Chesapeake Energy Corp CHK
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/21/2013

Operator: Good day, and welcome to the Chesapeake Energy Corporation 2012 Q4 and Full Year Earnings Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Mr. Jeff Mobley. Please go ahead, sir.

Jeffrey L. Mobley - SVP, IR and Research: Good morning, and thank you for joining our call today to discuss Chesapeake's financial and operational results for the 2012 fourth quarter and full year. Hopefully, you've had a chance to review our press release and updated investor presentation that we have posted to our website.

During the course of this call, our commentary will include forward-looking statements regarding our beliefs, goals, expectations, objectives, forecasts, projections and future performance and the assumptions underlying such statements. Please note there are a number of factors that could cause our actual results to differ materially from such forward-looking statements. Additional information concerning these factors is available on our earnings release and the Company's SEC filings.

Additionally, we may refer to certain non-GAAP financial measures. So we encourage you to read the full disclosure and GAAP reconciliation located on our website and in this morning's press release.

I would next like to introduce the other members of our management team who are with me on the call today; Steve Dixon, our Chief Operating Officer; Nick Dell'Osso, our Chief Financial Officer; and Gary Clark, our Vice President of Investor Relations and Research.

Before I turn the call over to Steve, however, I would like to share with you a few comments on leadership change at Chesapeake. As you know, Aubrey McClendon, the Company's Co-Founder and CEO are retired from the Company on April 1, 2013, and after leading the Company during our first 80 conference calls, he is now stepping aside for Steve and Nick to lead this call. In addition, a search is currently underway for a new CEO and the Board plans to complete this search by that time.

Aubrey has had a remarkable carrier, founding and leading Chesapeake and has created one of the most valuable and innovative Company in the global energy industry. Two of Aubrey's most important accomplishments are the tremendous asset base that has been amassed by the Company and the talented and dedicated organization he built to develop these assets. The culture and capabilities of the Company Aubrey created and the standards of excellence he championed have been distinctive and inspiring, resulting in a company with extraordinary potential. But his legacy will ultimately be the realization of that potential through the success and value that we all help deliver after his tenure as CEO concludes.

With those thoughts in mind, and on behalf of nearly 12,000 employees at Chesapeake, we want to sincerely thank Aubrey for his visionary leadership and for his 24 years of tireless service to the Company, to shareholders, to employees and to the industry.

With that, I am going to turn the call over to Steve Dixon who is working with Nick Dell'Osso to guide the Company through this period. I thank them and all of my Chesapeake colleagues for their continued dedication and focus as we work collectively to develop Chesapeake's world-class assets for our shareholders. Steve.

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