Chesapeake Energy Corporation (NYSE:CHK)
Johnson Rice 2017 Energy Conference Call
September 26, 2017 09:00 ET
Frank Patterson – Executive Vice President, Exploration
Charles Meade – Johnson Rice
Good morning, everybody. We are going to go ahead and get started on time. My name is Charles Meade. For those of you who don’t know me, I cover most of the large cap E&Ps here at Johnson Rice. And starting off for us this morning is Chesapeake Energy. We have Frank Patterson, the EVP of Exploration, but he also brought a big team with him, Tim Beard, who runs the PRB among other things, [indiscernible] and Gordon Pennoyer. Frank, you had some new data out on the PRB last week and also a press release out this morning. Thank you for that.
Yes, thank you. Alright. Good morning. It’s my pleasure to represent the Chesapeake team this morning. We are pretty busy, brought a team here to try and answer any questions you have later on in the day. Hopefully, you can swing by, have a chat with us, but let’s go ahead and get started, just going to spin through what’s going on in the company.
First thing though which I have to talk about is the forward-looking statement, we are going to talk about information we have today, our best projections going forward. I really know this is New Orleans, you guys were out late last night, but I am going to require that you read this. We are going to have a pop quiz at the end of this presentation. So, this is kind of what we talk about and think about everyday as we go to work. We have not changed our strategy in several years. We have actually reaffirmed our strategy within the company and these tenants on the right are kind of what we think about everyday. We are going to deliver. We are going to deliver on the 2017 plan. I will tell you where we are on that in the next slide. We are going to reduce our debt. So, read that asset sales as a debt reduction. We are going to give our debt metrics to a point where it’s a much more respectable debt metric. We are going to try to live within our meetings. We have a portfolio that we can build into a position where we can live within cash flow in the not too distant future. I know a lot of people say you can’t do that. I think we can. I am pretty confident in that, but we are not going to destroy the company. We are going to retain a position to grow, because we will need to grow in the future. So, we are not going to go into…