| Overview
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OVERVIEW |
• | a storage terminal in Cushing, Oklahoma with 7.0 million barrels of crude oil storage capacity; |
• | a 640-mile crude oil gathering and transportation pipeline system with over 660,000 barrels of associated storage capacity in Kansas and northern Oklahoma that is connected to several third-party pipelines and refineries and our storage terminal in Cushing; |
• | a crude oil gathering, storage, transportation and marketing business in the Bakken Shale area in western North Dakota and eastern Montana; and |
• | a modern, sixteen-lane crude oil truck unloading facility with 230,000 barrels of associated storage capacity in Platteville, Colorado, which connects to the origination point of the White Cliffs Pipeline, a 527-mile crude oil pipeline running from Platteville, Colorado in the Denver-Julesburg Basin to Cushing, Oklahoma. |
• | 8,389,709 common units representing limited partner interests (of which 1,389,709 units are held by SemGroup) |
• | 8,389,709 subordinated units representing limited partner interests (all of which are held by SemGroup); and |
• | a 2% general partner interest (which is held by SemGroup). |
• | a storage terminal in Cushing, Oklahoma with 7.0 million barrels of crude oil storage capacity; |
• | a 640-mile crude oil gathering and transportation pipeline system with over 660,000 barrels of associated storage capacity in Kansas and northern Oklahoma that is connected to several third-party pipelines and refineries and our storage terminal in Cushing; |
• | a crude oil gathering, storage, transportation and marketing business in the Bakken Shale area in western North Dakota and eastern Montana; and |
• | a modern, sixteen-lane crude oil truck unloading facility with 230,000 barrels of associated storage capacity in Platteville, Colorado, which connects to the origination point of the White Cliffs Pipeline, a 527-mile crude oil pipeline running from Platteville, Colorado in the Denver-Julesburg Basin to Cushing, Oklahoma. |
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Pipelines and related facilities | 20 years |
Storage and terminal facilities | 10 –25 years |
Office and other property and equipment | 3 – 7 years |
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December 31, 2012 | December 31, 2011 | ||||||
Land | $ | 15,834 | $ | 15,759 | |||
Pipelines and related facilities | 159,736 | 156,263 | |||||
Storage and terminal facilities | 87,430 | 77,036 | |||||
Linefill | 39,333 | 12,126 | |||||
Office and other property and equipment | 3,834 | 2,716 | |||||
Construction-in-progress | 19,943 | 34,957 | |||||
Property, plant and equipment, gross | 326,110 | 298,857 | |||||
Accumulated depreciation | (34,580 | ) | (22,611 | ) | |||
Property, plant and equipment, net | $ | 291,530 | $ | 276,246 |
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December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||
Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Assets | $ | 22 | $ | (22 | ) | $ | — | $ | 393 | $ | (231 | ) | $ | 162 | |||||||||
Liabilities | 1,056 | (22 | ) | 1,034 | 231 | (231 | ) | — | |||||||||||||||
Net assets (liabilities) at fair value | $ | (1,034 | ) | $ | — | $ | (1,034 | ) | $ | 162 | $ | — | $ | 162 |
* | Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | |||||||||
Beginning balance | $ | — | $ | 1,619 | $ | 218 | |||||
Total gain or loss (realized and unrealized) included in product revenues | — | — | 919 | ||||||||
Settlements | — | (1,619 | ) | 482 | |||||||
Ending balance | $ | — | $ | — | $ | 1,619 | |||||
Amount of total gain or loss included in earnings for the period attributable to the change in unrealized gain or loss relating to assets and liabilities still held at the reporting date | $ | — | $ | — | $ | 1,619 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||
Sales | 1,743 | 6,309 | 6,313 | |||||
Purchases | 1,636 | 6,457 | 6,168 |
December 31, 2012 | December 31, 2011 | |||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||
$ | — | $ | 1,034 | $ | 162 | $ | — |
Year Ended | Year Ended | Year Ended | ||||||||
December 31, 2012 | December 31, 2011 | December 31, 2010 | ||||||||
$ | 149 | $ | (386 | ) | $ | (1,929 | ) |
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LONG-TERM DEBT |
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COMMITMENTS AND CONTINGENCIES |
(a) | Confirmation order appeals |
(b) | Claims reconciliation process |
For twelve months ending: | |||
December 31, 2013 | $ | 567 | |
December 31, 2014 | 506 | ||
December 31, 2015 | 352 | ||
December 31, 2016 | 267 | ||
December 31, 2017 | 273 | ||
Thereafter | 418 | ||
Total future minimum lease payments | $ | 2,383 |
Volume (barrels) | Value | |||||
Fixed price purchases | 169 | $ | 14,630 | |||
Fixed price sales | 169 | $ | 14,927 | |||
Floating price purchases | 22,339 | $ | 2,108,387 | |||
Floating price sales | 22,079 | $ | 2,110,754 |
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EMPLOYEE BENEFITS AND EQUITY-BASED COMPENSATION |
Unvested Units | Average Grant Date Fair Value | ||||
Outstanding at December 31, 2011 | — | $ | — | ||
Awards granted | 46,069 | $ | 21.97 | ||
Awards vested | — | $ | — | ||
Awards forfeited | (2,109) | $ | 20.60 | ||
Outstanding at December 31, 2012 | 43,960 | $ | 21.91 |
Year ended December 31, 2013 | 9,333 | units | |
Year ended December 31, 2014 | — | units | |
Year ended December 31, 2015 | 34,627 | units |
Year ended December 31, 2012 | $ | 308 | |
Year ended December 31, 2013 (estimated) | $ | 404 | |
Year ended December 31, 2014 (estimated) | $ | 235 | |
Year ended December 31, 2015 (estimated) | $ | 12 |
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PARTNERS’ CAPITAL AND DISTRIBUTIONS |
• | first, 98.0% to the holders of common units and 2.0% to our general partner, until each common unit has received the minimum quarterly distribution of $0.3625, plus any arrearages from prior quarters; |
• | second, 98.0% to the holders of subordinated units and 2.0% to our general partner, until each subordinated unit has received the minimum quarterly distribution of $0.3625; and |
• | third, 98.0% to all common and subordinated unitholders, pro rata, and 2.0% to our general partner, until each unit has received a distribution of $0.416875. |
Marginal Percentage Interest in Distributions | ||||||||||||||||||
Total Quarterly Distribution Per Unit Target Amount | Unitholders | General Partner Interest | Incentive Distribution Rights | |||||||||||||||
Minimum Quarterly Distribution | $ | 0.362500 | 98.0% | 2.0% | — | % | ||||||||||||
First Target Distribution | above | $ | 0.362500 | up to | $ | 0.416875 | 98.0% | 2.0% | — | % | ||||||||
Second Target Distribution | above | $ | 0.416875 | up to | $ | 0.453125 | 85.0% | 2.0% | 13.0 | % | ||||||||
Third Target Distribution | above | $ | 0.453125 | up to | $ | 0.543750 | 75.0% | 2.0% | 23.0 | % | ||||||||
Thereafter | above | $ | 0.543750 | 50.0% | 2.0% | 48.0 | % |
Quarter Ended | Record Date | Payment Date | Distribution Per Unit | Total Distributions (in thousands) | ||||||||
December 31, 2011 | * | February 3, 2012 | February 13, 2012 | $ | 0.0670 | * | $ | 1,147 | ||||
March 31, 2012 | May 7, 2012 | May 15, 2012 | $ | 0.3725 | $ | 6,377 | ||||||
June 30, 2012 | August 6, 2012 | August 14, 2012 | $ | 0.3825 | $ | 6,550 | ||||||
September 30, 2012 | November 5, 2012 | November 14, 2012 | $ | 0.3925 | $ | 6,721 | ||||||
December 31, 2012 | February 4, 2013 | February 14, 2013 | $ | 0.4025 | $ | 8,331 |
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EARNINGS PER LIMITED PARTNER UNIT |
Year Ended December 31, 2012 | |||
Net income | $ | 23,954 | |
Less: General partner’s incentive distribution earned (1) | — | ||
Less: General partner’s 2.0% ownership | 479 | ||
Net income allocated to limited partners | $ | 23,475 | |
Numerator for basic and diluted earnings per limited partner unit: | |||
Allocation of net income among limited partner interests: | |||
Net income allocable to common units | $ | 11,737.5 | |
Net income allocable to subordinated units | 11,737.5 | ||
Net income allocated to limited partners | $ | 23,475 | |
Denominator for basic and diluted earnings per limited partner unit: | |||
Basic weighted average number of limited partner common units outstanding | 8,390 | ||
Effect of dilutive securities | 16 | ||
Diluted weighted average number of limited partner common units outstanding | 8,406 | ||
Basic and diluted weighted average number of subordinated units outstanding | 8,390 | ||
Basis and diluted net income per limited partner unit: | |||
Common Units | $ | 1.40 | |
Subordinated Units | $ | 1.40 |
(1) | Based on the amount of the distribution declared per common and subordinated unit related to earnings for the year ended December 31, 2012, our general partner was not entitled to receive any incentive distribution for the year. |
December 15, 2011 through December 31, 2011 | |||
Net income (1) | $ | 970 | |
Less: General partner’s incentive distribution earned (2) | — | ||
Less: General partner’s 2.0% ownership | 19 | ||
Net income allocated to limited partners | $ | 951 | |
Numerator for basic and diluted earnings per limited partner unit: | |||
Allocation of net income among limited partner interests: | |||
Net income allocable to common units | $ | 475.5 | |
Net income allocable to subordinated units | 475.5 | ||
Net income allocated to limited partners | $ | 951 | |
Denominator for basic and diluted earnings per limited partner unit: | |||
Basic and diluted weighted average number of limited partner units outstanding: | |||
Common units | 8,390 | ||
Subordinated units | 8,390 | ||
Basic and diluted net income per limited partner unit: | |||
Common units | $ | 0.06 | |
Subordinated units | $ | 0.06 |
(1) | Represents December net income adjusted for the impact of certain accruals and prorated for 17 days, representing the period subsequent to our IPO. |
(2) | Based on the amount of the distribution declared per common and subordinated unit related to earnings for the period from December 15, 2011 through December 31, 2011, our general partner was not entitled to receive any incentive distribution for this period. |
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RELATED PARTY TRANSACTIONS |
Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||
Revenues | $ | 0 | $ | 1,401 | |||
Purchases | $ | 46,738 | $ | 36,811 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | |||||||||
Purchases | $ | 10,606 | $ | 6,547 | $ | 4,427 |
Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||
Sales | $ | — | $ | 21,526 | |||
Purchases | $ | 45 | $ | 11,587 |
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First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total revenues | $ | 179,715 | $ | 157,418 | $ | 131,554 | $ | 151,730 | $ | 620,417 | |||||||||
Total expenses | 171,405 | 151,815 | 124,635 | 146,627 | 594,482 | ||||||||||||||
Operating income | 8,310 | 5,603 | 6,919 | 5,103 | 25,935 | ||||||||||||||
Other expenses, net | 552 | 477 | 450 | 502 | 1,981 | ||||||||||||||
Net income | $ | 7,758 | $ | 5,126 | $ | 6,469 | $ | 4,601 | $ | 23,954 | |||||||||
Earnings per limited partner unit | |||||||||||||||||||
Common units (basic and diluted) | $ | 0.45 | $ | 0.30 | $ | 0.38 | $ | 0.27 | $ | 1.40 | |||||||||
Subordinated units (basic and diluted) | $ | 0.45 | $ | 0.30 | $ | 0.38 | $ | 0.27 | $ | 1.40 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total revenues | $ | 83,791 | $ | 110,714 | $ | 104,616 | $ | 132,200 | $ | 431,321 | |||||||||
Total expenses | 75,704 | 105,455 | 100,352 | 124,949 | 406,460 | ||||||||||||||
Operating income | 8,087 | 5,259 | 4,264 | 7,251 | 24,861 | ||||||||||||||
Other expenses, net | 483 | 286 | 434 | 423 | 1,626 | ||||||||||||||
Net income | $ | 7,604 | $ | 4,973 | $ | 3,830 | $ | 6,828 | $ | 23,235 |
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December 31, 2012 | December 31, 2011 | ||||||
Land | $ | 15,834 | $ | 15,759 | |||
Pipelines and related facilities | 159,736 | 156,263 | |||||
Storage and terminal facilities | 87,430 | 77,036 | |||||
Linefill | 39,333 | 12,126 | |||||
Office and other property and equipment | 3,834 | 2,716 | |||||
Construction-in-progress | 19,943 | 34,957 | |||||
Property, plant and equipment, gross | 326,110 | 298,857 | |||||
Accumulated depreciation | (34,580 | ) | (22,611 | ) | |||
Property, plant and equipment, net | $ | 291,530 | $ | 276,246 |
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December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||
Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Assets | $ | 22 | $ | (22 | ) | $ | — | $ | 393 | $ | (231 | ) | $ | 162 | |||||||||
Liabilities | 1,056 | (22 | ) | 1,034 | 231 | (231 | ) | — | |||||||||||||||
Net assets (liabilities) at fair value | $ | (1,034 | ) | $ | — | $ | (1,034 | ) | $ | 162 | $ | — | $ | 162 |
* | Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | |||||||||
Beginning balance | $ | — | $ | 1,619 | $ | 218 | |||||
Total gain or loss (realized and unrealized) included in product revenues | — | — | 919 | ||||||||
Settlements | — | (1,619 | ) | 482 | |||||||
Ending balance | $ | — | $ | — | $ | 1,619 | |||||
Amount of total gain or loss included in earnings for the period attributable to the change in unrealized gain or loss relating to assets and liabilities still held at the reporting date | $ | — | $ | — | $ | 1,619 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||
Sales | 1,743 | 6,309 | 6,313 | |||||
Purchases | 1,636 | 6,457 | 6,168 |
December 31, 2012 | December 31, 2011 | |||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||
$ | — | $ | 1,034 | $ | 162 | $ | — |
Year Ended | Year Ended | Year Ended | ||||||||
December 31, 2012 | December 31, 2011 | December 31, 2010 | ||||||||
$ | 149 | $ | (386 | ) | $ | (1,929 | ) |
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For twelve months ending: | |||
December 31, 2013 | $ | 567 | |
December 31, 2014 | 506 | ||
December 31, 2015 | 352 | ||
December 31, 2016 | 267 | ||
December 31, 2017 | 273 | ||
Thereafter | 418 | ||
Total future minimum lease payments | $ | 2,383 |
Volume (barrels) | Value | |||||
Fixed price purchases | 169 | $ | 14,630 | |||
Fixed price sales | 169 | $ | 14,927 | |||
Floating price purchases | 22,339 | $ | 2,108,387 | |||
Floating price sales | 22,079 | $ | 2,110,754 |
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Unvested Units | Average Grant Date Fair Value | ||||
Outstanding at December 31, 2011 | — | $ | — | ||
Awards granted | 46,069 | $ | 21.97 | ||
Awards vested | — | $ | — | ||
Awards forfeited | (2,109) | $ | 20.60 | ||
Outstanding at December 31, 2012 | 43,960 | $ | 21.91 |
Year ended December 31, 2013 | 9,333 | units | |
Year ended December 31, 2014 | — | units | |
Year ended December 31, 2015 | 34,627 | units |
Year ended December 31, 2012 | $ | 308 | |
Year ended December 31, 2013 (estimated) | $ | 404 | |
Year ended December 31, 2014 (estimated) | $ | 235 | |
Year ended December 31, 2015 (estimated) | $ | 12 |
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Marginal Percentage Interest in Distributions | ||||||||||||||||||
Total Quarterly Distribution Per Unit Target Amount | Unitholders | General Partner Interest | Incentive Distribution Rights | |||||||||||||||
Minimum Quarterly Distribution | $ | 0.362500 | 98.0% | 2.0% | — | % | ||||||||||||
First Target Distribution | above | $ | 0.362500 | up to | $ | 0.416875 | 98.0% | 2.0% | — | % | ||||||||
Second Target Distribution | above | $ | 0.416875 | up to | $ | 0.453125 | 85.0% | 2.0% | 13.0 | % | ||||||||
Third Target Distribution | above | $ | 0.453125 | up to | $ | 0.543750 | 75.0% | 2.0% | 23.0 | % | ||||||||
Thereafter | above | $ | 0.543750 | 50.0% | 2.0% | 48.0 | % |
Quarter Ended | Record Date | Payment Date | Distribution Per Unit | Total Distributions (in thousands) | ||||||||
December 31, 2011 | * | February 3, 2012 | February 13, 2012 | $ | 0.0670 | * | $ | 1,147 | ||||
March 31, 2012 | May 7, 2012 | May 15, 2012 | $ | 0.3725 | $ | 6,377 | ||||||
June 30, 2012 | August 6, 2012 | August 14, 2012 | $ | 0.3825 | $ | 6,550 | ||||||
September 30, 2012 | November 5, 2012 | November 14, 2012 | $ | 0.3925 | $ | 6,721 | ||||||
December 31, 2012 | February 4, 2013 | February 14, 2013 | $ | 0.4025 | $ | 8,331 |
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Year Ended December 31, 2012 | |||
Net income | $ | 23,954 | |
Less: General partner’s incentive distribution earned (1) | — | ||
Less: General partner’s 2.0% ownership | 479 | ||
Net income allocated to limited partners | $ | 23,475 | |
Numerator for basic and diluted earnings per limited partner unit: | |||
Allocation of net income among limited partner interests: | |||
Net income allocable to common units | $ | 11,737.5 | |
Net income allocable to subordinated units | 11,737.5 | ||
Net income allocated to limited partners | $ | 23,475 | |
Denominator for basic and diluted earnings per limited partner unit: | |||
Basic weighted average number of limited partner common units outstanding | 8,390 | ||
Effect of dilutive securities | 16 | ||
Diluted weighted average number of limited partner common units outstanding | 8,406 | ||
Basic and diluted weighted average number of subordinated units outstanding | 8,390 | ||
Basis and diluted net income per limited partner unit: | |||
Common Units | $ | 1.40 | |
Subordinated Units | $ | 1.40 |
(1) | Based on the amount of the distribution declared per common and subordinated unit related to earnings for the year ended December 31, 2012, our general partner was not entitled to receive any incentive distribution for the year. |
December 15, 2011 through December 31, 2011 | |||
Net income (1) | $ | 970 | |
Less: General partner’s incentive distribution earned (2) | — | ||
Less: General partner’s 2.0% ownership | 19 | ||
Net income allocated to limited partners | $ | 951 | |
Numerator for basic and diluted earnings per limited partner unit: | |||
Allocation of net income among limited partner interests: | |||
Net income allocable to common units | $ | 475.5 | |
Net income allocable to subordinated units | 475.5 | ||
Net income allocated to limited partners | $ | 951 | |
Denominator for basic and diluted earnings per limited partner unit: | |||
Basic and diluted weighted average number of limited partner units outstanding: | |||
Common units | 8,390 | ||
Subordinated units | 8,390 | ||
Basic and diluted net income per limited partner unit: | |||
Common units | $ | 0.06 | |
Subordinated units | $ | 0.06 |
(1) | Represents December net income adjusted for the impact of certain accruals and prorated for 17 days, representing the period subsequent to our IPO. |
(2) | Based on the amount of the distribution declared per common and subordinated unit related to earnings for the period from December 15, 2011 through December 31, 2011, our general partner was not entitled to receive any incentive distribution for this period. |
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Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||
Revenues | $ | 0 | $ | 1,401 | |||
Purchases | $ | 46,738 | $ | 36,811 |
Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||
Sales | $ | — | $ | 21,526 | |||
Purchases | $ | 45 | $ | 11,587 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | |||||||||
Purchases | $ | 10,606 | $ | 6,547 | $ | 4,427 |
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First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total revenues | $ | 179,715 | $ | 157,418 | $ | 131,554 | $ | 151,730 | $ | 620,417 | |||||||||
Total expenses | 171,405 | 151,815 | 124,635 | 146,627 | 594,482 | ||||||||||||||
Operating income | 8,310 | 5,603 | 6,919 | 5,103 | 25,935 | ||||||||||||||
Other expenses, net | 552 | 477 | 450 | 502 | 1,981 | ||||||||||||||
Net income | $ | 7,758 | $ | 5,126 | $ | 6,469 | $ | 4,601 | $ | 23,954 | |||||||||
Earnings per limited partner unit | |||||||||||||||||||
Common units (basic and diluted) | $ | 0.45 | $ | 0.30 | $ | 0.38 | $ | 0.27 | $ | 1.40 | |||||||||
Subordinated units (basic and diluted) | $ | 0.45 | $ | 0.30 | $ | 0.38 | $ | 0.27 | $ | 1.40 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total revenues | $ | 83,791 | $ | 110,714 | $ | 104,616 | $ | 132,200 | $ | 431,321 | |||||||||
Total expenses | 75,704 | 105,455 | 100,352 | 124,949 | 406,460 | ||||||||||||||
Operating income | 8,087 | 5,259 | 4,264 | 7,251 | 24,861 | ||||||||||||||
Other expenses, net | 483 | 286 | 434 | 423 | 1,626 | ||||||||||||||
Net income | $ | 7,604 | $ | 4,973 | $ | 3,830 | $ | 6,828 | $ | 23,235 |
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