CHK - Earnings call transcript Q3 2021 | Expand Energy Corporation

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Operator

Hello, and welcome to the Chesapeake Energy Corporation 2021 Third Quarter Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note today's event is being recorded. I would now like to turn the conference over to your host today Brad Sylvester. Mr. ahead. go please Sylvester,

Brad Sylvester

had and we call everyone, financial today the updated Hopefully results Keith, press review for and to release and thank our joining for the you've quarter. third our to presentation XXXX chance good you to and our that morning, investor you operational a posted Thank discuss yesterday. Chesapeake's website

release our including statements be update statements and that statements, other expectations, which future call that place should morning's statements statements. required refer of measures, by statements, results not forward-looking will number periods help identified discussed in We may forward-looking this financial Please to goals, making peers. that undertake earnings facilitate existing and our factors Please a to will any we on undue reference to we also regarding cause some reliance our will including actual information, be differ in no except beliefs, non-GAAP forecasts, and cannot note across performance factors to from consist duty comparisons forward-looking with assumptions During confirmed and note applicable as by of such underlying that filings. statements. are which SEC projections, there you the and the such law materially

the Sheldon recent Q&A. be up will Dell'Osso, on overview of website. Nick With brief our For then any the results teleconference Nick Tim non-GAAP GAAP today up will measures and we we Mike use Wichterich. are a found a corresponding measure me reconciliation to Beard our for the open can give nearest call and on Burleson,

Nick. and again the now turn with teleconference over thank to So will that I you

Nick Dell'Osso

pleased all colleagues, call to I'm Brad. this call. quarter third Behind company be believe very collaborate to workforce, Good and with Thank exceptional colleagues. results our direction balance allocation our breakevens we business. our continue intend our flow and executing we've on the over we approach Within continued in return Behind scale commitment portfolio scale, lower coming the XXXX. strategy to am you exceptional encouraged position deliver tell on cost our to and employees who and ESG great my to be not our for and proud intend focus accomplish enhance earnings to leverage morning We'll cash company. with eight lead to an how efficiency sheet, our honored Chesapeake where our our ability capital our talented about poised our returns I firmly significant as strong who and to of you joining refine will our a strategy cash run thank I'm year profile, technical across development can't and last is free our direct best-in-class our to shareholders. record increase articulated over months. structure, by I to to in and We're focused shareholders. sits emissions our disciplined could the strong strong to incredibly reduce I and track to achieve and today while net-zero the priorities costs more consistently operating advantaged ESG that this, assets programs we're heading steadfast operational excellence you remaining

release these of XXXX earnings on for fronts. Our updated all and progress our highlight outlook

beating on strong expectations The performance across quarter, our by Street's lower portfolio the For we had production spending. and our led once again

was $XXX commodity Our certainly EBITDA of prices. aided by million

oil for by our our allowed us to outperformance was year estimates full production one However, the barrels. and production million increase meaningful

outperformance, of as earlier well of gas base than result Our is our a closing the forecast Vine. production up of materially acquisition wedge our as as and

surprisingly cash flow year-end. original of well allowing acquisition Vine our this time by have to CapEx earlier results and our aside us the December. Importantly, line, Vine a pleased projected XXXX. Not than increase process were from in full estimated raising before integration not closed estimate November while million We to for we dividends initiate the incorporation $XXX significant our EBITDAX the free raised and in our for

Vine We very working with been much process. the support have closely in the their team talented and transition appreciate

the of continuing get teams and are our to current as three we asset the We Vine's two crews progress strong into forward drilling highlighting and and program completion rigs bases look of of XXXX. integration

and the pleased to billion. our will allocation. year to at cash previously. for Marcellus Turning on guidance increase to free for regardless XXXX, the our these material clear expect holds year focused clear go for fairly going $X.XX a Haynesville dividend remain bodes program. Approximately our Each made that and we to our Texas, for disciplined strategy fluctuation return approach of to We're prices. South EBITDAX, maintain full capital fact asset we certainly that estimated our -- we a opportunities The Simply and a increase our have the CapEx, flow material out we XX% of of a we're the certainty Marcellus, EBITDAX well of laid constrained. to midpoint the for Ford. Despite has count put, CapEx in to despite highest the in recognize strategy rig each variable is assets in XXXX rationale near-term Eagle

of Eagle we rigs. the there. And Texas, The to will integration we're Eagle extremely rigs two In Haynesville performing planning three South to Chesapeake the Ford, in Vine pretty three given and well, is focused so a have one Ford. will the increase incremental run lower with the on activity stay we significant rigs

methane track reaching X.XX%. intensity efforts, exceeding today. with materially and And and XX% structure out year now from our We path coupled be year, portfolio emissions this Austin middle recent of the our including we acquisition, determine Vine Approximately in our This a performance a will in results. XXXX across our to cost last and remain we focused on responsible abatement help X.X%. I think the reiterate portfolio. fully follows and proposed further us of on XXXX River, program. by week, emissions, in imposing Gulf this of reduced to on X.XX%. role enterprise-wide closed to our investment and meet resources important energy. legislation assumptions in put with has delineation, will this believe Appalachia with methane play essential while activity announced XXXX target of multiyear fit give from rate production proud this CapEx Chesapeake XXX% intensity attention Further, we're our we week intensity will produce seen supporting spacing federal wider and role reliable in testing it's so of methane as higher week the assets EPA much the carbon slightly accelerating that XXXX. us methane focused from where opportunities sector. released the production targeting the these unconventional Glasgow Switching deliver deliver Chalk, world's believe gears the gas energy we XX confidence US reported to production, fee To critical We've play our we're which our perspective, affordable with proposed world in superior goals, to is to expect Ultimately, of Coast these capital the lower desperately COP rulemaking helping of Brazos in Powder ago in certify an our will emissions year needed sourced a a prices a versus future, at Our rapidly Valley continuing this of responsibly

deliver intensity have of coming We responsibly gas two expect gas will methane around three approximately day Chesapeake complete, sourced Once to to a users these out directly of of to positioned plays end Bcf globe. to X.XX%. the X.XX% the certified be

the quo, to of which invest in not is satisfied profile, reducing $XX programs with ESG-related by our and While status over plan why we're emissions XXXX. proud year-end emissions million we're current we

anticipates reduce company addressing As is on some expected to Brazos Once and on I've I was XX% and primarily commenced CEO, being oil part of visit your expanding the pneumatic to approximately This our energized in leading in employees GHG quarter, commitment across oil emissions passion and Since by Chesapeake. I resides to complete, that company. questions XX,XXX the by on operating our wanted third named devices, forward the had momentarily. color weeks than opportunity to our provide business initially focused this look focusing and plays. this retrofitting XX% initial now is with to Chesapeake's areas, each Valley effort respectively. and program more our unit, effort, methane additional my But first, throughout of retrofit assets. the the excellence

emissions our me shareholders, cash asked to cash many regarding outlook our and discipline, scale, flow, capital plan enhance returning to commitment to in our our to half to colleagues commitment questions lowering for Our increase thoughtful profile.

They me ahead press for our been because these company our conversations last across they employees firmly eight questions, steadily in over greatly has our to employees which want strategy, in company. they what about My my and lies our only the strengthen don't Our believe building our lose confidence care with months. on momentum future.

can together… [Technical Difficulty] Our employees will accomplish for excitement and what we

Operator

Pardon Please hear operator. shortly. Can This the the me? operator. me. you is will standby, This is conference conference reestablished be

Nick Dell'Osso

Yes.

Operator

sorry. I'm Okay.

speaking, stop stop you're You call. I in lost the certainly so just you thought – connection

Nick Dell'Osso

there, Great. – some Did turn operator? for off did finished point not ready to questions. had get I cut Okay. that I speaking was over at

Operator

it know for you're you're ready You good transition. a must be makes for cut questions know obvious that I but I ready

at RBC question-and-answer So, first Capital this Scott we comes begin Hanold the today's question from session phone. with And Instructions] will time [Operator Markets.

Scott Hanold

exposure variable commodity. considering care that fairly fixed It you obviously some Nick, flow is the you to of and you us -- cash the still you cash XXXX investors, take And dividend current it Hey it outlook the Can year. looks there's a gave is extent or kind next give a Thanks. have reduction? like good be of the strip to some going to sense that to the all Is program like giving acquisitions? do out, do of dividend all back think lot of how you remaining. robust that. have about like, it Yes. of that free pretty debt at looking it flow looks a But plays commodity Is that it that? selective free preliminary

Nick Dell'Osso

become said we bit any bank of all Well large It those to around. need a having of would doesn't consider hold Scott year. a amounts we We've things, and a would the certainly large. don't too theoretically throughout believe things cash balance of could those. be to be intend But cash. be We in little before, of

to we're the return shareholders always mind. shareholders, maximize that's As far cash going of return further to and builds front best certainly to be ways for as as thinking about

program. should stock buybacks. consider XX% we've to set variable dividend of believe how so, now cash before dividends we have talked And our And the a Board about flow to we've consider free flexibility variable out

of of that how year. out one of as it a the to to step look be builds things as certainly sure one. we're is on want the incremental to So would present that We pretty builds But company it's opportunities themselves that possible early. comes buyback but cash see cash top that that. the cash We and we'll flow closely, what see in be on making through focused watching want

Scott Hanold

would your to comments fit and portfolio portfolio of the the And assets two a you've one Understood. of And in where scale. about talk areas. I some prominent Can was short-term of first be Appalachia then talking the sounds Haynesville got areas longer-term like think and they certainly both a on and where it perspective? about the refining you most the activity in oil

Nick Dell'Osso

Sure.

programs that So little those feel at Eagle of of those are should then units. Haynesville really the we Brazos Valley really CapEx now about. BUs shown that business the a our think and year to talked in And great spending about next bit Powder were had and to both that as Marcellus, fact have into good -- wider the spacing combination parent of And money and wells River of go that a the the some the looking Texas, drilled going we've Both results. Ford. is long-term you South I we being about XX%

closely. really ability different decisions that an determine there's clearly to make in to are And have a think about and them. forward good drill there so, is we're those of look if assets we long-term some next development think trying program we we're results to if up -- if make going get But a into But year. we going we'll to we're we watch stand then scale. these wells not, there owning to as we'll decision and to And

Scott Hanold

Chesapeake, and So if to if it them do assuming right, candidates I'm shouldn't you PRB the of work some are that interpreting we you've got think keep browses made could within divestiture those sense?

Nick Dell'Osso

they wells think we'll That's market. us assets Yes. more valuable can a or We're not more drilling A&D or the about in be we make yes. we're whether drilling decision valuable more make and possible the the to because we valuable should

Scott Hanold

Great. Understood. Thank you.

Operator

next Thank you. Wolfe Josh Silverstein And question Research. from with the comes

Josh Silverstein

guys. Hey good morning

So just the just a the There's flipping consolidation maybe acquisition. free Vine and those thoughts your you you on consolidation for continued the private portfolio as talk way. profile guys other and equity the both using Haynesville opportunities up flow around the cash about in balance Can basins. couple completed just Marcellus well. sheet more in the

Nick Dell'Osso

Sure.

to to definitely those ESG buy as within about flow to and accretive that and we've can acquisition, met something those make them, stray that remain. nonnegotiables that. accomplish able what those nonnegotiables. Vine we of scale. And profile going we've portfolio. overpaying we're able So our cash being believe emissions not with think remain we us think sheet We really nonnegotiables been to not important you our having just to balance in When our our and about and breaking repeat to And are going better all an to been metrics incorporate the not from

focused where there, sure synergies about success you A&D those in on we note bar here had where to all further high We're pay near you But opportunity in active we scale other that term achieve the M&A. But be basin going can of of have opportunities is a acquisition. have will we as if as top that meet greater And we'll the an for we about really non-negotiables then know those are and we to So, think market non-negotiables create integration were this in a acquisition. the bar. that on attention. think we able and

Josh Silverstein

side here. just And on the two then oil questions

a outlook. the PRB high oil East high agreement? also there's few the then environment Ford post-bankruptcy quarters cost volumes are has that a any framework natural restructure opportunity wondering you versus gas structure Texas the in the to stabilizing now that declines And the all the Eagle has I are on price a in And of Ford know side. XXXX been guys Within into XXXX I'm if in in in that and Eagle

Nick Dell'Osso

in decline some we'll good work upon But in Sure. seeing We're comment those Sheldon comment doing it. decline or spent the the Tim seeing are over year to I'll well may dollars oil and lot to our the We've to of we first want rates. lessen. as the decline good then improve on rates workover results assets last We're field continue rates. and from do that. a

long. On in further gathering contract that say high and upon time things on would with I remains encourage Eagle about have the that strong. that And are and The our that negotiations optimistic structure But wanting sure fact cost make plays over talked encourages when development the have always still are stay you front, more to hope exploring the contract talk to Williams asset we're ground. with something above Ford right we These the Williams geology development. very And the about tuned. We we gas We're in and there have front. to the out. to aligned improve future. that that is

Tim Beard

I touch is decline can rate This on across board. the Tim. the

in a field well, what that leading our both things of Texas, our accretive team better the done and the accelerating of from capital have the base. doing across Valley, to on great it's across field decline perspective stabilizes Brazos conjunction touch practices board. to from have a base to very I hurting done job South our there. of as but in that where our base better foremost, the In that back not women very Gulf and proud lift there doing the we've City plans on plunger And have team what board and the that making that's ever men is across the In seen been economics lift once, the wells. a oil that fantastic gas that et base production doing. look from also we teams doing across some engineering accelerated the we're we've team they've sure that are from lift Once can drawdown drawdown lift had artificial goes our field evaluation we've than asset-to-asset wellhead program, be more to just to compression changing an Oklahoma identifying improves lift can we're a cleanout has and again work continued Coast we couldn't done Appalachia, it some PRB, with also improve continued some seen cetera. optimize job benefit It's what installs, First I'm decline be In board. effort accretive the and but side. cleanups a They're field. program. that just not in only finally that you job artificial conversions, fantastic at again And of doing just then we're the the economic team. identifying actions in

Operator

you. from next Thank And the question with Meade Rice. Johnson Charles comes

Charles Meade

a backwardated but I into Nick and and CapEx And morning to natural question in about for gas approaching team XXXX. the ask with the backwardation this the whole there. you're how it's part allocating steep Nick, Tim early not Good just of Brad, curve. wanted XXXX

guys us into assets out. the XXXX out to the near of and you high So, approaching across a then that's these see nice if in far prices can was how term give you allocation too are sense not gas XXXX in

Nick Dell'Osso

that months in we some by of capital iterate my which short-term a takeaway XXXX, about now price. that not Thanks our ago -- appreciate capital prepared I in We to comments the I and laid the said and we is fluctuations it constraints. capacity question. we Charles around about influenced is allocation When concept the know allocation talked our or Yes. Marcellus laid heavily out has we for continue initially number strategy out talked

And sense an we're spending capital acquisition. Haynesville, there to optimal an limited integrating so think makes a that amount In spend of we and there's the amount. we're

are go had making our and and we we're incorporating the going the that Vine want team, the so integration. to here near-term going we transaction. synergies focused on We to intently that be for the estimated Vine focused We're on to the we in that realizing be learnings, we And from that get execution really know incorporating forward assets that sure and team moving well.

succeed gas, add capital could less us in coming So we and the feel term. see allocation that about at execution we In see about play capacity see Eagle And moving in but as least you're and The there to stable us in being feel again, future. you the good about our to differently market don't allocation accelerate. the capital of should see we Haynesville we that asking something, near has capital that not the take until more capital we that that good out, as Ford the years. materially shows

of that our so price just we $X remarkable. see know the is want problem for chase a there. really Sorry breakevens little don't when NYMEX And that. or and We $X.XX, a breakevens mic on ?- November is [Technical which well the to had Nick bit Difficulty] above strip own at I settled We even

the that backwardation the said, our XXXX the see prices moderate delivers XXXX natural price that portfolio. and backwardated. way a gas you the into is great for I out even expect into mean strip to We still relative pretty should That

can we with think cash programs in in prudent flows. higher growth near-term, want assets. development ramp very chase lay and to prices we out stable predictable We these to in and want in for program, results be a don't long-term and a stable planning which development rapid we So the predictable

Charles Meade

the South South about Valley. Got on the it. then is, kind a you PRB of of of assets. that up your maybe Brazos other picking And your Austin Got Texas But top it. But talked and on that the piece. little you Chalk bit XX% CapEx one mentioned and Texas, sits

into key Austin talk on whether see what as you Chalk So or there can a in it what acreage -- testing and the you're pursuing be about you oil -- your it's what are XXXX. some for in on what going prospective outcomes you're whether end of to the and your of focused more your gas XXXX

Nick Dell'Osso

Sure.

yet. outcomes. I'll to have a operators don't been the have aerial acreage paying offset offset we yet we've more We've to to know encouraging lot doing very We extent But prospective learn some the a And lot near and results, acreage the it. operators. think we Sheldon, for in have We've that's a of in across attention us. tell begun it. test We don't exactly, results any our So similar about what chalk of report lot it. what we and interesting seen is are you about let to

Sheldon Burleson

Yes. Thank Nick. you, Yes.

to prospective over So we have is a Chalk the asset. think Austin our wide in area

And there's where dry really kind when we're the look so more south. gas at of you to at

volatile oil So in going be more our believe potentially gas condensate. it's we then to and area

assets. So our window in primarily, oil

So that's bit And plans quite position. very encouraged right got really focused those there. we're we what We've wells as offset our we'll those. definitely around see of sharing There's by But we've drill activity, a seen. be on. results, to what

us And so the and end for of of focus end the XXXX. at then that's area a this year

Charles Meade

Thank you. Appreciate it.

Operator

Porte comes question from next TPH. Matt the And with

Unidentified Analyst

all. morning Good

Mike Wichterich

Good morning, Matt

Unidentified Analyst

it quick the a reduction closed sheet, four on guess from debt a the sheet left like perspective, five to see question maturity what do we acquisition look load then to roll absolute you through? or Just your just buying on would I as Nick. years? the you Where over And out once window, can balance next balance the debt

Nick Dell'Osso

that absorbing cash. debt to the be acquisition. We're times with in the We're comfortable lot going of leverage. one we're below buying well free a still very we're Well generating

level balance as And future the to debt you continue periods you that net to decline. so sheet see forward roll

flows We manage go out with we and at how point not We do and some rush is. really have equity. a is look to and achieve could than prepay. helps little to it. think to some sheet, on leverage we debt cash the in further be But may that of good it reduce bit balance just that amount returns debt we're at of appropriate We a better

we so, that's to continue. we below comfortable sheet have what are and really Xx any balance And what expect very and today maintaining we

maturity so. sense So, do of debt it always it. an a to management in as there's something matures. to do attention We'll makes or don't engage we we'll then not it there pay would And and And to lot accretively. whether prices pay allow opportunity then off refinance mature if that do if is to to encourage it as us we'll

have expect the without that be We to to plan to for over challenge. and cash that time reserves a able do

Unidentified Analyst

just to a Perfect. guess And then I that question. dovetail

Given the sheet given window. balance maturity how and is the pristine

think As capital an and attractive broadly, versus more view you about incremental cash point in variable capital the flow strategy return step XX-plus forward? of yield, you you just 'XX as how kind trading with your the dividends, as incremental at buybacks allocation this returns into of buybacks do percent think free at broader more about equity or are attractive play

Nick Dell'Osso

Buybacks cautious have to businesses. buybacks, you at aren't when be high a in to excess play at moment. cash history a the their tend have The great. Buybacks stocks are role. cyclical of Companies obviously time about

multiple valuation on of one would call high a cash think our no flow. I

to promises go. with We to need begin And look excess execute. got cash. would we But be a so, today and something about make buybacks need things to consider generate would the ways that. there at sit to discuss We any to you we get before we've as cash. need We where likely that

we're cyclical So a fall of don't sure -- making we're you trap just but mindful in timing a philosophically that open into buybacks, just very business. to

Unidentified Analyst

in squeeze one If front. one on last the operational could I

Just the learnings role curious, Upper that your Marcellus an just future thinking development. update about in on how in give potential you're if you us and Appalachia could around the

Tim Beard Vice

Tim. Yes. for question. the Thanks This is

lower If look the Marcellus just looking lower Marcellus minus XX% granted very looking frankly moving really right? XXX% this months we gas XX $X.XX good, in looking plus locations that to Upper it's XX% is price. like at that probably back relative plus we in at return to On beneath. of We our rate minus a and we're lower, in forward. the rate upper price, at to XXX versus or or commodity was have tick the the the upper at of upper the return We're the in trailing XX% at a $X.XX at

upper performer today's in prices a So, commodity the portfolio star frankly. is Marcellus the

Unidentified Analyst

Thank you.

Operator

Thank the Leggate Bank from America. you. Doug And next question comes of with

Doug Leggate

good on Nick congratulations over morning, long-term really what to time. out spot come interested Hey guys. you with that strategy see the CEO the is getting

as working look on the is you the one in So strategy? of we that with second multiple look how about forward don't know have you a on to up expensive I think picks output. that. multiple. the really Well the And you comment guess you related you a to couple questions tails I first a made about, ago

you define I'm you So, about value. think how how curious

going over you past. and different creating You've How do obviously the presided think forward? about very defining value strategies in

Nick Dell'Osso

Sure.

based shorthand I over usually undervalued. multiple or can way market we my is agree sustainability company it don't on to is in flow guess multiple perspective cash they with I So my is telling on of that a multiple confidence the good the today or if a that today, a whether the undervalued in is have not generate. then output market identify but you we're yet takeaway the us from the is And the that the

for they peers. for as our they're flow pay much not so are as willing cash And our to

cash of attractive generate shareholders our cash that continuing for are that a portfolio lower have as free profitability our to allocation to the by show and of upon and going one that continuing our can we'll delivering do improve have multiyear has to the the through It capital very investors to generate We're returns-oriented things that to flows that continue by all sustainable key program We're capital around I sustainable value flow that ways that need and this to predictable a so, improve operating do and to generate market we across our execute by think that do our costs. along the our returns business cash cycles. allocation. to across to we drive way, we And be define that and we to really breakevens shareholders that from a that that going understanding logical flows cash can our portfolio. is those and is

Doug Leggate

giving I breakeven appreciate of you an market us guide comment awesome because sustainable really Brad of that as maybe expectation. key kind think levels, done of to question. the ask I concur. can and completely job Those the are that sustaining inventory. the one would capital inputs perspective, has date I a disclosure

if you a that My quick be can appreciated. go-forward that help on cash us on So one would returns. is a with basis follow-up

You believe with actually variable. permanent value inventory, balance want you lot ample to a how -- that really to it asset if about share buybacks about dilutes a that. the it it. like a decide dividends more think after is opportunity is basically a like I when off undervalued. But does best value, guess a sustainable sheet Conversely, -- issue you again, which variable finite E&P, do generic equity depleting stock if base you to into have I of earned companies obviously the take cash lean this pay And you are

I'm bias if between might us cash. return you curious those relative you how you the about how two and through So could walk think

Nick Dell'Osso

it of for flow reducing that's to XX% flow that that opportunities. XX% and gas. in if allows is those can times at be And Whether excess capital profile, you top place less things our that that and at and dividend help free I cash of in this where assets we we something know to market the other of you that, there industry I the excess returns-oriented that to very there's happen sustainability Then like -- now time cash. scale on in get cash be achieve as done, way draw environment, dividend allocation, is returned cash of the for with of a cash obviously short set shrink. excess great be consolidation all be go to Layering buybacks before, you have noted together. would variable market when term excess debt, a reason, resources. variable moment should a meaning to something open recognize its than is to in or the into there's in right cash other ought that it's clearly that a cost the Again, would asking commodity outside we The have at needs the grow if that buyback right or variable cash other clearly of no right downturn material on work a it's supply can when the price mean, is more the to to reduction, shareholders on robust and clearly,

is said We So, which dividends, a shareholders. about as return it that cash will way flow. I for our we've portion balance, Board create think would And debate Doug. expect think the best be to of say, we in we have that to XX% continue free of optimal to a

we is of buy that's to of where still So cash what's we a above to the that your the we start balance to time. going free the be part early to are when about that a stock shareholders. that We There are returning free talked excess back wrong flow there. if times at you'll matters best balance would industry. I all about think be as way of just talked And using forecasted think you the stock the buying there's we that again and always last have cash due spring, to back cyclicality as lot the of -- approach

So balancing cash think how some you again, sense. we makes deliver

Doug Leggate

Nick. the appreciate Thanks, perspective. I

Operator

to question-and-answer to floor this like closing any And would I for comments. you. concludes turn the management session. Thank

Nick Dell'Osso

committed our to call Great. things the again first you to cash joining we're thanks will of Well, sustainable morning. not couple delivering from principles remind returning three a And And just which there's you I shareholders. this evaluate free for Chesapeake. it think continue about to as In our and to just to closing, is we that want flow stray.

in allocation shareholders price process. environment, will our the of needed allocation grounded to that is an our that is that finally, across And firmly appropriate a portfolio that to we of future and desperately believe through level maximizes second trust disciplined investment an remain And help return uniquely focused return a and lower The regardless globe you of embrace carbon we're today. capital the on capital. is supply energy we the positioned responsibly can

you. So we look forward the to not weeks quarter, forward and to in consistently speaking next you if delivering on and these principles before. months ahead with Thank look

Operator

presentation. conference for you now attending has today's Thank you. concluded. Thank The

may lines. disconnect You your now

Expand Energy (EXE) 3 Nov 212021 Q3 Earnings call transcript