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Text of email sent to Chesapeake employees by CEO Aubrey McClendon
Chesapeake Energy Corp. CEO Aubrey McClendon sent an email Monday to all company employees offering his insight on the "distractions" facing the company over the past few weeks:
Dear Fellow Chesapeake Employees:
Good morning to each of you. Given the scrutiny the company and I have been under during the past few weeks, I wanted to provide some perspective from my vantage point. I'd like to first acknowledge the obvious - it's been a difficult past few weeks for all of us at CHK. I regret that you and your families have had to endure the extra attention. The Board and I have taken actions to put the recent distractions behind us so that we can move forward together with our plan to continue building value for the company's shareholders and other stakeholders and to continue leading our country towards a cleaner, more affordable and more sustainable energy future.
I also want to assure you that we are operating our business on the strong foundation formed by our industry-leading asset quality and by our exceptionally talented and motivated employees. Although we will be slowing some of our drilling and leasehold acquisition activities because of the current 10 year lows in natural gas prices, we will still remain by far the most active driller in the US. We will also continue growing our liquids production and we will be well prepared to resume our gas production growth when gas prices recover.
In addition, please remember that CHK is a large company, with the value of our proved reserves being $24 billion (using PV10 and strip pricing), one of the nation's largest midstream businesses, a rapidly growing and valuable service business, 15 million net acres of valuable leasehold, rapidly growing liquids production, and an exciting future. Simply put, we have an unparalleled asset base and are in a strong position during this period of low natural gas prices to re-focus our capital and resources where they create the most value.
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