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Tuesday, June 24, 2014

Chesapeake CEO Doesn't Believe in the "Core of the Core" in Shale Plays

From Natural Gas Intelligence:
Onshore explorers that boast about holding and developing the "core of the core" won't find a fan in Chesapeake Energy Corp. CEO Doug Lawler. He doesn't think there's any such thing. 
Limiting the focus only limits the options, he said Wednesday at Tudor, Pickering, Holt & Co.'s 11th annual Hotter 'N Hell energy conference in Houston. 
"I am an anti-core guy," Lawler said. "When I hear the 'core of the core,' when...companies talk about all the great stuff around the core, all that means to me is they've set a finite limit on their technical ingenuity, their innovation and their drive for continuous improvement." 
A few months after he took over in June 2013, Lawler told analysts the company would no longer be driven by capturing land and holding it by production (see Shale Daily, Nov. 6, 2013). The new mantra is to test and develop selectively the quality assets and monetize some of the others. Those tests have determined that while some assets will be sold, others may be expanded.
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