Shane Thielges | Shale Plays Media
Chesapeake Energy reported lucrative production gains on its Utica shale properties today as part of its second-quarter earnings report.
Oil and gas production rose 373 over the same time period last year, and 34 percent over the previous quarter, reports Shane Hoover of CantonRep.com. That sets Chesapeake’s production at around 67,000 barrels of oil equivalent per day, 60 percent of which was natural gas. 30 percent of this production was natural gas liquids, and the remaining 10 percent was oil.
Chesapeake is by far the leading producer of energy in the Utica shale, operating 8 rigs and 48 wells in the region during the quarter. Overall, it owns 210 Utica wells in various stages of completion.
The company earned $5.2 billion revenue in the quarter, up 10 percent from a year before.
Utica shale production has amplified in recent months following raised production estimates and a rosy outlook for relaxed petroleum exports. Numerous companies, including PDC energy and former Chesapeake CEO Aubrey McClendon’s American Energy Partners, have recently announced expanded operations in the area.
Read the CantonRep.com story here: Chesapeake reports major gains in Utica production