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Chesapeake Energy Provides Operational Update

by Kenneth E. DuBose on August 3, 2010

Chesapeake Energy provides its quarterly operational update:

Company Expects Production Growth of Approximately 13% in 2010 and 18% in 2011, Including Liquids Production Growth of Approximately 60% in 2010 and 80% in 2011

Proved Reserves Reach 15.5 Tcfe; Company Reports 2010 First Half Drilling and Completion Costs of $0.87 per Mcfe

2011 Drilling and Completion Capital Expenditures Projected to Remain Flat Compared to 2010 Drilling and Completion Capital Expenditures; 2011 Drilling and Completion Capital Expenditures Reduced by $400 Million on Natural Gas Plays and Increased by $400 Million on Liquids-Rich Plays Compared to 2010

Company Expects to Increase Liquids Production to Approximately 200,000 Bbls per Day, or Approximately 25% of Total Production and Approximately 40% of Production Revenue, by Year-End 2015 through Organic Growth

Eagle Ford Shale Joint Venture Discussions Continue; Transaction Announcement Anticipated in the 2010 Third Quarter

Press Release: Chesapeake Production Up by 14% – chk.com

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