The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Joshua Ian Silverstein - UBS Investment Bank, Research Division - Analyst
: Just sticking with the Marcellus. The realizations have been pretty strong this year, and even better than the corporate realizations.
I know some of this is from the NYMEX and fixed price contracts that you guys have. You outlined what you have for the rest of the
year. Can you just provide us a little bit of insight as to what you guys have next year? And any thoughts on kind of what you can
do for [locking in] strong basis relative to what the forward curve may be?
Question: Joshua Ian Silverstein - UBS Investment Bank, Research Division - Analyst
: All right. Yes. And then just on managing the cash balance, I think, Tom, you said you wanted to have about $1 billion of cash on
hand. Can you just talk about the flexibility in this? I think you still plan on paying down the third quarter maturity next year with
cash. But could this cash also be used to support shareholder returns potentially above 100% of free cash flow if crude oil and natural
gas prices move lower?
Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst
: This perhaps dovetails with that last question on your outlook for '24. But I want to start specifically with your 4Q oil guide, which
was stronger than many of us from the outside looking in, we're expecting. So perhaps this also fits with your earlier comments
about volumes, or volume growth is really an output, not a driver, we look at your sequential quarters over the course -- trying to,
we can see that, and that the oil rate has ticked up and it's ticked back down, and you're going to have a big pickup for Q4. So my
question to bring it to a point is, how would you encourage us to look at this 4Q, your 4Q volumes? Is this one of the -- a big uptick
that's likely to mean revert? Or is this more along the lines of a new baseline that you guys are looking at that you're going to build
on?
Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst
: And I guess maybe just for my follow-up, can you elaborate on what seesaw is?
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