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: Leo Paul Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst
: I know this is probably a tough question to answer, but do you have any indications you could tell us about kind of downtime you're experiencing
out in the Permian at this point in time? And just based on your prepared comments, I got the sense that there was no disruptions in the South
Texas access. So just wanted to clarify that. And I guess just a final point related to that. On the guidance that you just came out with, does that
already contemplate any significant first quarter '21 weather disruption in the full year '21 guide?
Question: Leo Paul Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst
: Yes, that definitely helps. And again, maybe just the last part on South Texas. Was that totally unaffected in South Texas? Is this just a West Texas
problem? Just trying to isolate that a little bit.
Question: Leo Paul Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst
: Right. Okay. No, that's definitely helpful. And then just with respect to the CapEx plan for the year here, I certainly saw the numbers. It looks like
your first quarter CapEx was kind of a little bit higher if we annualize that as kind of the full year budget. I just want to get a sense, is there a plan
to kind of have CapEx more front half weighted in '21 as you kind of look at the activity plan? What can you kind of tell me on that?
Question: Leo Paul Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst
: Got it. No, that makes sense. All right. Just a quick follow-up on the South Texas asset, the question was sort of asked previously. And clearly, there's
an element of delineation here in what you're doing. Do you look at this asset now as something you see is very much core to the company? Because
I know a year or so ago, you guys were talking about potential divestment at some point, but obviously, the returns look very strong. So is kind of
the divestment piece a little bit more off the table, and really, you see this as something that's kind of foundational, you can drill inventory on for
years?
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