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Thursday, August 1, 2013

Chesapeake Energy Reports Second Quarter Results

From a Chesapeake press release comes this update on their Utica shale results from the second quarter of 2013:
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.
You can read the whole release here.

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