Chesapeake reports record production

BY JAY F. MARKS Comments 0
Published: October 23, 2009

Chesapeake Energy Corp. on Thursday announced record production from its largest shale plays.

"We are pleased to announce that Chesapeake has set company records and reached significant production milestones in all four of our Big 4 shale plays,” CEO Aubrey McClendon said.

The company’s daily production has exceeded 2 billion cubic feet of natural gas in the Barnett, Haynesville, Fayetteville and Marcellus shale plays.

Texas’ Barnett shale provided the bulk of that production, as about 1,500 wells yield more than 1 billion cubic feet of gas a day for Chesapeake, the company said.

Chesapeake has about 125 wells in Louisiana’s Hayneville shale, where daily production recently exceeded 500 million cubic feet of gas.

In Arkansas, Chesapeake said it operates about 450 wells that produce more than 400 million cubic feet of gas a day.

The Marcellus shale — which extends across West Virginia, Pennsylvania and New York — is home to about 60 Chesapeake-operated wells. The company is reaping about 100 million cubic feet of gas a day there.

"We are very proud of the remarkable accomplishments that our shale teams have delivered,” McClendon said in a news release.

"We look forward to continued strong results from these world-class fields for years to come.”