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: Holly Meredith Barrett Stewart - Scotia Howard Weil, Research Division - Analyst
: Maybe first one, still just trying to get a better sense on the pro forma gas. It looks like for 2022 it should be down about 5%. I know you mentioned,
Tom, that a lot of the gas volume is just driven by project timing, second half weighted, obviously. So maybe a better representation is kind of an
exit to exit rate. Do you have that available for us?
Question: Holly Meredith Barrett Stewart - Scotia Howard Weil, Research Division - Analyst
: Okay. Okay. Maybe then moving on to natural gas basis. It felt like everybody was a little bit weaker in the fourth quarter than -- certainly than
expectations. You've laid out your '22 Marcellus exposure kind of by index. Can you give us a sense when you kind of lap in that Permian and
Anadarko sort of where those end markets impact? And then if you have sort of some thoughts on overall basis for 2022 for the entire portfolio,
that would be helpful.
Question: Holly Meredith Barrett Stewart - Scotia Howard Weil, Research Division - Analyst
: Okay. That's helpful. And maybe one final one for me, Scott, just on the hedging strategy. I know last quarter, you mentioned you'd rather be a
little bit front-footed than defensive. You've added some contracts here for 2022. How do you think about the portfolio now from a hedging
standpoint?
Question: Leo Paul Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst
: I was hoping you could talk a bit about the synergy progress in 2022. Have you started to see some of those G&A synergies at this point in time?
And I guess should we just expect to see maybe the GOE per BOE just kind of drop throughout the year? And any indication on kind of what the
severance payments are roughly in 2022, but obviously, you described would go away by the time we get to '23.
Question: Leo Paul Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst
: Okay. That's really good color at the end of the day. And then just in terms of Upper Marcellus, I know you mentioned kind of 7 wells on a 9 well
pad, but roughly speaking, do you have kind of the number of wells here you're going to prosecute in '22? I think it's 80-something Marcellus well.
Just wanted to get a sense of it, is it half of those or Marcellus? Can you tell us about the split?
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