(Source: Business Wire)
Pioneer Natural Resources Company (NYSE:PXD) today announced
financial and operating results for the quarter ended September 30, 2009.
Pioneer reported a third quarter net loss attributable to common
stockholders of $7 million, or $.06 per diluted share. The loss included
a noncash unrealized loss on commodity derivatives of $10 million after
tax, or $.08 per diluted share. Without the effect of this item,
adjusted income for the third quarter of 2009 would have been $3
million, or $.02 per diluted share.
Included in Pioneer's third quarter results were net gains of $5 million
after tax, or $.05 per diluted share related to unusual items. These
after-tax unusual items included:
gain on the sale of Pioneer's Gulf of Mexico Shelf properties of $12
million after tax ($.11 per diluted share),
hurricane-related charge of $2 million after tax ($.01 per diluted
share) that is expected to be covered by insurance and
stacked rig charges of $6 million after tax ($.05 per diluted share).
Recent highlights include:
Third quarter production averaged approximately 113 thousand barrels
oil equivalent per day (MBOEPD), up 2% compared to the third quarter
of 2008, reflecting the strong performance of Pioneer's low-decline
assets during a period when drilling was severely curtailed.
Third quarter production costs per barrel oil equivalent (BOE) were
reduced by 24% from the third quarter of 2008 in response to the
Company's aggressive cost reduction initiatives.
An aggressive drilling campaign in the Spraberry field was initiated.
An Eagle Ford Shale well was successfully completed with an initial
production rate of 11.3 million cubic feet equivalent per day of gas
(MMCFEPD), consisting of 8.3 million cubic feet per day (MMCFPD) of
liquids-rich gas and 500 barrels per day (BPD) of condensate.
Long-term debt was reduced by $112 million during the third quarter as
a result of asset sales and free cash flow. (Excluding the debt of its
subsidiary, Pioneer Southwest Energy Partners L.P., attributable to
its acquisition of properties from Pioneer, Pioneer's debt reduction
was $247 million.)
Oil derivatives with price upside were added for 2010 and 2011,
bringing forecasted oil production coverage to approximately 85% in
both years.
Gas derivatives with price upside were added for 2011, bringing
forecasted gas production coverage to approximately 50% in 2011.
Coverage for 2010 is 80%.
Scott Sheffield, Chairman and CEO, stated, "Despite a substantial
reduction in drilling activity for 2009, our high-quality assets
delivered production growth of 7% during the first nine months compared
to last year, and we continue to expect full-year production growth of
at least 5% per share. We remain committed to a free cash flow model,
with excess cash flow being used to reduce debt this year."
"Improving oil prices and our strong derivative positions support
operating cash flow forecasts of approximately $1 billion in 2010 and
$1.4 billion in 2011. As a result, we are aggressively ramping up our
drilling program in the Spraberry field and will continue our successful
oil development program in Alaska. We have also expanded our Eagle Ford
Shale drilling program where we hold 310,000 gross acres in one of the
premier shale plays in the U.S. With this drilling program and the
expiration of our 5 MBOEPD volumetric production payment obligation, we
expect to once again generate quarterly production growth in 2010, while
preserving our free cash flow model."
Operations Update
In the Spraberry field, Pioneer increased daily production for the first
nine months of 2009 by 8% to 33 MBOEPD as compared to the same period in
2008. This production growth reflects the success of the 2008 drilling
program, improved well performance and the Spraberry's low production
decline rates. Nine month results also include inventoried natural gas
liquids (NGLs) sold during the first half of 2009 that were produced but
not sold in the fourth quarter of 2008 as a result of hurricane damage
to third-party fractionation facilities.
Pioneer resumed Spraberry drilling activities in August and now has
three rigs drilling in the field, which is the largest onshore oil field
in the U.S. lower 48 states. Pioneer is the largest producer in the
Spraberry field. With a substantial reduction in well costs, Pioneer's
internal rate of return on Spraberry drilling has improved to
approximately 50% before tax, at current strip prices for oil. As a
result, the Company is aggressively ramping up Spraberry drilling and
expects to have 14 rigs running by January 2010, increasing to 19 rigs
by mid-year and 24 rigs by year end.
Approximately 425 Spraberry wells are expected to be drilled during
2010, with a continual ramp up in quarterly production anticipated.
Fourth quarter production is expected to average approximately 29 MBOEPD
during 2009 and increase to approximately 34 MBOEPD in the fourth
quarter of 2010. The majority of these wells will include completions in
additional zones, including the Wolfcamp and shale/silt intervals.
Pioneer will also implement a 7,000-acre waterflood project in 2010.
The Company plans to continue to add rigs beyond 2010, and by 2012,
Pioneer plans to be operating 40 rigs and drilling 1,000 wells per year.
From 2009 through 2013, Spraberry production is expected to double with
compounded annual production growth averaging approximately 20%.
In South Texas, Pioneer's daily production for the first nine months of
2009 rose 4% to 76 MMCFPD versus the prior-year period benefiting from
its strong 2008 Edwards Trend drilling program. The Company also
recently announced a significant discovery in the Eagle Ford Shale play
where it holds 310,000 gross acres overlaying the Edwards Trend. The
Sinor #5 well flowed at an initial rate of approximately 11.3 MMCFEPD of
gas (approximately 8.3 MMCFPD of liquids-rich gas and 500 BPD of
higher-valued condensate). The liquids-rich gas contains 1,200 British
thermal units per cubic foot. Pioneer now plans to continuously operate
one rig in the play through 2010 and test the benefits of longer
laterals and additional frac stages. The Company is drilling its next
well and will evaluate a further rig expansion as additional drilling
results are known. Pioneer is also exploring a joint venture strategy to
accelerate development of its extensive Eagle Ford acreage position.
On the North Slope of Alaska, production from Pioneer's Oooguruk field
averaged 4 thousand barrels of oil per day (MBOPD) during the first nine
months of 2009. Third quarter production averaged 6 MBOPD. Pioneer
successfully drilled a total of five horizontal Nuiqsut laterals during
the second and third quarters, three fracture-stimulated production
wells and two unstimulated water injection wells. During the upcoming
winter drilling season, the Company will resume drilling to the Kuparuk
zone where the Company has previously drilled two high-rate producing
wells.
In the Raton and Mid-Continent areas, no wells have been drilled during
2009, but due to the low production decline characteristics of these
areas, nine-month production was down only 5% to 188 MMCFPD and 7% to
109 MMCFEPD, respectively, compared to last year. The reduction in
Mid-Continent production included the curtailment of approximately 6
MMCFEPD during the second quarter of 2009 due to an unscheduled
third-party pipeline repair. Pioneer's Mid-Continent production will
increase by approximately 28 MMCFPD on January 1, 2010 with the
expiration of the volumetric production payment (VPP) obligation in the
Hugoton field.
Daily production in Tunisia increased 13% to 7 MBOEPD in the first nine
months of 2009 as compared to the same period in 2008. Fourth quarter
production is forecasted to average 6 MBOEPD reflecting planned gas
pipeline repairs and the planned lifting schedule. Pioneer-operated
drilling will recommence in early 2010 with three new prospects
identified from new 3-D seismic. The Company is also participating in
two non-operated wells being drilled in the Adam Concession during the
fourth quarter of 2009.
In South Africa, daily production for the first nine months of 2009
increased 51% to 6 MBOEPD compared to the same period in 2008 reflecting
the commencement of production from the most prolific well in Pioneer's
South Coast Gas project during the fourth quarter of 2008. A major
maintenance shutdown commenced in late September and is expected to
return to full capacity in early November at the Mossel Bay
gas-to-liquids plant where the gas production is sold. As a result,
fourth quarter forecasted production is expected to be curtailed by
approximately 2 MBOEPD and average 4 MBOEPD.
Cost Reduction Initiatives
Pioneer's asset teams have aggressively implemented initiatives to
reduce 2009 lease operating expenses (LOE). Third quarter production
costs were 24% lower on a per BOE basis than the same period in 2008.
The Company has achieved significant reductions in electricity, water
disposal, well servicing, facilities and compression costs. Compared to
the second quarter of 2009, production costs were up 11% on a per BOE
basis, primarily due to higher production taxes, increased workover and
preventive maintenance activity and lower production volumes. The
Company did not experience inflation in service costs and other base
operating expenses during the quarter.
The Company has also worked with service providers to reduce drilling
and completion costs. Since the third quarter of 2008 when these costs
peaked, Pioneer has reduced drilling and completion costs by more than
30% per well for the majority of its domestic drilling inventory.
Financial Review
Third quarter sales from continuing operations averaged 112,623 barrels
oil equivalent per day (BOEPD), consisting of oil sales averaging 31,663
barrels per day (BPD), NGL sales averaging 18,602 BPD and gas sales
averaging 374 MMCFPD.
The reported third quarter average price for oil was $78.20 per barrel
and included $8.24 per barrel related to deferred revenue from VPPs for
which production was not recorded. The reported price for NGLs was
$33.13 per barrel. The reported price for gas was $3.64 per thousand
cubic feet (MCF) and included $.35 per MCF related to deferred revenue
from VPPs for which production was not recorded.
Third quarter production costs averaged $11.43 per BOE.
Depreciation, depletion and amortization (DD&A) expense averaged $15.69
per BOE for the third quarter. Exploration and abandonment costs were
$25 million for the quarter and included $13 million of acreage and
unsuccessful drilling costs and $12 million of geologic and geophysical
expenses and personnel costs.
Cash flow from operating activities for the third quarter was $162
million.
Financial Outlook
Fourth quarter production is forecasted to average 105,000 BOEPD to
110,000 BOEPD, reflecting reduced 2009 drilling activity, downtime
associated with the gas plant maintenance shutdown in South Africa and
gas pipeline repairs and planned lifting schedule in Tunisia.
Fourth quarter production costs are expected to average $11.50 to $13.50
per BOE, based on current NYMEX strip prices for oil and gas, including
higher production taxes and transportation costs, lower production
volumes and increased workover activity. DD&A expense is expected to
average $15.50 to $17.00 per BOE based on the new SEC reserve pricing
methodology that is expected to be implemented during the fourth quarter
of 2009.
Total exploration and abandonment expense during the fourth quarter is
expected to be $20 million to $30 million, primarily related to
exploration wells, including related acreage costs, and seismic and
personnel costs.
General and administrative expense is expected to be $35 million to $39
million. Interest expense is expected to be $42 million to $45 million.
Accretion of discount on asset retirement obligations is expected to be
$2 million to $4 million.
Noncontrolling interest in consolidated subsidiaries' net income is
expected to be $8 million to $10 million, primarily reflecting the
public ownership in Pioneer Southwest.
The Company also expects to recognize $5 million to $10 million of
charges in other expense associated with certain drilling rigs stacked
as a result of the low price environment.
The Company's fourth quarter effective income tax rate is expected to
range from 40% to 50% based on current capital spending plans, higher
tax rates in Tunisia and no significant mark-to-market changes in the
Company's derivative position. Cash taxes are expected to be $10 million
to $15 million and are primarily attributable to Tunisia.
Pioneer has increased its 2010 and 2011 oil and gas derivative positions
to support the Company's free cash flow model and the resumption of oil
drilling. In particular, the Company recently added 2,000 BPD of
three-way oil collar derivatives in 2010 and 9,000 BPD in 2011, with
upside to approximately $87 per barrel and $107 per barrel,
respectively. The Company also added 75,000 million British thermal
units per day of three-way gas collar derivatives in 2011, with upside
to $8.70 per million British thermal units.
The Company's financial and mark-to-market results, derivatives for oil,
NGL and gas, amortization of net deferred gains on
discontinued/terminated commodity hedges and future VPP amortization are
outlined on the attached schedules.
Earnings Conference Call
On Wednesday, November 4 at 9:00 a.m. Central Time, Pioneer will discuss
its financial and operating results with an accompanying presentation.
The call will be webcast on Pioneer's website, www.pxd.com.
The presentation will be available on the website for preview in advance
of the call. At the website, select ˜INVESTORS' at the top of the page.
For those who cannot listen to the live webcast, a replay will be
available shortly thereafter. Or you may choose to dial (888) 395-3230
(confirmation code: 9764784) to listen by telephone and view the
accompanying presentation at the website above. A telephone replay will
be available by dialing (888) 203-1112 (confirmation code: 9764784).
Pioneer is a large independent oil and gas exploration and production
company, headquartered in Dallas, Texas, with operations primarily in
the United States. For more information, visit Pioneer's website at www.pxd.com.
Except for historical information contained herein, the statements in
this News Release are forward-looking statements that are made pursuant
to the Safe Harbor Provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements and the business
prospects of Pioneer are subject to a number of risks and uncertainties
that may cause Pioneer's actual results in future periods to differ
materially from the forward-looking statements. These risks and
uncertainties include, among other things, volatility of commodity
prices, product supply and demand, competition, the ability to obtain
environmental and other permits and the timing thereof, other government
regulation or action, the ability to obtain approvals from third parties
and negotiate agreements with third parties on mutually acceptable
terms, international operations and associated international political
and economic instability, litigation, the costs and results of drilling
and operations, access to and availability of drilling equipment and
transportation, processing and refining facilities, Pioneer's ability to
replace reserves, implement its business plans or complete its
development activities as scheduled, access to and cost of capital, the
financial strength of counterparties to Pioneer's credit facility and
derivative contracts and the purchasers of Pioneer's oil, NGL and gas
production, uncertainties about estimates of reserves and resource
potential and the ability to add proved reserves in the future, the
assumptions underlying production forecasts, quality of technical data,
environmental and weather risks, and acts of war or terrorism. These and
other risks are described in Pioneer's 10-K and 10-Q Reports and other
filings with the Securities and Exchange Commission. In addition,
Pioneer may be subject to currently unforeseen risks that may have a
materially adverse impact on it. Pioneer undertakes no duty to publicly
update these statements except as required by law.
PIONEER NATURAL RESOURCES COMPANY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $ 55,615 $ 48,337
Accounts receivable, net 137,517 207,553
Income taxes receivable 16,290 60,573
Inventories 145,976 76,901
Prepaid expenses 12,553 12,464
Deferred income taxes 3,417 6,510
Derivatives 41,280 59,622
Other current assets, net 10,314 14,951
Total current assets 422,962 486,911
Property, plant and equipment, at cost:
Oil and gas properties, using the successful efforts method of accounting
10,383,159 10,371,403
Accumulated depletion, depreciation and amortization (2,819,643 ) (2,511,401 )
Total property, plant and equipment 7,563,516 7,860,002
Deferred income taxes 2,572 553
Goodwill 309,371 310,563
Derivatives 35,772 72,594
Other assets, net 346,875 431,162
$ 8,681,068 $ 9,161,785
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 220,330 $ 356,972
Interest payable 28,481 43,247
Income taxes payable 12,745 3,618
Deferred income taxes 307 -
Deferred revenue 104,743 147,905
Discontinued operations held for sale 1,802 -
Derivatives 91,967 49,561
Other current liabilities 57,445 93,694
Total current liabilities 517,820 694,997
Long-term debt 2,867,298 2,899,241
Deferred income taxes 1,408,481 1,501,459
Deferred revenue 109,497 177,236
Derivatives 65,664 20,584
Other liabilities 178,076 187,409
Stockholders' equity 3,534,232 3,680,859
$ 8,681,068 $ 9,161,785
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PIONEER NATURAL RESOURCES COMPANY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Revenues and other income:
Oil and gas $ 409,969 $ 600,413 $ 1,148,512 $ 1,777,579
Interest and other 503 2,285 99,761 33,697
Gain (loss) on disposition of assets, net (385 ) 190 (447 ) 4,768
410,087 602,888 1,247,826 1,816,044
Costs and expenses:
Oil and gas production 90,394 107,159 285,617 297,299
Production and ad valorem taxes 28,089 46,124 79,503 129,670
Depletion, depreciation and amortization 162,605 121,265 509,422 338,153
Impairment of oil and gas properties - 89,753 21,091 89,753
Exploration and abandonments 25,073 109,420 77,861 172,714
General and administrative 34,799 31,622 102,728 103,739
Accretion of discount on asset retirement obligations 2,754 1,981 8,259 5,885
Interest 43,438 41,176 128,051 123,124
Hurricane activity, net 1,830 541 18,280 2,400
Derivative losses, net 15,222 3,858 85,583 1,451
Other 21,363 33,964 89,467 54,153
425,567 586,863 1,405,862 1,318,341
Income (loss) from continuing operations before income taxes (15,480 ) 16,025 (158,036 ) 497,703
Income tax benefit (provision) 5,206 (13,165 ) 47,671 (217,615 )
Income (loss) from continuing operations (10,274 ) 2,860 (110,365 ) 280,088
Income from discontinued operations, net of tax 12,107 327 13,868 14,718
Net income (loss) 1,833 3,187 (96,497 ) 294,806
Net income attributable to noncontrolling interests (8,998 ) (8,422 ) (12,269 ) (15,388 )
Net income (loss) attributable to common stockholders $ (7,165 ) $ (5,235 ) $ (108,766 ) $ 279,418
Basic earnings per share:
Income (loss) from continuing operations attributable to common stockholders
$ (0.17 ) $ (0.04 ) $ (1.07 ) $ 2.22
Income from discontinued operations attributable to common stockholders
0.11 - 0.12 0.12
Net income (loss) attributable to common stockholders $ (0.06 ) $ (0.04 ) $ (0.95 ) $ 2.34
Diluted earnings per share:
Income (loss) from continuing operations attributable to common stockholders
$ (0.17 ) $ (0.04 ) $ (1.07 ) $ 2.20
Income from discontinued operations attributable to common stockholders
0.11 - 0.12 0.12
Net income (loss) attributable to common stockholders $ (0.06 ) $ (0.04 ) $ (0.95 ) $ 2.32
Weighted average shares outstanding:
Basic 114,123 118,110 114,118 118,136
Diluted 114,123 118,110 114,118 118,765
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PIONEER NATURAL RESOURCES COMPANY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Cash flows from operating activities:
Net income (loss) $ 1,833 $ 3,187 $ (96,497 ) $ 294,806
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization 162,605 121,265 509,422 338,153
Impairment of oil and gas properties - 89,753 21,091 89,753
Exploration expenses, including dry holes 12,745 89,414 40,699 93,996
Hurricane activity 1,200 - 16,200 -
Deferred income taxes (17,456 ) (10,964 ) (67,397 ) 160,346
(Gain) loss on disposition of assets, net 385 (190 ) 447 (4,768 )
Accretion of discount on asset retirement obligations 2,754 1,981 8,259 5,885
Discontinued operations (10,581 ) 10,145 (5,373 ) 24,609
Interest expense 7,165 7,158 20,694 21,252
Derivative related activity 70 15,602 48,305 31,118
Amortization of stock-based compensation 10,096 8,323 29,319 25,571
Amortization of deferred revenue (37,207 ) (39,708 ) (110,902 ) (118,644 )
Other noncash items 5,825 26,708 30,665 30,495
Changes in operating assets and liabilities:
Accounts receivable, net 17,133 59,496 71,074 (39,039 )
Income taxes receivable 12,966 (120 ) 44,762 (9,522 )
Inventories 5,620 (14,347 ) (52,069 ) (54,990 )
Prepaid expenses 7,287 (8,255 ) (6,900 ) (7,152 )
Other current assets, net 31,612 (9,747 ) 98,532 (2,561 )
Accounts payable 13,150 16,533 (94,238 ) 15,364
Interest payable (14,867 ) (15,878 ) (14,766 ) (12,724 )
Income taxes payable (4,790 ) (16,584 ) 9,127 11,528
Other current liabilities (45,048 ) (28,000 ) (89,629 ) (76,972 )
Net cash provided by operating activities 162,497 305,772 410,825 816,504
Net cash used in investing activities (53,184 ) (393,238 ) (312,991 ) (884,719 )
Net cash provided by (used in) financing activities (118,021 ) 111,001 (90,556 ) 122,861
Net increase (decrease) in cash and cash equivalents (8,708 ) 23,535 7,278 54,646
Cash and cash equivalents, beginning of period 64,323 43,282 48,337 12,171
Cash and cash equivalents, end of period $ 55,615 $ 66,817 $ 55,615 $ 66,817
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PIONEER NATURAL RESOURCES COMPANY
UNAUDITED SUMMARY PRODUCTION AND PRICE DATA
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Average Daily Sales Volumes from Continuing Operations:
Oil (Bbls) - U.S. 24,754 19,824 24,989 19,919
South Africa 575 2,995 401 2,879
Tunisia 6,334 6,831 6,612 5,705
Worldwide 31,663 29,650 32,002 28,503
Natural gas liquids (Bbls) - U.S. 18,602 18,884 20,044 19,568
Gas (Mcf) - U.S. 341,874 364,357 360,896 365,438
South Africa 31,372 4,956 31,637 5,199
Tunisia 904 2,709 1,662 2,303
Worldwide 374,150 372,022 394,195 372,940
Total (BOE) - U.S. 100,335 99,434 105,182 100,394
South Africa 5,803 3,821 5,674 3,746
Tunisia 6,485 7,283 6,890 6,089
Worldwide 112,623 110,538 117,746 110,229
Average Daily Sales Volumes
from Discontinued Operations:
Oil (Bbls) - U.S. 266 756 741 1,093
Natural gas liquids (Bbls) - U.S. 42 37 38 42
Gas (Mcf) - U.S. 1,085 3,041 2,534 4,063
Total (BOE) - U.S. 489 1,300 1,202 1,812
Average Reported Prices (a):
Oil (per Bbl) - U.S. $ 81.57 $ 69.10 $ 70.13 $ 69.32
South Africa $ 70.30 $ 107.89 $ 63.08 $ 113.39
Tunisia $ 65.76 $ 101.01 $ 56.83 $ 109.38
Worldwide $ 78.20 $ 80.37 $ 67.29 $ 81.79
Natural gas liquids (per Bbl) - U.S. $ 33.13 $ 62.23 $ 27.33 $ 57.41
Gas (per Mcf) - U.S. $ 3.42 $ 7.92 $ 3.69 $ 8.09
South Africa $ 5.93 $ 8.10 $ 5.08 $ 8.09
Tunisia $ 9.35 $ 15.67 $ 7.22 $ 14.29
Worldwide $ 3.64 $ 7.98 $ 3.82 $ 8.13
Total (BOE) - U.S. $ 37.92 $ 54.61 $ 34.54 $ 54.41
South Africa $ 39.03 $ 95.07 $ 32.80 $ 98.39
Tunisia $ 65.54 $ 100.58 $ 56.28 $ 107.89
Worldwide $ 39.57 $ 59.04 $ 35.73 $ 58.86
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(a) Average prices are attributable to continuing operations and include the results of hedging activities and amortization of VPP deferred revenue.
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PIONEER NATURAL RESOURCES COMPANY
UNAUDITED SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(in thousands)
EBITDAX and discretionary cash flow ("DCF") (as defined below) are presented herein, and reconciled to the generally accepted accounting principle ("GAAP") measures of net income (loss) and net cash provided by operating activities because of their wide acceptance by the investment community as financial indicators of a company's ability to internally fund exploration and development activities and to service or incur debt. The Company also views the non-GAAP measures of EBITDAX and DCF as useful tools for comparisons of the Company's financial indicators with those of peer companies that follow the full cost method of accounting. EBITDAX and DCF should not be considered as alternatives to net income (loss) or net cash provided by operating activities, as defined by GAAP.
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Net income (loss) $ 1,833 $ 3,187 $ (96,497 ) $ 294,806
Depletion, depreciation and amortization 162,605 121,265 509,422 338,153
Impairment of oil and gas properties - 89,753 21,091 89,753
Exploration and abandonments 25,073 109,420 77,861 172,714
Hurricane activity 1,200 - 16,200 -
Accretion of discount on asset retirement obligations 2,754 1,981 8,259 5,885
Interest expense 43,438 41,176 128,051 123,124
Income tax (benefit) provision A service of YellowBrix, Inc.
