Operator: Good day, and welcome everyone to the Chesapeake Energy 2011 First Quarter Earnings Results Conference Call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Jeff Mobley. Please go ahead, sir.
Jeffrey L. Mobley - SVP, IR and Research: Good morning, everyone, and thank you for joining our 2011 first quarter financial and operational results conference call.
With me this morning are Aubrey McClendon, our Chief Executive Officer; Steve Dixon, our Chief Operating Officer; Nick Dell'Osso, our Chief Financial Officer; and John Kilgallon, our Manager of Investor Relations and Research. We'll have prepared remarks by Aubrey and Nick, and then we'll go to Q&A. Aubrey?
Aubrey K. McClendon - Chairman and CEO: Good morning. We hope you've had time to review yesterday's 2011 first quarter operational and financial release. We are off to a very good start to 2011, and I would like to begin my remarks by highlighting three significant achievements in the first 90 days of the year.
First, I hope you noticed that we have already reached our 25% debt reduction goal of the 25/25 Plan. Now we just need to maintain where we are from here on, and that is our plan.
Secondly, we have efficiently and uniquely built an internal oilfield service company as a way to counter oilfield inflation and enhance the efficiency of our operations. We believe this enterprise is worth at least $7 billion, and we intend to seek a partial monetization of it in 2012.
Third, we have established industry leading leasehold positions in two potentially very significant new liquids-rich plays. The first of these is the 1.2 million net acres that we have acquired in Utica Shale play on far Western Pennsylvania and Eastern Ohio.
The second is the 1.1 million net acres that we have acquired in the Mississippian Carbonate play in Northern Oklahoma and Southern Kansas. We expect to initiate JV efforts in both of those plays in the 2011 second half and to provide more production results from our efforts in both plays as the year progresses.
In the meantime, I would remind you that recent liquids-rich JV acreage values have been in the range of $5,000 to $20,000 per net acre. Using something in the $10,000 per acre range, would indicate that these positions could be worth $23 billion to our Company, combine that with the $7 billion of service company value pickup, and you can say that we are highlighting more than $30 billion of potential value creation in this quarter alone.
Given where our stock is valued at pre-opening today, I guess, I can say no good deed goes unpunished, and also I guess I am glad that we didn't highlight say $60 billion of possible value creation this quarter, our stock might be down even more. As for our production, we had an excellent quarter despite tough winter weather. It is a testament to the quality of our operations teams and to the diversification our asset base that our production exceeded expectations for the quarter. Most importantly, our liquids production continued to grow rapidly and we remain on track to reach a 150,000 net barrels per day by year end 2012 and 250,000 barrels per day by year end 2015.