A day after introducing $3.4 billion well worth of joint ventures in Ohio's Utica Shale, Chesapeake Power Chief Executive Officer Aubrey McClendon claimed Friday in a conference call with experts that the company is wanting to sell partial stakes in three more shale oil plays as joint ventures.
In the teleconference to go over Chesapeake's third-quarter incomes, which were released after markets shut Thursday, McClendon stated the Oklahoma City-based company is looking for partners for its property in the Williston Basin in North as well as South Dakota, the Mississippi Lime on Oklahoma and Kansas, as well as a 3rd "stealth play" that McClendon would not determine.
McClendon stated Chesapeake is collecting 500,000 acres in the secret play. Later in the telephone call, he eliminated plays in The golden state and also in Louisiana's Tuscaloosa Marine Shale as also pricey.
Thursday, Chesapeake said it authorized a $2.14 billion joint venture with a major global energy firm for a 25% stake in 650,000 acres of Chesapeake's 1.35-million-acre placement in the Utica's damp gas home window. McClendon said Friday that the identification of the joint venture companion would be divulged at the close of the offer.
Chesapeake Energy's Q3 revenues were $879 million, up 71% from the same quarter a year earlier, as it nearly increased the quantity of oil and liquids it generated while holding natural gas production constant.
Stripping out a $385 million single gain in the worth of the Oklahoma City-based business's hedging portfolio, Chesapeake's Q3 adjusted profits of $496 million were 4% more than those of a year earlier.
Oil and liquids currently make up 17% of Chesapeake's manufacturing mix, while delivering 40% of its revenues, the firm stated. Manufacturing of https://www.irohedp.com increased in the Q3 to 94,228 barrels/day, a 91% rise over the exact same duration a year earlier and Chesapeake realized $63.03/ barrel for that result, up 4% from the 2010 quarter.
Chesapeake's gas outcome of 2.76 Bcf/d was level compared to in 2014's quarter, yet the company recognized $4.82/ Mcf on that manufacturing, down 7%.
McClendon stated Friday that Chesapeake's development over the following five years will originate from oil and also fluids as it continues to hold gas result flat. By 2015, McClendon stated Chesapeake's oil and liquids production will greater than three-way to average 250,000 b/d in 2015.
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