News Article | March 1, 2017
Gates, Bezos, Khosla, Bloomberg, Branson, Doerr, Plattner and the other billionaire investors in the $1 billion Breakthrough Energy Coalition have hired folks with actual energy backgrounds. David Danielson is now managing director for science and Eric Toone is executive managing director and science lead -- the first employees on the Breakthrough Energy Ventures science team. Danielson was most recently a Precourt Energy Scholar at Stanford. Before that, he served as the Assistant Secretary for Energy Efficiency and Renewable Energy. He was the first program director hired by the DOE's Advanced Research Projects Agency-Energy (ARPA-E), which focuses on high-risk clean energy technologies. Toone was most recently the leader of the Innovation and Entrepreneurship Initiative at Duke University. In 2009, he was a founding member of ARPA-E, where he led the electrofuels program. On the relatively rare topic of investors focused on energy and sustainability: Sam Youneszadeh, regional GM with SunEdison, is now chief development officer at ForeFront Power. As we've reported, SunEdison's commercial and industrial solar development team has been reincarnated as ForeFront Power. Earlier this month, the Japanese industrial and energy giant Mitsui & Co. acquired the remainder of SunEdison's commercial business for $15 million. The acquisition included 50 employees -- down from 300 at SunEdison's peak -- focused on building and financing projects. Kevin Christy, previously with SunEdison and Axio Power, is now COO for North America at project developer Lightsource Renewable Energy. GlassPoint Solar, a supplier of solar for the oil and gas industry, announced that Tunde Deru, previously with LINN Energy, joined the firm as director of sales for the Americas, and Jeffrey Kennedy, most recently with SunPower, joined as senior director of project finance. Co-founder and CEO of GlassPoint Rod MacGregor has left the CEO role but remains on the board. David Miles, formerly with Ideematec Deutschland GmbH, is now senior director of project development at Hannah Solar, a solar developer and EPC in the Southeast U.S. John Megna, previously with SMA Solar Technology, is now sales director of grid-scale energy storage at LG Chem Power. According to Greenbiz, ExxonMobil CEO Darren Woods "has signaled his backing for the Paris Agreement and called for a carbon tax to reduce U.S. emissions." Woods replaced Rex Tillerson, who is now the U.S. Secretary of State. Woods also cited the necessity of "managing the risks of climate change." Northern Power Systems added Kevin Kopczynski to the board of directors. When First Solar acquired Enki Technology for its anti-reflection coatings late last year, Enki's CEO, Kopczynski, joined First Solar as a senior director. Previously, Kopczynski was a partner at RockPort Capital Partners. Northern Power Systems manufactures wind turbines with permanent magnet direct drive technology. Enertech Search Partners, an executive search firm with a dedicated cleantech practice, is the sponsor of the GTM jobs column. Among its many active searches, Enertech is looking for a Regional Account Executive. The client brings electric vehicle (EV) charging to more people and places than ever before. They operate the world's largest and most open EV charging network and also design, build and support the technology that powers it. The client is seeking a Regional Account Executive in Colorado with value-based/solution sales experience and a natural knack for hunting and closing large enterprise transactions. SaaS experience is highly desired, as well as exceptional pipeline management. Survalent, a provider of advanced distribution management systems (ADMS) to utilities worldwide, announced three new executives: Serge Savchenko, most recently with OpenText, joins as chief revenue officer; Ian MacCuaig, with past leadership roles at GE Digital Energy, SNC-Lavalin, and CAE Electronics, joins as VP of customer success; and Marianne Kupina, previously head of marketing at Esri Canada, joins as VP of marketing. IOTAS, looking to supply a smart home system for the apartment rental market, named Tim Enwall, previously head of strategy at Nest and former CEO of Revolv to its board. Revolv, acquired by Nest, had developed a smart hub aimed at homeowners. Soumya Sastry was promoted to principal, short-term electric supply/energy policy & procurement at PG&E. Electric-bus builder Proterra named Matt Horton as chief commercial officer. Prior to joining Proterra, Horton was the CEO of Propel Fuels. Proterra has sold more than 380 vehicles to 36 different municipal, university, and commercial transit agencies throughout North America. According to the company, by 2030, every single transit bus sold in the U.S. will run on electricity. (Here's the recent Energy Gang podcast interview with Proterra CEO Ryan Popple.) Hannah Masterjohn was promoted to VP of policy and regulatory affairs at Clean Energy Collective. In 2014, First Solar made its entry into the U.S. residential solar market by becoming the single largest investor in Clean Energy Collective's community solar business with the purchase of a 28 percent ownership interest for $21.8 million. CEC builds and sells community solar projects to residential and small business customers on behalf of utilities. In 2012, CEC won $13 million in equity financing from the New Energy Capital Cleantech Infrastructure Fund, Black Coral Capital and other investors.
News Article | February 23, 2017
BAKERSFIELD, Calif.--(BUSINESS WIRE)--GlassPoint Solar, the leading supplier of solar for the oil and gas industry, today announced two new appointments to accelerate its projects in California. Tunde Deru joins GlassPoint as Director of Sales, Americas, and Jeffrey Kennedy as Senior Director of Project Finance. GlassPoint’s solar technology powers oilfield operations, reducing a field’s production costs and carbon emissions. In 2011, GlassPoint unveiled its first commercial project at Berry Petroleum’s 21Z lease in Kern County, California. Following the success of the pilot project, GlassPoint scaled its technology overseas in Oman and is currently constructing Miraah, a landmark project with Petroleum Development Oman (PDO). Once complete, Miraah will produce over one gigawatt of peak thermal energy, making it one of the world’s largest solar plants of any kind. “GlassPoint is growing its presence in California to deliver large-scale solar oilfield projects that will generate thousands of local energy jobs while cutting carbon emissions,” said Sanjeev Kumar, GlassPoint Senior Vice President of Project Development, North America. “In today’s challenging operating environment, producers are seeking innovative solutions, including GlassPoint’s solar technology, to improve oilfield economics and reduce their carbon footprint.” Deru joins GlassPoint’s office in Bakersfield, California from LINN Energy (formerly Berry Petroleum), where he was first introduced to GlassPoint’s technology and successful pilot. He most recently served as the Technical Team Lead for Major Projects and previously as the Project Manager for the company’s Diatomite Asset team. Prior to that, he was with Bakersfield’s Process Unlimited (ProU), which was acquired by Stantec. “I joined Berry Petroleum shortly after GlassPoint’s pilot was commissioned and kept a close eye on it throughout the years as it demonstrated its reliability on the oilfield. I’m confident that GlassPoint’s proven solar technology, made in California and deployed around the world, can help move Bakersfield’s oil industry forward,” said Deru. Kennedy brings to GlassPoint over 20 years of expertise in project finance, corporate finance, and strategy and management. Most recently, Kennedy was a Director in Project Finance at SunPower, where he raised more than $1.4 billion in debt, tax equity and cash equity for SunPower’s domestic utility-scale solar projects. Prior to that, Kennedy spent eight years at McKinsey & Co. in China. Kennedy is based in GlassPoint’s headquarters in Fremont, California. “I am excited to join an organization that is leading deployment of solar for the oil and gas industry, an enormous untapped market to scale renewable energy,” said Kennedy. GlassPoint’s solar technology provides the lowest-cost energy for extracting heavy oil, which accounts for half of California’s crude oil production. Heavy oil is produced by injecting steam in to the reservoir to heat the oil so it can be pumped to the surface. By harnessing the sun to generate steam for oil extraction, GlassPoint enables producers to reduce operating costs, lower emissions and create local jobs. GlassPoint Solar is the leading supplier of solar to the oil and gas industry. The global oil and gas industry consumes an amount of energy equal to 10% of its own production, making it one of the biggest markets for renewable energy. Operating worldwide from the Middle East to California, GlassPoint’s enclosed trough technology delivers the lowest cost energy to power oilfield operations. By harnessing sunshine, instead of burning natural gas or other fuels, GlassPoint helps oil producers reduce operating expenses while significantly cutting greenhouse gas emissions. GlassPoint is one of the fastest-growing solar companies in the world with more than one gigawatt of solar oilfield projects under construction. The World Economic Forum recently recognized GlassPoint as a 2016 Technology Pioneer for its role in enabling more economical and sustainable oil production.
News Article | May 13, 2016
HOUSTON, May 13, 2016 (GLOBE NEWSWIRE) -- LINN Energy, LLC (NASDAQ:LINE) (“LINN”), LinnCo, LLC (NASDAQ:LNCO) (“LinnCo”), and Berry Petroleum Company, LLC (“Berry,” and with LINN and LinnCo, the “Company”) announced today that the United States Bankruptcy Court for the Southern District of Texas has granted the relief requested by the Company in key first day motions related to ordinary course business activities. The approved motions give the Company the authority to, among other things, continue to pay employee wages and benefits without interruption, to utilize its current cash management system, and to make royalty payments. Mark E. Ellis, Chairman, President and Chief Executive Officer, said, “With these approvals, the Company will continue normal operations as we implement a comprehensive financial restructuring. Importantly, I would like to thank all of our employees for their continued dedication to our Company as we continue working constructively with our vendors, suppliers, and partners.” The Company received Court approval of a motion that will allow it to use its cash to fund its Chapter 11 cases, pursuant to the agreement with the first lien lenders. The approval will be reflected in a Court Order entered Monday, May 16, 2016. The Company anticipates that the cash available to it during its Chapter 11 Cases will likely provide sufficient liquidity to support the business during the financial restructuring process. For goods and services provided post-Chapter 11 filing, the Company intends to pay vendors in full under normal terms. The Company intends to meet its obligations in the ordinary course and expects its operations to continue uninterrupted throughout the reorganization process. As previously announced, on May 11, the Company entered into a Restructuring Support Agreement with holders of at least 66.67% by aggregate outstanding principal amounts of LINN’s Amended and Restated Credit Agreement, dated as of April 24, 2013, as amended, and Berry’s Second Amended and Restated Credit Agreement, dated as of November 15, 2010, as amended. To implement the terms of the agreement, the Company filed voluntary petitions for a court-supervised restructuring under Chapter 11 of the United States Bankruptcy Code. Kirkland & Ellis LLP is serving as legal advisor to LINN, Lazard is serving as its financial advisor and AlixPartners is its restructuring advisor. Additional information is available on LINN’s website at www.linnenergy.com/restructuring or by calling LINN’s Restructuring Hotline, toll-free in the U.S., at 1-844-794-3479. (For calls originating outside the U.S., please dial 1-917-962-8892). In addition, court filings and other documents related to the reorganization proceedings are available on a separate website administered by LINN’s claims agent, Prime Clerk, at https://cases.primeclerk.com/linn. As previously announced, on April 26, 2016, LinnCo commenced a subsequent offering period to exchange each outstanding unit of LINN for one LinnCo share (the “Exchange Offer”). The subsequent offering period will expire at 12:00 midnight (New York City time) on May 23, 2016, unless extended. The Bankruptcy Court has approved keeping the Exchange Offer open uninterrupted. Procedures for tendering LINN units during the subsequent offering period are the same as during the initial offering period, except that pursuant to Rule 14d-7(a)(2) under the Securities Exchange Act of 1934, as amended, LINN units validly tendered during the subsequent offering period will be accepted on a daily, “as tendered” basis and, accordingly, may not be withdrawn. The purpose of the Exchange Offer is to permit holders of LINN units to maintain their economic interest in LINN through LinnCo, an entity that is taxed as a corporation rather than a partnership, which may allow LINN unitholders to avoid future allocations of taxable income and loss, including cancellation of debt income (“CODI”), that could result from the court-supervised reorganization process. In general, CODI will be allocated to persons who are deemed to hold the units when the events giving rise to such CODI occur. The filing of a petition under Chapter 11 of the United States Bankruptcy Code does not itself cause LINN to recognize CODI; however, it is likely that the final resolution of a bankruptcy plan would cause LINN to recognize an amount of CODI, which may be substantial. LINN Energy’s mission is to acquire, develop and maximize cash flow from a portfolio of long-life oil and natural gas assets. More information about LINN Energy is available at www.linnenergy.com. LinnCo was created to enhance LINN Energy's ability to raise additional equity capital to execute on its acquisition and growth strategy. LinnCo is a Delaware limited liability company that has elected to be taxed as a corporation for United States federal income tax purposes, and accordingly its shareholders will receive a Form 1099 in respect of any dividends paid by LinnCo. More information about LinnCo is available at www.linnco.com. This press release contains forward-looking statements. These statements, including those relating to the intent, beliefs, plans or expectations of the Company are based upon current expectations and are subject to a number of risks, uncertainties and assumptions. It is not possible to predict or identify all such factors and the following list should not be considered a complete statement of all potential risks and uncertainties relating to the bankruptcy filing by the Company, including, but not limited to: (i) the Company’s ability to obtain the Bankruptcy Court approval with respect to motions or other requests made to the Bankruptcy Court in the Chapter 11 cases, including maintaining strategic control as debtor-in-possession, (ii) the ability of the Company and its subsidiaries to negotiate, develop, confirm and consummate a plan of reorganization, (iii) the effects of the bankruptcy filing on the Company’s business and the interests of various constituents, (iv) the Bankruptcy Court rulings in the Chapter 11 cases, as well the outcome of all other pending litigation and the outcome of the Chapter 11 Cases in general, (v) the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 proceedings, (vi) risks associated with third party motions in the Chapter 11 cases, which may interfere with the Company’s ability to confirm and consummate a plan of reorganization, (vii) the potential adverse effects of the Chapter 11 proceedings on the Company’s liquidity or results of operations, (viii) increased advisory costs to execute the Company’s reorganization, (ix) the impact of a potential NASDAQ suspension of trading and commencement of delisting proceedings on the liquidity and market price of the units representing limited liability company interests of the Company (“units”) and on the Company’s ability to access the public capital markets, (x) the uncertainty that any trading market for units will exist or develop in the over-the-counter markets, (xi) the completion of the subsequent offering period and (xii) other risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed discussion of risk factors, please see Part I, Item 1A, “Risk Factors” of LINN and LinnCo’s most recent Annual Report on Form 10-K for more information. The Company assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
News Article | February 28, 2017
HOUSTON, Feb. 28, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc., the reorganized successor to LINN Energy, LLC, and its affiliated entities (the “Company” or “LINN”), today announced that it has emerged from Chapter 11 restructuring. Pursuant to the Plan of Reorganization, LINN and Berry Petroleum (“Berry”) will operate as stand-alone companies. Through the restructuring, LINN has reduced debt by more than $5 billion to total debt of $1.012 billion and pro forma net debt of $962 million, resulting in $730 million of liquidity. The new structure significantly enhances financial flexibility and positions the Company for long-term success. Mark E. Ellis, President and Chief Executive Officer, said, “Today marks a new beginning for our company and all of our stakeholders. With significantly less debt and an infusion of new equity capital, we have ample liquidity to accelerate growth in our core areas, including our SCOOP/STACK/Merge position. We are confident that our diverse and high-quality asset base will serve as a foundation for our future success.” The following are highlights of LINN’s asset position: A supplemental presentation has been posted to the Company’s website, which includes an overview of the emerging company, an update on the capital structure, operational highlights of LINN’s asset areas and additional information on the asset sales. Effective today, the Company’s Board of Directors are comprised of members of management and representatives of the Company’s largest shareholders. The new directors are: The Board of Directors has engaged Jefferies LLC as lead advisor and has initiated a process to explore and evaluate potential strategic alternatives, which includes marketing five non-core assets. The Company has retained the following advisors to work alongside Jefferies LLC in the sales process: RBC Richardson Barr will market the Williston and Permian packages, CIBC Griffis & Small will market the South Texas and Salt Creek packages, and Tudor Pickering, Holt & Co. will market California. The proceeds received from any future asset sales are expected to further de-lever the Company’s balance sheet and allow for flexibility to focus resources on the remaining growth assets. The new Board of Directors collectively echoed Mr. Ellis’ comments and said, “We are very excited for the prospects of LINN as we transition from an upstream MLP to a growth-oriented E&P company. We also believe the asset sales will allow us to re-deploy capital to focus on significant growth opportunities and position LINN to maximize returns for shareholders.” “We thank our outstanding employees for their unwavering commitment throughout the restructuring process,” said Mark E. Ellis. “Because of their efforts, we were able to achieve strong operational results and reduce costs while working safely. Looking ahead, our employees are critical in creating future value and driving the Company’s success.” Kirkland & Ellis LLP served as legal adviser to LINN, Lazard served as financial adviser and AlixPartners served as restructuring adviser. Jefferies LLC is serving as lead financial advisor in the strategic review process. Forward-Looking Statements Statements made in this press release that are not historical facts are “forward-looking statements.” These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial performance and results, ability to improve our financial results and profitability following emergence from bankruptcy, availability of sufficient cash flow to execute our business plan, continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to hedge future production, ability to replace reserves and efficiently develop current reserves, the regulatory environment and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events. PV-10 PV-10 represents the present value, discounted at 10% per year, of estimated future net cash flows. The Company’s calculation of PV-10 herein differs from the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC in that it is calculated before income taxes and including the impact of helium, using strip prices as of February 15, 2017, rather than after income taxes and not including the impact of helium, using the average price during the 12-month period, determined as an unweighted average of the first-day-of-the-month price for each month. The Company’s calculation of PV-10 should not be considered as an alternative to the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC. Net Debt Net debt is defined by the Company as total debt less cash and cash equivalents.
News Article | March 1, 2017
BAKERSFIELD, Calif., Feb. 28, 2017 /PRNewswire/ -- Berry Petroleum Company LLC (the "Company" or "Berry") successfully emerged from bankruptcy today following confirmation of its Chapter 11 plan of reorganization by the Honorable Judge David R. Jones of the U.S. Bankruptcy Court for the...
Nair N.,LINN Energy |
Proceedings - SPE Annual Technical Conference and Exhibition | Year: 2013
Shale resource plays often present formidable reservoir management challenges, particularly with regard to capital utilization and allocation. In spite of significant efforts to measure and analyze key reservoir and completion data, uncertainty typically remains in the physical characteristics of the stimulated reservoir volume (SRV) accessed by hydraulic fracturing, namely: shale permeability, fracture spacing, SRV spatial dimensions, and gas-in-place. In this study, well performance histories of several hundred wells spanning the Haynesville, Woodford, Barnett, Horn River, Marcellus, Fayetteville and Montney shale plays were investigated with a common and consistent analytical framework that determined: a) a well productivity measure during infinite-acting linear flow, b) completion pressure losses (between sandface and bottomhole), and c) apparent original-gas-in-place in the SRV. Parameters determined from the analyses are key indicators of the combined result of reservoir quality and hydraulic fracture performance. Results of this multi-well cross-play study provide information about both inter- and intra-play variability and commonality. A large proportion of the wells (85%) showed prolonged periods of linear transient flow, indicative of low matrix permeabilities. Wells of higher productivities tended to go into depletion flow earlier, which could be consistent with either high matrix permeability or large fracture surface areas that are close together (complexity). Completion pressure drops were not observed as the dominant productivity-loss mechanism. Productivity of wells during infinite-acting flow normalized by the total mass of proppant used in each well, an SRV creation efficiency, and the original-gas-in-place in the SRV for all wells in this study showed log-normal distributions. The 100-day flow efficiency of the completions in these wells showed a truncated normal distribution. Recognizing the variability in the reservoir characteristics of the studied shale plays, and SRV's that were outcomes of diverse completion practices, the observed predictability in key well performance characteristics is remarkable. The distributions presented in this paper can be used to improve well performance predictability, help identify sweet spots for drilling, establish relatively narrow ranges of a priori well performance characteristics (therefore reducing uncertainty at undeveloped well locations), improve fracturing practices, and provide support for decisions of capital allocation. Copyright 2013, Society of Petroleum Engineers.
Crawford E.,LINN Energy |
Castro L.,Baker Hughes Inc. |
Sherrard P.L.,Baker Hughes Inc.
Society of Petroleum Engineers - SPE USA Unconventional Resources Conference 2014 | Year: 2014
Maximizing post stimulation production whilst mitigating offset well interference (OWI) will give any operator the best chance of optimizing their return on investment. To this end, many completion techniques have been employed with limited success in an attempt to obtain these profitable measures in unconventional hydrocarbon plays such as the Granite Wash in the Texas Panhandle. However, as industry players develop new completion technology, value can potentially be added to wells for operators. This paper examines a particular set of offsets. Of the two wells studied, one was completed by a traditional plug-and-perforation method (PnP) and the other by a targeted annular fracture via Coiled Tubing-enabled fracturing sleeves (CTFS). Both operations are discussed comparing fracture treatments sizes, tracer data, equipment requirements and production results. Focus will be placed on how targeting one cluster at a time in one well improve control of the fracture geometry and positively affects the offset producing well. Comparing production of both wells after stimulation enables a logical analysis of the value of CTFS and targeted fracturing. This analysis demonstrates that targeted fracturing through the casing/coiled tubing annulus provides some clear fracture treatment logistic advantages by reducing fracturing equipment and water requirements. In addition, a corresponding reservoir benefit is realized by evaluating production per pound of proppant placed, compared with conventional stimulation practices. Additional interference-based analysis is performed to assess how two offsetting completed wells responded after their communication. As operators make significant efforts to maximize the value of their available acreage, production lost from an offset well hurts ROI so the conclusions center on how much this experiment helped with an impending interference problem among offsets.
Garibaldi L.,Halliburton Co. |
Mathukutty S.,Halliburton Co. |
Cullick A.S.,LINN Energy
Society of Petroleum Engineers - SPE USA Unconventional Resources Conference 2014 | Year: 2014
This paper describes a comprehensive methodology to rank drilling locations in a very large, unconventional tight-oil area based on both surface and subsurface characteristics. A North American case study is presented. Operators entering new prospect areas with little well control must make decisions on locating limited numbers of exploratory wells. Large prospect areas can be characterized by a variety of different mineral rights, surface-permitting obligations, uncertainties in geologic subsurface characteristics, complexity of topography, a variety of available infrastructures, potential operational issues, and environmental and regulatory challenges. The decision to appraise an acreage position is very complex and has a high level of risk. One solution to rank and risk candidate drilling locations is a procedure that considers the most critical variables needed for appraisal. The variables are used to generate optimized drilling location scenarios under various uncertainties and constraints using a mathematical probabilistic-optimization procedure and a 'scorecard' of surface cultural characteristics.
News Article | March 16, 2016
HOUSTON, March 16, 2016 (GLOBE NEWSWIRE) -- LINN Energy, LLC (NASDAQ:LINE) announced today that LINN Energy’s 2015 Individual Tax Reporting Packages, including Schedule K-1, are now available to download from the company’s website and may be accessed at https://www.taxpackagesupport.com/linnenergy. LINN Energy expects to finish mailing the 2015 Individual Tax Reporting Packages to its unitholders by March 21, 2016. For additional information, unitholders may call the K-1 Tax Package Support Line toll free at (800) 203-5179. This press release includes "forward-looking statements." All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to forward-looking statements about balance sheet management, and the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company's production and capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, the significant amount of indebtedness under our credit facilities and senior notes, access to capital markets, availability of sufficient cash flow to execute our business plan, implementation of our expense reduction strategy, continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to hedge future production, the ability to replace reserves and efficiently develop current reserves, the regulatory environment, and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. See "Risk Factors" in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.