We regard every dollar we spend as a precious resource. We measure and analyze each of our operations to identify where and how we can improve.
That’s why we are focused in the Mid-Continent where we see vast opportunities for long-term potential through conventional and unconventional resource production, including horizontal drilling, modern hydraulic fracture stimulation and carbon dioxide (CO2) enhanced oil recovery (EOR).
By leveraging our expertise in these techniques, we are securing longer-term, sustainable cash flows and positioning Chaparral for future success.
*A reconciliation of our EBITDA to our net income can be found in our filing with the Securities & Exchange Commission.
On May 9, Chaparral voluntarily filed for relief under Chapter 11 of the U.S. Bankruptcy Code. This action will help reduce our long-term debt by approximately $1.2 billion, improve our capital structure and position us for long-term success.
During this process we will continue to file quarterly earnings results with the SEC and post those filings on our website. We will not, however, hold earnings calls or issue corresponding news releases.
Long-term, superior, sustainable returns for our stakeholders.
Balance near-term, high capital-efficient superior quarter-to-quarter return drilling projects with longer-term EOR growth investments that provide attractive sustainable returns.
We prudently manage our balance sheet to meet all of our obligations while preserving liquidity to fund future growth. With 68 percent of our reserves coming from oil production, we believe this approach gives us an advantage in today’s commodities environment.
And while we have enjoyed reserve growth over time, we are also selling non-core properties, which will result in a slight overall downward adjustment to our reserves as we focus on the Mid-Continent.
None available at this time.