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Chesapeake Energy Corporation Reports Financial And Operational Results For The 2013 Second Quarter

Stocks in this article: CHK

Utica Shale (eastern Ohio, Pennsylvania, West Virginia) : Net production from the Utica Shale play averaged approximately 85 million cubic feet of natural gas equivalent (mmcfe) per day during the 2013 second quarter, an increase of 48% sequentially from the 2013 first quarter. The average peak daily production rate of the 42 wells that commenced first production in the Utica during the 2013 second quarter was approximately 6.6 mmcfe per day.

Chesapeake is currently operating 11 rigs in the Utica, which it plans to reduce to 10 rigs by year end. Average spud-to-spud cycle time during the quarter was 18 days, down from 26 days a year ago. As of June 30, 2013, Chesapeake had drilled a total of 321 wells in the Utica, which included 106 producing wells, 93 additional wells waiting on pipeline connection and 122 wells in various stages of completion.

Greater Anadarko Basin (Oklahoma, Texas Panhandle, southern Kansas) : Chesapeake continues to generate steady liquids production growth in the Greater Anadarko Basin primarily from five plays: the Mississippi Lime, Granite Wash, Cleveland, Tonkawa and Hogshooter. Aggregate net production from these plays during the 2013 second quarter averaged 126,000 boe per day (192,000 gross operated boe per day), an increase of 43% year over year and 11% sequentially. The average peak daily production rate of the 123 wells that commenced first production in the Greater Anadarko Basin during the 2013 second quarter was approximately 800 boe per day. Approximately 38% of the company’s Greater Anadarko Basin production during the 2013 second quarter was oil, 18% was NGL and 44% was natural gas.

Chesapeake is currently operating 26 rigs across these plays, which it plans to reduce to 19 rigs by year end. As of June 30, 2013, the company had an inventory of 58 drilled but uncompleted and/or unconnected wells in the Greater Anadarko Basin.

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