Chesapeake Energy(CHK) - 2023 Q3 - Earnings Call Transcript

And I think in order to be competitive there, you need to be part of a pool of volumes that can be traded around in a very fluid way. And to be a producer that may ultimately have 3 million or 4 million or 5 million tons per annum on the water, we think is relatively small and would be a challenge to be competitive in that marketplace. And then the second part is of the 50% that you have locked in, are those locked in at fixed prices or are those maybe have some sort of escalator deal or something linked to ...