Chesapeake Production Up 1 Percent In 3Q

OKLAHOMA CITY (AP) — Natural gas company Chesapeake Energy Corp. said Thursday that its third quarter production rose 1 percent from the second quarter and 7 percent from the year-ago quarter when low natural gas prices led the company to curtail drilling.

Chesapeake's average daily production in the quarter consisted of 2.3 billion cubic feet of natural gas and 32,902 barrels of oil and natural gas liquids.

The company said its proven gas and oil reserves fell to 12 trillion cubic feet of natural gas equivalent at the end of the quarter, down from 12.5 trillion cubic feet to begin the quarter. The company said reserves declined because of falling natural gas prices.

Chesapeake is scheduled to release earnings Tuesday afternoon.

It shares rose $1.27, or 5 percent, to $26.04 in trading Thursday. The shares have traded between $9.84 and $30 over the past year.