"The Chesapeake team worked diligently on several major initiatives designed to ensure that our processes and practices maximize returns from our exceptional asset base," Lawler said. "We have established specific strategic goals and metrics that we believe will drive us toward top-quartile operational, financial and shareholder return performance among our peers."
Chesapeake has pared its capital budget to a range of
McClendon was forced out last year after losing a power struggle with the company's new board, which had been pushing to cut costs at the company that has spent more than it earned for much of its existence.
Lawler, who took over in June, said Chesapeake is poised to become a "differential investment and industry partner of choice in 2014 and beyond," thanks to its disciplined capital allocation, budget and cost leadership programs.
He said Chesapeake has about a
Despite its reduced spending, Chesapeake expects to increase production by as much as 10 percent over last year after adjusting for asset sales.
"We have retooled our integrated development plan to each field to capture value versus capturing lands," Lawler said. "I'm very pleased with the progress our operating teams have made during the fourth quarter with respect to cycle time improvements and simultaneous operations planning.
"The effects of these improvements will be highly visible in 2014."
Lawler said Chesapeake will sell additional assets this year after evaluating its noncore holdings.
Sterne Agee analyst
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