <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> impairments. Please revise your disclosure to explain what the excluded impairments represent. In addition, please tell us why you believe excluding these impairments from your total exploration costs is
appropriate. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B>&nbsp;&nbsp;&nbsp;&nbsp;<B> </B>In our future disclosures, beginning with the disclosures that will
accompany our second quarter 2021 earnings release and related investor materials, we will explain what the excluded impairments represent. In addition, for any other instances in our disclosures where we are excluding certain impairments from
impairments calculated in accordance with GAAP, we will include a corresponding explanation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The excluded impairments referenced by the Staff (and set
forth on the &#147;Less: Certain Impairments <FONT STYLE="white-space:nowrap">(Non-GAAP)&#148;</FONT> line item on page 40 of Exhibit 99.1 to the Form <FONT STYLE="white-space:nowrap">8-K)</FONT> were attributable to declines in crude oil, natural
gas and natural gas liquids prices and certain other <FONT STYLE="white-space:nowrap">non-cash</FONT> transactions. We believe excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as
such impairments were caused by factors outside of EOG&#146;s control (versus, for example, impairments that are due to our proved oil and gas properties not being as productive as we originally estimated).&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note you present &#147;Composite Average Margin per Boe
<FONT STYLE="white-space:nowrap">(Non-GAAP)</FONT> (excluding DD&amp;A and Total Exploration Costs),&#148; &#147;Composite Average Margin per Boe <FONT STYLE="white-space:nowrap">(Non-</FONT> GAAP) (excluding Total Exploration Costs),&#148; and
&#147;Composite Average Margin per Boe <FONT STYLE="white-space:nowrap">(Non-GAAP)</FONT> (including Total Exploration Costs).&#148; Given these measures are based on total Wellhead Revenues, less certain expenses it appears these <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures should be reconciled to the most directly comparable GAAP measure, fully- loaded GAAP gross profit. Refer to Item 10(e)(1)(i)(B) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> Please
tell us how you considered reconciling these measures to GAAP gross profit and revise your disclosure, as necessary. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Staff&#146;s comment recommends a reconciliation to &#147;fully-loaded GAAP gross profit&#148;, which we believe
is a reference to the line item &#147;Operating Income (Loss)&#148; on EOG&#146;s consolidated statements of income (loss). Accordingly, in our future disclosures, beginning with the disclosures that will accompany our second quarter 2021 earnings
release and related investor materials, we will include a reconciliation to &#147;Composite Average Operating Income (Loss) per Boe&#148; (or a similarly titled measure) and the corresponding calculations of &#147;Composite Average Operating
Revenues and Other Revenues per Boe&#148; and &#147;Composite Average Operating Expenses per Boe&#148; (or similarly titled measures). This additional reconciliation and the corresponding additional line items will be presented in our future
disclosures consistent with the &#147;equal or greater prominence&#148; requirement of Item 10(e) of Regulation S-K. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>energy
opportunity growth </I></B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;23, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, to the extent we are presenting in any of
our future disclosures a composite average margin per Boe measure that is a non-GAAP measure, we will present such measure on a GAAP basis as well, consistent with the &#147;equal or greater prominence&#148; requirement of Item 10(e). For example,
on page 41 of Exhibit 99.1 to the Form 8-K, we present the non-GAAP financial measure &#147;Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs)&#148;. Such measure is calculated using a non-GAAP version of total
exploration costs- specifically, total exploration costs calculated using adjusted (non-GAAP) impairments - that is, impairments calculated otherwise than in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our future disclosures, beginning with the disclosures that will accompany our second quarter 2021 earnings release and related investor materials, we will
include a new composite average margin measure: &#147;Composite Average Margin per Boe (GAAP) (including Total Exploration Costs)&#148; (or a similarly titled measure). This new measure will be calculated using total exploration costs calculated in
accordance with GAAP (and including impairments calculated in accordance with GAAP). In addition, and consistent with the &#147;equal or greater prominence&#148; requirement of Item 10(e), this new measure will precede (i.e., be presented prior to)
the presentation of &#147;Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs)&#148;. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any
questions regarding the foregoing, please contact me at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">713-651-6946</FONT></FONT> or Amos Oelking, the Company&#146;s Senior Counsel, at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">713-651-7146.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Timothy K. Driggers </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Timothy K. Driggers </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Executive Vice President and Chief Financial Officer </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;William&nbsp;R. Thomas </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Ezra&nbsp;Y. Yacob </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Michael&nbsp;P. Donaldson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Ann&nbsp;D. Janssen </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Gary&nbsp;Y. Peng </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>energy opportunity growth </I></B></P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g176515g0722203549241.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g176515g0722203549241.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !1 4H# 2(  A$! Q$!_\0
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MJE?E\PHHHJC(**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ K"OO$<4'B6QT*W427
M4^7F)/$48!/YFMF>58())G.$C4LQ]@,UX-X<\0O+\1[?5;IC_I-P5;)Z!N /
MPX_*N7$5_9N,>[_ ]G*<M^MPJU'M"+MYNSL7_BGKKZAXA_LR-S]FLA@@'AI"
M,D_AT_.M?X.:>A?4M28 NNV!#Z9Y/]*X'Q1O_P"$JU;S/O\ VN3/_?1KOO@[
MJ,8.HZ:S 2-MF0>HZ'\N/SKSZ,^?%WEYGUF84/89'[.EVC?[U<]7HHHKVC\Z
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH ***HZSJ<6C:/=:A-RD$9;'J>P_$TF
MTE=E0A*<E".K9R_Q&\4P:1HDVG12!KZ[C*! >40\%C^' KPZ 3F=/LR,\P.Y
M%4<DCFKLTFH>)=<9]KW%[=R<*.I/H/8#^5=/K\VC?"SPQ.MQ*EUXJO[=HXHT
M.?(##!;V ]>YZ<5XUIXRK=:)'Z I8?(<%[.3O4EK;N_\D/\ 'NC+=QVWBO3,
M3:??Q(\C)R$?'4^Q_GFN2T;5;C1-6M]0M6Q)"V<=F'<'V(K+^&/Q.E\*S_V/
MJ^;KP]<DK)$XW>23U9?;U']:[+QUX7BT&_ANK!O,TR]7S(&!R%[[<^G((]JK
M&8=TY>U@99!FT,33^HXC>UEYKMZV_ ]TTO48-6TRWO[9LQ3H&'MZ@^X/%6Z\
MV^$&HM-I-[I[MD02!T'H&Z_J*])KTZ%3VE-3/C\QPGU3%3H=$]/3=!1116IQ
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 5POQ8F>/P<(U^[+<(K?09/\P*[JN>\;:,^
MN^%;NTA&9U DB'JR\X_'I6->+E2DEV.[+*L*6,I3GLFCSCP(UOH'A37_ !;-
M&));.)EB4^RYQ^)(%?/.K:K>ZYJMQJ6H3M-=7#EW<_R'H!Z5]"^!?LNL^'M<
M\&WLGD27T;>46'.XK@_B" <?6O$=<\!>)M U&2RN]'NV96PLL,+.D@[%6 K+
M!<OL58[>(?:?VA/VGE;TL<W7T==>8?@-X:-X09LQ^7GKMPV/_'<5P/@3X.:Q
MKEY'?:]!)IFC1?O)6G^1Y .P!Y'N3TKT#Q'=OXUUZR\/^'XA_9]F/+C*C" #
M +_[H  '_P!>C%S2IN/5Z(,AH2GBXUGI&&K?1&S\)84LM(U75KIUAM]P4R.<
M*%49)S[9K"\1?M"V\-^;/PUI)O\ #;1/,2JN?]E1R?QQ4OQH)\*?"_3]!T\L
ML-S.(YG'!< %CGZG'Y5Y/\,],\77&JW-_P"$(K5[RV0*[3B,E W=0_TZBM:%
M/V=-0./,\6L7BYUELWIZ+1'H6F_M%7T&HK!K^@)%#G#F!F61/?:W7]*]NCU_
M2Y?#ZZZ+V(:8T/G_ &ACA0GJ:^:O%?@SQ]XFU?[9KTFCF]CC$3?Z9;Q-@$D;
M@".>>]7/'$6M>%O@SX=\.W[JK7%U*\HCE#J44Y0;AP1\V?PK8X#HM>_:,5+U
MH/#VC"XB!VK-=,1O]PHY_,U7TC]HZX^W+'K>AQ+;EL,]JYW)[[6Z_3(JG^SK
MHNGWNJZKJ5S''+=6J(D"N =F[.6 ]>,9K@_BK=V%[\2]:FTT1BW$H3,8&UG5
M0&(QZL#0,^K]1\6:-IGA?_A([F\7^S3$LJ2+R7#?="CN3Z5XC?\ [2.H&\;^
MSM!MEM0?E^T2,7(]\8 K#^)+7^F?#/P+HEPKQJ;9[B13W;C:#] Q_.M+X%W'
MA'3K36+[7;JPBO5*A!=[>(L9)4'J<^G/% C3N_VD7"6QL] 1F,69Q+.1M?)X
M7 Y&,'\:]E\):U/XB\*:=K%S;I;R7D0E\I&W!0>G/TKXW\036FK^,-0FTJ$1
M6EU>.;:-5P K-\O';Z5]J:-9+INAV-DHVK;VZ1X],*!0!Y+X_P#C;>^$O%UU
MHMEI=K=1VZINDDD8'<1DCCZUD77[0>H7<VGV6CZ3;&YG$:S22EBHD8CY4'7
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MH8%?R]:]T^#'B\^+-%O7N-,L[2\M76.26UA$:S C() Z$<T >G4444 %%%%
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J1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
