Chesapeake Energy expects to double its Utica shale processing capacity by the end of the year.
The capacity increase will come even as Chesapeake on Thursday announced it was reducing overall 2014 capital spending by about 20 percent compared to 2013 levels.
Oklahoma-based Chesapeake is the largest energy operator in Ohio’s Utica shale.
The company said it has drilled more than 450 Utica shale wells to date, with executives saying in a conference call with industry analysts they expect to see “a very strong ramp up in the production of the Utica.”
In December, Chesapeake said it was producing the equivalent of 35,000 barrels of oil per day — including natural gas and related liquids — from its Utica holdings. By comparison, Chesapeake said it was producing the equivalent of 193,000 barrels of oil a day, primarily natural gas, from its Marcellus shale holdings.You can read more by clicking here.
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