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Chesapeake Energy Corporation Reports Financial And Operational Results For The 2012 Fourth Quarter And Full Year

Marcellus Shale (Pennsylvania, West Virginia): With approximately 1.8 million net acres, Chesapeake is the industry’s largest leasehold owner in the Marcellus Shale, which spans from northern West Virginia across much of Pennsylvania into southern New York.

During the 2012 fourth quarter, Chesapeake’s average daily net production in the northern dry gas portion of the Marcellus was 645 million cubic feet of natural gas equivalent (mmcfe) per day (1,485 gross operated mmcfe per day), an increase of 135% year over year and 19% sequentially. Chesapeake has reduced its operated rig count to five rigs in the northern dry gas portion of the Marcellus and anticipates maintaining that level of activity for the remainder of 2013.

Three notable wells completed by Chesapeake in the northern dry gas portion of the Marcellus during the 2012 fourth quarter are as follows:
  • The Holtan 5H in Susquehanna County, PA achieved a peak rate of 12.6 mmcf of natural gas per day;
  • The Lopatofsky 2H in Wyoming County, PA achieved a peak rate of 11.4 mmcf of natural gas per day; and
  • The Messersmith S Bra 1H in Bradford County, PA achieved a peak rate of 10.5 mmcf of natural gas per day.

During the 2012 fourth quarter, Chesapeake’s average daily net production in the southern wet gas portion of the play was approximately 155 mmcfe per day (260 gross operated mmcfe per day). Management expects production from the southern Marcellus will remain relatively flat until the ATEX pipeline, which will carry processed ethane to the Gulf Coast, comes online in late 2013. Chesapeake is currently drilling with three operated rigs in the southern wet gas portion of the Marcellus and anticipates maintaining that level of activity for the remainder of 2013.

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