Please stand by. We're about to begin. Good day, and welcome to the Chesapeake Energy Corporation Q1 2015 Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Brad Sylvester. Please go ahead, sir. Bradley D. Sylvester - Vice President-Investor Relations & Communications: Good morning, everyone, and thank you for joining our call today to discuss Chesapeake's financial and operational results for the 2015 first quarter. Hopefully, you've had a chance to review our press release and the updated Investor Presentation that we posted to the website this morning. During this morning's call, we will be making forward-looking statements which consist of statements that cannot be confirmed by reference to existing information, including statements regarding our beliefs, goals, expectations, forecasts, projections and future performance and the assumptions underlying such statements. Please note that there are a number of factors that will cause actual results to differ materially from our forward-looking statements, including the factors identified and discussed in our earnings release today and in other SEC filings. Please recognize that, except as required by applicable law, we undertake no duty to update any forward-looking statements, and you should not place undue reliance on such statements. So, this morning's teleconference is going to be a little bit different than what we've done in the past. About a year ago, we had an Analyst Day here on campus, and we thought today would be a good opportunity to do another deep dive like we did last year into how we are adding value here at Chesapeake. So we're going to use this conference as sort of a teach-in on the efficiencies and the progress that we're making in all of our operating areas, and the very detailed slides that we will be referencing…

Thank you, Doug. In the Southern Division, we continue to see great results from our efforts to increase our EURs by bringing down well cost. Additionally this quarter, we were able to see the impact of strategic decisions we made last year such as drilling longer laterals, testing new stimulation techniques, testing new pay horizons and focusing on our base productions. These efforts have paid tremendous dividends as I would like to highlight today. On slide six of our presentation, I'd like to start off by highlighting some of the successes of our Eagle Ford asset. I'm pleased to announce that our down-spacing tests have proved successful and have added 600 to 700 incremental locations to the development program. These additions represent a material addition of high-value oil wells to our corporate inventory. Furthermore, the acquisition of these additional locations is essentially zero. The drilling team broke several records in the quarter, having drilled our deepest well with a total measured depth of just under 21,000 feet, our fastest spud-to-rig-release time of 7.8 days, and our lowest drilling cost well at $1.1 million. We also drilled our first five wells with laterals greater than 10,000 feet, which will help us to continue to drive further efficiencies as these wells provide an incremental cost reduction of 33% on a cost per foot basis. These accomplishments are significant, and I couldn't be more proud of the team. However, due to market conditions, we continue to ramp down activity in the area. We reduced our rig count from 20 rigs in January to a current count of seven with the expectation to get to just three rigs by July. Strategically, we are going to take advantage of this ramp down in activity to further enhance our development planning. The teams are in the…

Thank you, Jason, and good morning. I'll walk through the tremendous progress that we continue to see in the Utica, the Powder River Basin, and the Marcellus. We spoke a lot last year at the Analyst Day about building a culture of continuous improvement. Like Jason, I will point you to the tangible examples this morning in each of those areas of exactly that. I'll also provide an update on our supply chain efforts through the first quarter. Let me start on slide 20 with the Utica where we reported 10% sequential growth on the backs of outstanding operational and technical performance. Currently running five drilling rigs, 4.5 frac crews. By the middle of the third quarter, we plan to reduce that to two drilling rigs and 2.5 frac crews. That will closely approximate the level of activity needed to maintain our lease position. Our strategic focus for 2015 in the Utica is to continue leveraging our industry-leading operations, driving further capital efficiency into this asset. With our forecasted completions activity, particularly in the first half of 2015, we'll reduce our drilled, not completed well inventory by 40% by the end of the year. You also see us continue to expand our core position with further testing and I'll share an exciting example from our recent efforts in doing exactly that. Importantly, 2015 is going to be a year that's focused on base optimization. That was one of the keys to our first quarter outperformance in the Utica. Turning to slide 21, I said all along that our drilling team has provided Chesapeake a competitive advantage for us in the Utica. On this slide, you see a recent comparison from IHS for our drilling performance against four of our closest competitors. Based on their third-party view, they judged Chesapeake to…

Thank you, Chris. I'm very proud of how we're executing our business plan. As Doug mentioned, our first quarter demonstrated strong production and cash cost moving lower. The first quarter also showed our capital spending was in line with what we forecasted while basis differentials, particularly in the Northeast, were better than we had expected. As we continue to deliver gains in capital efficiency, current commodity prices are dictating to the industry that we much also be flexible with regard to our capital spending levels. As shown on slide 33, our Q1 capital spending was right in line with our quarterly guidance, and we are reducing our activity in capital spending rate for the remainder of the year as previously forecast. We started 2015 with around 70 rigs running, including a few spud rig, and averaged 54 rigs during the first quarter. Today, we're running 26 rigs in total and we're forecasting to drop to 14 rigs during the third quarter. As a result, we are already seeing dramatic reduction in our capital spending rate. Our capital spending on drilling and completions alone in January was approximately $490 million. By the time we get to June, we are projecting around $200 million in D&C capital. So while we are doing amazing things in the fields with our assets as shown today, we still believe the prudent approach in the near term is to reduce activity and preserve liquidity and flexibility in the current price environment. Our balance sheet and liquidity remain very strong, with $2.9 billion in cash, and an undrawn credit facility with capacity of $4 billion. And a net debt to total capitalization ratio of 37% or 35% when excluding the non-cash ceiling test write down in the first quarter. Just as our CapEx was significantly higher in…

At this time, we will start the question-and-answer session. And we'll take our first question from Brian Singer with Goldman Sachs. Brian A. Singer - Goldman Sachs & Co.: Thank you. Good morning. Robert D. Lawler - President, Chief Executive Officer & Director: Good morning.

Morning, Brian. Brian A. Singer - Goldman Sachs & Co.: You've highlighted on the call the opportunity set in the portfolio and the cost efficiencies you are seeing and slide 33, which you went through, talks to the quarterly CapEx reduction as activity comes down. Can you clarify of the reduction that you see in coming quarters to CapEx how much is related to activity reduction versus supply chain cost deflation versus the operational efficiencies and improvements? Or in other words, are all the cost reductions that you talked to in this presentation assumed in the going-forward CapEx program and in your revised production guidance, or is there an element of upside? Robert D. Lawler - President, Chief Executive Officer & Director: Thanks for the question, Brian. The principal reduction in the capital program is related to activity. But as you'd expect, with this type of efficiency gains that we're recognizing, we also expect our capital to improve going forward because of those efficiencies. And as Chris noted and will like to comment here, the supply chain continues to be something that we further optimize and are gaining significant ground on as we work with our high quality vendors and contractors.

Yeah, the thing I'd add, Brian, is one, I'm very proud of what our asset teams and supply chain delivered in the first quarter. But I'm going to sit here in three months and six months and tell you how much more proud I am of additional supply chain savings that they'll capture. None of that is built into the forward forecast. Efficiency gains, cycle time improvements that we continue to deliver every single quarter, not built into that forecast. And so I think what you'll see is the same thing you've seen from this company over the past couple of years is just continuous improvement quarter over quarter. But we're not going to reflect that in the forecast. And so I would say, yes, there is some upside there. Brian A. Singer - Goldman Sachs & Co.: Got it. Thanks. And then separately, and this question may be a little bit unfair, but as you've gone through areas like the Haynesville or the Barnett or the Utica, the Eagle Ford and found some of these efficiencies, what would you say is proprietary to Chesapeake versus what you think we should expect out of the rest of industry? I wonder a little bit because that dovetails into whether consolidation opportunities make sense and where you stand on that to bring some of these efficiencies to other assets. Robert D. Lawler - President, Chief Executive Officer & Director: Thanks, Brian. I don't consider it an unfair question at all. I think it's a great question. When we see what's taking place out there, I would tell you that the first point to the quality of the rock in these assets, and then point to the innovation and the creativity of our employees. And as with the rest of the industry, and the improvements we see at some point in time, all of the creative ideas bleed over into other assets, but the strength of our portfolio is the quality of the rock, and the technical expertise and the way we're driving synergies and value from these assets is something that you can continue to expect from Chesapeake. So, whether the rest of the industry adopts it, I'm not really concerned about because we're leading it and we'll continue to lead it. Brian A. Singer - Goldman Sachs & Co.: I guess does that create an M&A opportunity that you see or is the valuations and then your own balance sheet funding gap just too prohibitive right now? Robert D. Lawler - President, Chief Executive Officer & Director: Sure. It absolutely does. And we're doing things that others can't. And because of that leadership on the operations and capital efficiencies side, that creates a lot of opportunity and we have the teams that can execute that.

The one thing I would add, just specific to the Utica is as we said last year, we've been there longer than everybody else. But guys, we are not just six months out. This is years into the development. The thing that is proprietary is our track record of continuous improvement, and companies can talk about how they're going to deliver what we have been delivering, and that's great. We have delivered it pure and simple. Now, on the acquisition front, I think coring up a position in the Utica would make some sense, but those companies, many of them are valued as if they will have Chesapeake operating them tomorrow, and we have yet to see that in many cases. Brian A. Singer - Goldman Sachs & Co.: Thank you.

And we'll take our next question from Neal Dingmann with SunTrust.

Morning, Doug. Say... Robert D. Lawler - President, Chief Executive Officer & Director: Hey, Neal.

Again, a lot – on your slides, you guys talked about a lot of these enhancements you're doing, I mean, the longer lateral, just the improvements on the completions in general. My questions are around that, I guess, for you or Chris or Jason and the guys. Is this now focusing on more proppant overall? I mean, are you doing the proppant with the – just different mix? Maybe if you could just talk about the enhanced completions a little bit. I know it's a little bit on Brian's call, but just kind of, what you all are doing and how different is that, like you're doing in the Eagle Ford versus some of these other basins? Robert D. Lawler - President, Chief Executive Officer & Director: Sure, Neal. Well, the first I'll say is that around the completions, the Chesapeake is an industry leader in interventionless completions. And we are working closely with all the suppliers. We are trying new things, testing new things. And I'm very excited about it. I think there's a ton of potential yet further. And I'll just ask Chris and Jason to weigh in on that because it's a – it really is an advantage that we continue to pursue and see as very competitive.

This is Jason. And just to echo what Doug said. I mean, one of the things that's our competitive advantage is our people and the efficiency that they're able to achieve on our wells because they look at every hour that we spend on location and how to optimize it. Completion strategies in general, we're testing tighter perf clusters for Haynesville, for example. We've reduced all the way down to 20-foot between perf clusters, so they're tight. And I think that's one of the key things that gets that lower quality rock to help. There's some other things they're doing there. Also sand, increasing our sand per foot, but we – the thing that we – is also an advantage for us is we don't ever get satisfied with what we do. So we've tested sand limits up until the point where it's a diminishing point of return, and then we'll dial it back to the sweet spot. That was part of our EUR enhancements discussions that I talked about. We're testing new things in every field as well, in Eagle Ford. They're going to start testing some of the designs that we've got going in the Haynesville, this month in fact. Also, we've tried a new completion design this week that they just finished. It's a 90-stage job on the Eagle Ford. So I think part of it is not being satisfied with where you are today, and just continuing to press the limits in every single field that we operate.

Hey, Neal, this is Chris. I think you mentioned is it sand, is it something else? I think anybody can go out and pump 3,000 pounds a foot and get a better well. We've seen that in most of our areas, but our focus really is, as Jason highlighted, how do you optimally stimulate a two mile long lateral? And so what you've seen, as laterals have pushed out, what you've also seen is the stage count per foot has increased significantly as we're – when we talked about the cluster spacing. As we're continuing to work in the lab and out in the field, making sure that we're optimally stimulating the entire length of that lateral, and not just putting it away in a stage here or a stage there, but throughout the length of the casing. Robert D. Lawler - President, Chief Executive Officer & Director: Another thing, Neal, I think is kind of important to note that there is a lot of non-technical popular misconception around that everybody can just do the same thing, but the technical – inherent technical rock properties, petrophysical properties that make a high quality asset create a differential for value creation. And what you're seeing is, as Chris noted, others can go mimic and copy Chesapeake. I mean that kind of stuff's taken place for years. And you can go do that, but it doesn't necessarily mean you're going to get the same type of results. It has to be a combination of the operations, the technology and the quality of the asset. And those were many of the things that we were really trying to highlight for the investment community today.

Obviously, the proof is in the pudding. It's not just about completion. It's also about the other aspects of our business and the other teams as we highlighted in Columbiana County. This has to start showing up in our results. As you've noted in the Utica, it is. And you've seen in other areas of the company, you're starting to see that. So, I'm excited not only how far we've come in the two years, but I'm excited to see what happens for the rest of this year.

That's great details, guys. Two more quick ones if I could. Doug, just your thoughts on M&A here, either international or just anything you're seeing around the basins. Robert D. Lawler - President, Chief Executive Officer & Director: Yeah. I still think there's a lot of opportunity and the company is still focused and looking for either bolt-on or strategic opportunities, Neal. And we will be continuing to look at that and accretive opportunities that we can apply this horsepower and skill to new assets. I think one of the things we really are trying to demonstrate for everyone is that it doesn't matter what asset that Chesapeake is focused on. We're going to drive value from it. And we definitely have some issues that we're working on that are a remnant of the past. But if we focus on the strengths of this company and acquire some additional assets, you can expect similar type of performance. I also would like to highlight that I think it's really important, many companies have paid billions of dollars for an acquisition into oil in the United States. And we organically today are making it public about some of this technology and improvements that we see in our assets adding 600 to 700 locations in the Eagle Ford, adding locations in other areas because of our capital efficiency, seeing the improvements in the Powder River. These are dynamite things, guys. Dynamite things. And you can go out and pay $2 billion, $4 billion to try to pick up that type of inventory location, but the strength of the capital efficiency is driving great value, and will continue to drive great value for our shareholders. I just think it's a great opportunity.

And then, just lastly, Doug, or for you, for the guys, just on takeaway contracts. I know in the past you've mentioned I know in the Haynesville kind of what that extra costs you on what you all are required to take away. Anything Appalachian wise or anything else? Are some of those now going away? Or where do you guys sit on some of these takeaway contracts that you once had? Robert D. Lawler - President, Chief Executive Officer & Director: Yeah, thanks for asking, Neal. And Nick and I will both comment on it. It's something we continue to work on. And as you all know, we are partnered with Williams, and we are pursuing win-win solutions that involve not only the efficiencies or the new opportunities that we're looking at such as the Bossier and the improvements in the rates from the Haynesville wells that we're seeing. We're also looking at base optimization opportunities, looking at that where we can extend contracts potentially, and we're very pleased with the commercial approach that Williams has in looking for opportunities for win-win solutions. And Nick, do you want to add any additional color?

You asked about has any of our takeaway gone away in the Northeast. And so just to answer that question directly, you'll see in our Q, in our commitments footnote a decrease in takeaway, and part of that is, or the big driver of that is a transfer of a portion of our ATEX line to Southwestern associated with the Southern Marcellus transaction. So in addition to that, we look for opportunities for valuable takeaway from the northeast part of the Marcellus, where we're currently curtailing production. So those opportunities haven't proven yet to be actionable in a way that we see value added. So, we look at our portfolio of takeaway all the time, and as Doug noted, we work with Williams on improving our gathering contract cost, but we also look for accretive ways to better market our gas and get better pricing for it. I think we have a good portfolio of takeaway in the northeast. We think it gives us a competitive advantage for our long haul out of the basin, and if opportunities present themselves to add to that, we would do so. Recently, there have not been any that have been value accretive.

Great details. Thanks, guys. Robert D. Lawler - President, Chief Executive Officer & Director: Thanks, Neal.

And we'll take our next question from David Heikkinen with Heikkinen Energy Advisors.

Good morning, guys. Just had a quick question first on the Sussex of kind of how do you ramp activity levels there, or is that really a possibility, just given the surface constraints?

Sure, David. This is Chris. It's absolutely a possibility. I think the team focus right now is understanding as we're early in the development of the Sussex. We only have a handful of wells, but my gosh, they're performing phenomenally well. So, as we're closely watching the performance there, we've got some new longer laterals coming up. We have some spacing tests in the Sussex; we're going to test those. We'll be ready to ramp up, given some market strength, but as I indicated, breakeven price of $42.50 is pretty strong based on what we've seen over the past year. So the team is actively working and getting prepared. Remember, we were planning to run seven to nine rigs this year, so we've got some permits and we'll continue to prepare to ramp up when the time is right.

I'm trying to – what is the – why isn't the right time with that rate of return and permits for seven to nine rigs may be the better way to ask that.

Well I think when we look at, that's more of a corporate portfolio discussion. Again, we're kind of early into the Sussex as we try to get to cash flow neutrality as quickly as possible. That was one area that, just based a couple months ago, wasn't garnering more capital. It could very well do so between now and the end of the year.

And then on slide 33, that is helpful, Nick. As you think about your fourth quarter cash flow, CapEx and just kind of the implied trajectory for both into 2016, can you kind of give us a snapshot into how you're thinking about things, either Doug or Nick. Robert D. Lawler - President, Chief Executive Officer & Director: Yeah. So we're obviously haven't put anything out, David, on 2016, but what we're seeing is greater productivity on a per well basis. Why we are slowing down our activity in the latter part of 2015, I hope that everyone recognizes one of our core strengths and attributes is the speed in which that we can ramp back up and the confidence that we can, with greater pricing, we can further accelerate our programs. I also think that it's good to note that if you hear – you're driving down a road and you hear that song, "All About That Bass," you ought to think about Chesapeake. We've got a huge, huge base optimization program and we are focused on that. That's going to add incremental volumes and we see good opportunities there. So there's – looking forward in 2016, we'll continue to execute on our capital efficiency, which drives greater productivity on a per well basis. We've got the base coming in and we see the ability to ramp back up accordingly with the speed and strength that Chesapeake's historically known for.

I guess is there any update to your Howard Weil presentation on quarterly progression of production?

No. There's really no update there. I mean we upped our guidance to reflect the strong first quarter production. That's going to have its tail effect through the year. And so the full year comes up as a result of that. The general trajectory there is the same. It'll be muted a bit towards the end of the year there on how we were showing that quarter-over-quarter to the positive there, Dave. But overall, just by that a little bit is all we would say at this point.

Okay. Thanks, guys.

And we'll take our next question from Arun Jayaram with Credit Suisse. Arun Jayaram - Credit Suisse Securities (USA) LLC (Broker): Good morning, gentlemen. Doug, I do like your taste in music unfortunately. Real quickly on the Williams comments that you made, I was just wondering if you could maybe elaborate on potential win-win scenarios to reduce some NDCs. And you also talked about maybe bringing in some partners in the Haynesville. But just wanted to see is your thoughts, are you talking to Williams today and then maybe some opportunities to reduce those liabilities over time? Robert D. Lawler - President, Chief Executive Officer & Director: Yeah. It's a – we know that this has been a – this is obviously a focal point for Chesapeake as we want to try to further improve our competitiveness. And just would highlight again that everything that we're looking at doing is to find win-win opportunities with Williams and the contracts that we have. We do know that bringing in additional parties on those systems can be helpful. Our capital efficiency, as I noted earlier, is helping generate more volumes. And as we look for recompletions, re-fracs, all those kind of things, it will be very helpful in that respect. And we will continue to look for, whether it'd be through contract extensions or other opportunities, we are making progress in that respect. And while we don't have the specifics to share today, we're encouraged with the commercial approach and think that we'll find ways to help improve the competitiveness there. Arun Jayaram - Credit Suisse Securities (USA) LLC (Broker): Okay. And Doug, just some thoughts, or Nick, on how – what were differentials in the first quarter and how do you expect that to shake out for the rest of the year on the gas side? I know you've given guidance for $1.80 at the midpoint in terms of this.

Yeah, so differentials were strong in the first quarter. And again, the difference relative to our guidance or relative to our expectations was really in the Northeast. So, we feel good about where that sits in the first quarter headed towards the full year within our range. The basis for the summer remains pretty questionable. We've hedged some of that. But so as a result of that, we really haven't wanted to change our guidance, but first quarter was ahead of our internal expectations around basis. We feel good about that. Overall for the year again, we always focus on trying to find the best outlets for hydrocarbons and particularly in gas. We feel good about where we're headed. We continue to try to look for opportunities to hedge better basis prices when we can. We've done a little bit of that. So optimistic there. Arun Jayaram - Credit Suisse Securities (USA) LLC (Broker): Okay. Just final question. In terms of your year-end rig count outlook, pretty wide range of 9 to 19. Doug, what would push you towards the upper end of that range versus the lower end of the range? Robert D. Lawler - President, Chief Executive Officer & Director: Well, the capital efficiencies are continuing to be really outstanding. And so I think that the range is still good. But right in the middle of that is probably where we'll be and in the 14-15 range. And just depending on what we see in terms of pricing and the competitiveness of the projects we're investing in, we'll adjust that and provide more information on it as the year goes on. But I think it's a good estimate right now just to assume that we'd be in the middle of that range. Arun Jayaram - Credit Suisse Securities (USA) LLC (Broker): Okay, thank you very much. Robert D. Lawler - President, Chief Executive Officer & Director: Okay. Thanks.

And we'll take our next question from Scott Hanold with RBC Capital Markets.

Thanks. Good morning, guys. Robert D. Lawler - President, Chief Executive Officer & Director: Morning, Scott.

If I could ask, go to slide 38 where you've got your activity levels again throughout the year and at the end of the year and just looking at the allocation of rigs by play, can you give us a sense of how you step back and do corporate capital allocation? Because when you look at this and you see some of the returns that you've got in the Eagle Ford, the Utica comparatively to the Mississippian Lime, there's a little disconnect. And especially when you look at the Marcellus, the returns you're showing on the Marcellus at current prices are just off the charts, yet you're reducing activity there. How do you allocate that appropriately in your view? Robert D. Lawler - President, Chief Executive Officer & Director: Yeah. So, the capital allocation process is very detailed and we spend a lot of time with that. Keep in mind that as we are optimizing our liquidity and activity, that we're also very focused on how we are improving the competitiveness of each of these plays and each have specific inherent things that we're trying to accomplish. Your reference to the Marcellus obviously is it's fantastic and in unbelievable position up there, but you also have takeaway issues that are in the basin there. And so, we're – with the ability to deliver more volume in the Marcellus, we'd absolutely put more rigs there. The things that we're testing and improving upon in the Mississippian Lime give us a lot of confidence and we're going to continue to drive down our cost and make that play more competitive, which make it very attractive to us. Haynesville, same thing. Haynesville has got a lot of questions from the investment community as to why we went back there. This, over a year ago when we first went back into the play and we're just crushed the costs there and made it extremely competitive and continue to see further improvements. So, it's really more of a balanced portfolio approach. These are all really strong assets that have different specifics that require optimization either through technology or efficiencies that we're looking to try to achieve for a long-term value. So, we just want to focus on one area and not pay attention to how we develop the whole portfolio for the long term, then you could potentially say, well we just put the rigs all in one area, but that's not what we're doing. And I think the information shared here on the asset level of all the different technical things, capital efficiency, synergy, supply chain, all those things are pointing to why this high quality portfolio is undervalued.

Okay. And I appreciate that. And then I guess the thing that really stands out would be for example, the Mississippian play where I kind of wonder that more of a near-term capital efficiency versus say, a better longer term return that gets a little bit more activity relative to the long term returns in that play today. Robert D. Lawler - President, Chief Executive Officer & Director: Well, it's just a function of how we're managing the whole portfolio, I think, Scott, is the best way to describe it. It's – and we have yet – we started the year with a higher number of rigs there. We can put more back. And it's really a function of managing our liquidity and managing the portfolio for the long haul.

Okay, okay. Thanks. And one real quick one, obviously you made a great acquisition with Frank coming over to the team. Obviously, his experiences have got a lot of international offshore bias to it. Should I read into that any way, or is it just a strong recruit? Robert D. Lawler - President, Chief Executive Officer & Director: It's a – I think that Frank Patterson is world-class. And I think you can read into it basically whatever you would like to. We're going to continue to optimize and look to grow organically our domestic portfolio. And as I've stated earlier, if we see opportunities elsewhere in the world, we'll look at those. What's great is Frank has that experience and expertise. But I wouldn't read in it that we're looking to go jump off into international at any point in time. We have a great portfolio. We're seeing good growth from it with our capital efficiency, and we have many opportunities that our exploration teams are working on at present that are domestic. And we will continue to look for opportunities to expand and grow the company elsewhere.

Thanks for that. Appreciate it. Robert D. Lawler - President, Chief Executive Officer & Director: All right. Thanks a lot.

And we'll take out next question from David Tameron with Wells Fargo Securities. Caller, your line is open. Please check your mute function. Caller, your line is open. We are unable to hear you. Please check your mute function. Robert D. Lawler - President, Chief Executive Officer & Director: All right. Well, I think we're out of time anyway, operator. So if you don't mind, I'll just go ahead and call the call to a close. We spent a lot of time today talking about our continued progress in the company. And I'm hopeful that this additional information will help improve your modeling and perform to expectations at Chesapeake as we continue to improve. I think that resonating throughout this presentation is that the continued value on the things that we can control, we're executing in an outstanding fashion. And also highlight that we are not done. My confidence in our ability to execute is very high. And I just would encourage that if you have subsequent questions about our performance on any of the assets or anything else regarding the company and our plans for 2015, please reach out to Brad. Thank you, all, and have a great day.

And this concludes today's conference. Thank you for your participation. You may now disconnect.