4Q20 EARNINGS PRESENTATION February 2021 Forward-looking Statements
This presentation contains projections and other forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These projections and statements reflect the Company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission.
Actual results may differ materially from company projections and other forward-looking statements and can be affected by a variety of factors outside the control of the company, all of which may be amplified by the COVID-19 pandemic and its unpredictable nature, including among other things: fluctuations in the price we receive for our oil, gas, and NGL production, including local market price differentials, which may be exacerbated by the demand destruction resulting from COVID-19; disruptions to the availability of workers and contractors due to illness and stay at home orders related to the COVID-19 pandemic; cost and availability of gathering, pipeline, refining, transportation and other midstream and downstream activities and our ability to sell oil, gas, and NGLs, which may be negatively impacted by the COVID-19 pandemic, severe weather and other risks and lead to a lack of any available markets; availability of supply chains and critical equipment and supplies; higher than expected costs and expenses, including the availability and cost of services and materials; compliance with environmental and other regulations, including new regulations that may result from the recent change in federal and state administrations and legislatures; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by the recent change in Presidential administration or legislatures; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be negatively impacted by the impact of COVID-19 restrictions on regulatory employees who process and approve permits, other approvals and rights-of-way and which may be restricted by new Presidential and Secretarial orders and regulation and legislation; reductions in the quantity of oil, gas, and NGLs sold and prices received because of decreased demand and/or curtailments in production relating to mechanical, transportation, storage, capacity, marketing, weather, the COVID-19 pandemic, or other problems; declines in the SEC PV10 value of our oil and gas properties resulting in full cost ceiling test impairments to the carrying values of our oil and gas properties; the effectiveness of our internal control over financial reporting; success of the company’s risk management activities; availability of financing and access to capital markets; estimates of proved reserves, exploitation potential, or exploration prospect size; greater than expected production decline rates; timing and amount of future production of oil, gas, and NGLs; cybersecurity threats, technology system failures and data security issues; the inability to transport, process and store oil and gas; hedging activities and the viability of our hedging counterparties, many of whom have been negatively impacted by the COVID-19 pandemic; economic and competitive conditions; lack of available insurance; cash flow and anticipated liquidity; continuing compliance with the financial covenant contained in our amended and restated credit agreement; the loss of certain federal income tax deductions; litigation; environmental liabilities; new federal regulations regarding species or habitats; exploration and development opportunities that we pursue may not result in economic, productive oil and gas properties; drilling of wells; development drilling and testing results; performance of acquired properties and newly drilled wells; ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; unexpected future capital expenditures; amount, nature, and timing of capital expenditures; proving up undeveloped acreage and maintaining production on leases; unforeseen liabilities associated with acquisitions and dispositions; establishing valuation allowances against our net deferred tax assets; potential payments for failing to meet minimum oil, gas, NGL, or water delivery or sales commitments; increased financing costs due to a significant increase in interest rates; risks associated with concentration of operations in one major geographic area; availability and cost of capital; title to properties; ability to complete property sales or other transactions; and other factors discussed in the company’s reports filed with the SEC. Cimarex Energy Co. encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, the company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
Contact: Investor Relations [email protected]
FORWARD-LOOKING STATEMENTS 2 Cimarex Energy’s Commitment to Excellence
FINANCIAL STRENGTH Conservative Balance Sheet Return on and of Capital Disciplined Investment Margin Expansion
OPERATIONAL EXCELLENCE Maximize Capital Efficiency Resource Development & Exploration Technology & Innovation
ENVIRONMENTAL STEWARDSHIP Forefront of Environmental Operations Enhanced Monitoring Minimize Methane Emissions & Flaring
CIMAREX ENERGY’S COMMITMENT TO EXCELLENCE 3 2020 Summary and Results
AVERAGED 4.7 DRILLING RIGS AND 1.0 TOTAL CAPITAL INVESTMENT OF $577MM COMPLETION CREW DURING 2020 IN 2020, BELOW $600MM GUIDANCE • Currently operating six drilling rigs and 2020 OIL PRODUCTION OF 76.7 MBBLS/D; two completion crews TOTAL PRODUCTION OF 252.5 MBOE/D 2020 OPERATED PERMIAN WELL COSTS: • 4Q20 oil production 3.5 percent above $944 PER FOOT guidance midpoint • Slightly below mid-point of recent $900-1,000 per foot guidance
FULL YEAR FREE CASH FLOW OF $279MM AFTER DIVIDEND BEAT STRETCH GOALS FOR METHANE INTENSITY AND FLARING INTENSITY EXITED THE YEAR WITH $273MM CASH COMPLETED E-FRAC USING CIMAREX REPURCHASED 55 PERCENT OF ELECTRIC GRID; CURRENTLY OPERATING OUTSTANDING 8.125% PREFFERED ELECTRIC RIG STOCK FOR $43MM FIRST TANKLESS BATTERY READY FOR ANNUAL DIVIDEND ANNOUNCED AT OPERATION $1.08/SHARE, UP 23 PERCENT
2020 SUMMARY AND RESULTS 4 2021 Guidance and Estimated Cash Flow Allocation
CASH FLOW ALLOCATION VARIES WITH WTI PRICE1,2
2021 PLAN HIGHLIGHTS 100% 9% • $650-750 million total capital investment 12% • $500-600 million total D&C 48% • 75-81 MBbl/d, up ~2% year-over-year at the midpoint
~80% REINVESTMENT OF CASH FLOW AT $35 50% 7% WTI1, <50% OF CASH FLOW AT $55 WTI2 79% INCORPORATES INCREASED ANNUAL DIVIDEND OF $1.08 PER SHARE 45%
COMMITTED TO HAVING SUFFICIENT CASH ON HAND TO PAY OFF 2024 NOTES 0% $35 WTI $55 WTI TOTAL CAPITAL INVESTMENT DIVIDEND FCF AFTER DIVIDEND
1Assumes mid-point of capital guidance, $35 WTI, $2.50 Henry Hub and NGL priced 40% of WTI 2Assumes mid-point of capital guidance, $55 WTI, $3.00 Henry Hub and NGL priced 45% of WTI 2021 GUIDANCE AND ESTIMATED CASH FLOW ALLOCATION 5 Cash Flow Objectives and Investment Framework
FREE CASH FLOW POSITIVE BELOW $35 WTI1 IN 2021-2024
FREE CASH FLOW PRIORITIES: • Strengthen balance sheet • Continue sustainable regular dividend growth • Consider variable dividend and share buyback
2021-2024 OUTLOOK: • Generate FCF after the dividend to retire $750MM of 2024 notes; Target Debt/EBITDA <1.0x • Oil volumes flat to slightly up year-over-year • Targets achievable annually at $35 WTI1
1$35 WTI, $2.50 Henry Hub, NGL priced 40% of WTI CASH FLOW OBJECTIVES AND INVESTMENT FRAMEWORK 6 Strong Balance Sheet and Growing Dividend
AMPLE LIQUIDITY, NO NEAR-TERM DEBT MATURITIES DIVIDEND HISTORY
$1,600 $1.20
$1,200 $1.00
$0.80 $800 $750 $750
$0.60 $ $ MILLIONS $400 $500 $0.40 $0 LIQUIDITY 2024 2027 2029 $0.20 12/31/20 DEBT MATURITIES DIVIDEND PAID PER SHARE $- INVESTMENT GRADE RATED
•
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fitch BBB-, stable 2006 2021* • Moody’s Baa3, stable • S&P BBB-, stable COMMENCED DIVIDEND IN 2006
NO NEAR-TERM DEBT MATURITIES ANNOUNCED 23 PERCENT INCREASE TO DIVIDEND ON REPURCHASED 55 PERCENT OF OUTSTANDING FEBRUARY 18 8.125% PREFFERED STOCK FOR $43MM DIVIDEND GROWTH CAGR OF 13% $1.5 BILLION OF LIQUIDITY, INCLUDING $273 MILLION OF CASH (12/31/2020) EXPECT TO SUSTAINABLY GROW REGULAR DIVIDEND
*Assumes quarterly dividend payment of $0.27 per share beginning in June 2021 STRONG BALANCE SHEET AND GROWING DIVIDEND 7 Permian Region Well Cost Improvements
WELL COST PER COMPLETED LATERAL FOOT (OPERATED)
$1,600 $1,479 $1,400 TOTAL CAPITAL ASSOCIATED WELL COST PER WITH COMPLETED WELLS2 $1,200 $1,106 LATERAL FOOT = LATERAL FEET COMPLETED $1,000 $944 $800-850 GO FORWARD ESTIMATED WELL COSTS: $800 • Culberson: $725-775 per foot $600 • Reeves: $825-875 per foot
$/COMPLETED LATERAL FEET LATERAL $/COMPLETED $400 • Eddy: $750-850 per foot
67 NET WELLS 76 NET WELLS 46 NET WELLS 65 NET WELLS1 $200 COMPLETED COMPLETED COMPLETED • Lea: $850-1,000 per foot
515,000 FEET 708,000 FEET 406,000 FEET 624,000 FEET $- 2018A 2019A 2020A 2021E $ PER COMPLETED LATERAL FOOT
1Wells completed, but not necessarily on line in 2021 2Total capital includes D&C, facilities and flow back associated with wells completed in the period PERMIAN REGION WELL COST IMPROVEMENTS 8 Redesigned Development Plans Increase Capital Efficiency
EXAMPLE: COUNT FLEET DEVELOPMENT – CURRENTLY COMPLETING, EXPECTED ON LINE 2Q21
PREVIOUS DESIGN NEW RELAXED DESIGN
1596’ X/Y SANDS X/Y SANDS
250’ 1064’ 180’
1064’ 1596’
UPPER WOLFCAMP UPPER UPPER WOLFCAMP UPPER
WOLFCAMP A WOLFCAMP A
WOLFCAMP B WOLFCAMP B CULBERSON 10 WELLS PER SECTION 7 WELLS PER SECTION
LESS CAPITAL PER SECTION; HIGHER PER-WELL PRODUCTIVITY; HIGHER PER-SECTION NPV
REDESIGNED DEVELOPMENT PLANS INCREASE CAPITAL EFFICIENCY 9 DelawareWellBasin Performance
CUMULATIVE OIL (MBBLS) 100 150 200 250 300 350 400 450 50 0 CIMAREX PRODUCTIVITYOIL FAVORABLE VERSUS PEERS ACROSS THE DELAWARE “Other” includes includes all “Other” operators 71 WELLS 66 XEC CULBERSON 45 6 MONTHS 23 129 DELAWARE BASIN CUMULATIVE OTHER 85 58 (>8,500LL, First Prod >2016, Upper Wolfcamp & Bone Spring Formations but Cimarex but 46 57 57 XEC 47 12 MONTHS 12 REEVES 33 497 469 OTHER 397 315 OILPRODUCTION BY COUNTY 25 18 – XEC 18 MONTHS 18 18 XEC vsXEC OtherOperators 11 LEA 392 DELAWARE DELAWARE BASIN WELL PERFORMANCE 316 OTHER 208 156 ) 17 24 MONTHS 24 10 XEC 7 7 EDDY BASIN 343 As of2/15/2021 As – XEC XEC VS OTHER OPERATORS 294 OTHER 199 142 10 Committed to Environmental Excellence
METHANE INTENSITY DOWN OVER 25% Y-O-Y PERMIAN FLARING INTENSITY DOWN OVER 50% Y-O-Y
1 0.4% 2.5%
2 2.0% 0.3% 0.337% 1.98% 1.97%
0.258% 1.5%
0.2% INTENSITYRATE
0.187% PRESSURE 1.0%
0.1% 0.90%
HIGH 0.5%
FLARINGINTENSITY METHANE METHANE 0.0% 0.0% 2018 2019 2020* 2018 2019 2020*
ENHANCED FOCUS DRIVING DOWN EMISSIONS AND HIGH PRESSURE FLARING • Implemented flare/no-flare protocol • Improved reporting practices require every flaring incident to be reported and categorized by cause • Monthly optical gas imaging (OGI) “quick pass” field inspections • Upgraded facilities feature closed-vent system pressure monitors and real-time incident reports
AXPC ESG METRICS TEMPLATE LIVE ON CIMAREX WEBSITE
*Preliminary 2020 results – subject to change with data finalization 1Methane Intensity Rate = Gross Methane Emissions (MMcf)/Company Gross Operated Gas Production (MMcf) COMMITTED TO ENVIRONMENTAL EXCELLENCE 11 2High Pressure Flaring Intensity = Permian Gross Flared Gas Volumes (MMcf)/Permian Gross Operated Gas Production (MMcf) ESG Innovation
ENHANCED MONITORING INCLUDES ENVIRONMENTAL TECHNOLOGY • OGI inspections in excess of EPA requirements • Tankless batteries could reduce methane emissions • Newly implemented laser and aerial inspections by up to 98%; first tankless facility ready for operation • Installed wellhead automation to limit flaring during upset conditions
AERIAL CENTRALIZED LASER-BASED TANKLESS BATTERY SURVEILLANCE REAL-TIME MONITORING
Photo provided by Bridger Photonics. NOT A CIMAREX LOCATION. Photo provided by LongPath Technologies. NOT A CIMAREX LOCATION. SEMI-ANNUAL INSPECTION OF 25 SQUARE MILE ARRAY CONTINUOUSLY SCANS NOVEL FACILITY DESIGN ENGINEERED TO REMOVE HIGH- FULL PERMIAN OPERATIONS MULTIPLE FACILITIES FROM A CENTRALIZED SOURCE RISK EMISSIONS DEVICES AND EFFICIENTLY SEPARATE PRODUCT TO SALES SPECIFICATIONS THREE SYSTEMS DEPLOYED
ESG INNOVATION 12 Cimarex Energy Investment Thesis
OPERATIONAL POSITIONED FINANCIAL ESG FOCUS EXCELLENCE FOR SUCCESS
TOP-TIER INVESTMENT GRADE QUALITY AND DEPTH OF LEADER IN ENVIRONMENTAL WELL-POSITIONED TO BALANCE SHEET ASSETS OPERATIONS AND COMPETE IN CURRENT TECHNOLOGY DRIVEN ENVIRONMENT GENERATE FREE CASH FLOW; ENHANCE CAPITAL IMPROVEMENTS INCREASE RETURN OF EFFICIENCY THROUGH MULTI-BASIN LEVERAGE TO CAPITAL OPERATIONAL EXPERTISE UNWAVERING COMMITMENT BOTH OIL AND NATURAL GAS TO REDUCTION OF METHANE HISTORY OF DISCIPLINED UNCOVER NEW LANDING EMISSIONS AND FLARING RESULTS-ORIENTED CULTURE INVESTMENT ZONES; INCREASE RETURNS AND MARGIN SCIENCE AND ENGINEERING FOCUS
CIMAREX ENERGY INVESTMENT THESIS 13 APPENDIX
APPENDIX 14 2021 Guidance
1Q21E 2021E
Production (MBOE/d) 205 – 225 235 – 255
Oil Production (MBbls/d) 65.0 – 69.0 75.0 – 81.0
Capital Expenditures ($ Million) D&C $500 – 600 Midstream & Saltwater Disposal (SWD) ~ $40 Other ~ $110 Total Capital $650 – 750
Expenses ($/BOE) Production $3.10 – 3.60 Transportation, processing & other $2.20 – 2.50 DD&A and ARO accretion $6.00 – 7.00 General and administrative $0.90 – 1.10 Taxes other than income (% of oil and gas revenue) 5.5% – 6.5%
2021 GUIDANCE 15 Projected 2021 Activity
NET WELLS ON PRODUCTION
73
51 COUNT
23 24
20 NET WELL WELL NET 6
2020A 1Q21E 2Q21E 3Q21E 4Q21E 2021E
PERMIAN BASIN ANADARKO BASIN
BROUGHT 17 NET WELLS ON PRODUCTION IN 4Q20, 44 NET WELLS IN PROGRESS AT 12/31/2020
EXPECT 40 NET WELLS IN PROGRESS AT 12/31/2021
In progress wells defined as wells between spud and first production PROJECTED 2021 ACTIVITY 16 2021 Delaware Basin Plans
D&C WELLS ON LINE AVERAGE LATERAL CAPITAL BY COUNTY LENGTH BY COUNTY
10,000
WOLFCAMP EDDY 8,000 LEA
6,000
4,000 67 $450 – $540 MM NET WELLS REEVES 2,000
0 BONE CULBERSON
SPRING LEA
EDDY REEVES
CULBERSON BASIN AVERAGE: 9,500
2021 DELAWARE BASIN PLANS 17 Delaware Basin
NEW MEXICO 234,800 NET ACRES WITH MULTIPLE LANDING ZONES CURRENTLY OPERATING FIVE DRILLING RIGS AND TWO
TEXAS COMPLETION CREWS
UPCOMING DEVELOPMENTS IN PROGRESS PROJECT NAME WELLS % WI ON LINE 1 BIG SKY 6 100 1Q 2 BURGOO KING 7 50 2QE 3 TIM TAM 6 50 2QE
3 79,000 NET ACRES FEDERAL POSITION IN NEW MEXICO 2 DEVELOPMENT PLANS INCLUDE ~5,000 FEDERAL ACRES THROUGH 2023 • 46 wells planned through 2023 1 FEDERAL PERMITS FOR WELLS ON RIG SCHEDULE PERMIT STATUS THROUGH 2023 APPROVED* 35 CIMAREX ACREAGE IN PROGRESS 11
FEDERAL ACREAGE *Includes 16 wells which require extension before spud date WOLFCAMP 60 DAY MORATORIUM OF PERMITS IN PLACE THROUGH 3/21/2021, BONE SPRING MINIMAL IMPACT TO CURRENT OPERATIONS AND FUTURE AVALON DEVELOPMENTS
DELAWARE BASIN 18 Mid-Continent
OKLAHOMA
326,000 NET ACRES • 135,625 net undeveloped acres (HBP)
13-8 AREA CURRENTLY OPERATING ONE DRILLING RIG
EXPECT TO BRING ONE DEVELOPMENT ON LINE IN 2021 LONE ROCK CAREL/ELDER 5 WELLS, 94% WI FOCUSING ON HIGH QUALITY INVENTORY SUBSET
CIMAREX ACREAGE MERAMEC OUTLINE WOODFORD OUTLINE
MID-CONTINENT 19 Culberson County Stands Out
RISER: XEC-ENGINEERED ACCESS FOR WATER REUSE
$725-775 PER LATERAL FOOT – OUR LOWEST ESTIMATED GO FORWARD D&C COST IN THE DELAWARE BASIN
CULBERSON CUMULATIVE OIL PRODUCTION IN LINE WITH DELAWARE BASIN AVERAGE SWD INFRASTRUCTURE WOLFCAMP FRAC WATER LOW PRODUCTION EXPENSE RECYCLED PURCHASED • Culberson: $1.75 per Boe • Total Permian: $3.15 per Boe
OWN AND OPERATE SALTWATER DISPOSAL (SWD) • Allows water reuse through XEC engineered risers • Avoids surface storage of produced water 94% • Reduces need for fresh water
97% 87% XEC ACREAGE
WATER SOURCED (MBBLS) 32% 100% INFRASTRUCTURE OPERATED SWD 2016 2017 2018 2019 2020
CULBERSON COUNTY STANDS OUT 20 Non-GAAP Reconciliation
($ MILLIONS) 2018 2019 2020 TWELVE MONTHS ENDED DECEMBER 31, Net income (loss) $ 792 $ (125) $ (1,967) ($ MILLIONS) 2018 2019 2020 Income tax expense (benefit) 231 (26) (359) Interest expense, net of capitalized 47 37 43 Long-term debt (principal) $1,500 $2,000 $2,000 DD&A and ARO accretion 598 891 711 EBITDA 1,668 777 (1,572) Adjusted EBITDA 1,558 1,460 935 Impairment of oil and gas — 619 1,638 Impairment of goodwill — — 714 Debt/Adjusted EBITDA 1.0x 1.4x 2.1x Change in fair value of derivative instruments (110) 64 155 (non-cash) ADJUSTED EBITDA1 1,558 1,460 935 1The above table provides a reconciliation from generally accepted accounting principles (GAAP) net income (loss) to non-GAAP EBITDA and non-GAAP adjusted EBITDA, which excludes ceiling test impairments, goodwill impairments, and change in fair value of derivative instruments (non-cash)
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, ($ MILLIONS) 2020 2019 2020 2019 Net cash provided by operating activities $ 191 $ 360 $ 904 $ 1,344 Change in operating assets and liabilities 65 56 40 120 Adjusted cash flow from operations2 257 416 944 1,464 Oil and gas expenditures (113) (246) (595) (1,245) Other capital expenditures (4) (15) (44) (74) Change in capital accruals (18) 1 67 13 Free cash flow2 121 156 372 158 Dividends paid (24) (22) (93) (82) Free cash flow after dividend2 $ 97 $ 135 $ 279 $ 76
2Management uses the non-GAAP financial measures of adjusted cash flow from operations, free cash flow and free cash flow after dividend as means of measuring our ability to fund our capital program and dividends, without fluctuations caused by changes in current assets and liabilities, which are included in the GAAP measure of net cash provided by operating activities. Management believes these non-GAAP financial measures provide useful information to investors for the same reason, and that they are also NON-GAAP RECONCILIATION 21 used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry. Hedges as of February 22, 2021
2021 2022 OIL 1Q 2Q 3Q 4Q 1Q 2Q 3Q WTI OIL COLLARS1 Volume (Bbl/d) 40,000 34,000 40,000 40,000 26,000 19,000 10,000 Weighted Average Floor 38.06 34.62 34.65 34.65 37.31 38.16 40.00 Weighted Average Ceiling 46.45 43.28 44.37 44.37 48.41 49.56 49.19
WTI OIL BASIS SWAPS2 Volume (Bbl/d) 31,000 33,000 35,000 35,000 22,000 15,000 7,000 3 Weighted Average Differential 0.03 (0.02) (0.08) (0.08) 0.25 0.31 0.38 WTI OIL ROLL DIFFERENTIAL SWAPS1 Volume (Bbl/d) 7,000 11,000 18,000 18,000 18,000 11,000 7,000 Weighted Average Price (0.24) (0.22) (0.10) (0.10) (0.10) (0.01) 0.10 GAS 1Q 2Q 3Q 4Q 1Q 2Q 3Q PEPL GAS COLLARS4 Volume (MMBtu/d) 100,000 100,000 90,000 90,000 60,000 20,000 - Weighted Average Floor 1.83 1.89 2.00 2.00 2.13 2.40 - Weighted Average Ceiling 2.23 2.28 2.42 2.42 2.55 2.86 -
EL PASO PERM GAS COLLARS5 Volume (MMBtu/d) 70,000 80,000 70,000 70,000 40,000 20,000 - Weighted Average Floor 1.50 1.62 1.86 1.86 2.13 2.40 - Weighted Average Ceiling 1.79 1.92 2.22 2.22 2.53 2.88 -
WAHA GAS COLLARS6 Volume (MMBtu/d) 90,000 100,000 90,000 90,000 60,000 20,000 - Weighted Average Floor 1.52 1.61 1.82 1.82 1.98 2.40 - Weighted Average Ceiling 1.83 1.93 2.17 2.17 2.39 2.86 -
Notes: 1 WTI refers to West Texas Intermediate oil prices as quoted on the New York Mercantile Exchange 4 PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent as quoted on Platt’s Inside FERC 2 Index price paid on basis swaps is WTI Midland as quoted by Argus Americas Crude 5 El Paso Perm refers to El Paso Permian Basin index as quoted on Platt’s Inside FERC 3 Index price received on basis swaps is WTI NYMEX less weighted average differential shown in table 6 Waha refers to West Texas Natural Gas Index (“Waha”) as quoted in Platt’s Inside FERC
HEDGES AS OF FEBRUARY 22, 2021 22