Feb 22 Chesapeake Energy Corp, the
second-largest U.S. producer of natural gas, told investors on
Wednesday that drilling results in two basins where it has large
acreage positions have so far been disappointing.
Aubrey McClendon, Chesapeake's chief executive officer, told
investors on the quarterly earnings call that well results on
acreage in the Niobrara Shale in Wyoming and Colorado and in the
Bakken field in North Dakota have not met expectations.
"We're disappointed to date in what we've seen with the
Bakken," McClendon said. "I suspect the western part of our
acreage will probably work out fine."
Chesapeake, based in Oklahoma City, Oklahoma, did not pay
very much for its Bakken acreage, McClendon said.
Chesapeake has about 400,000 acres in the Bakken and more
than 600,000 acres in the Powder River and DJ Basins where the
Niobrara is situated.
On Tuesday after the close of regular trading, Chesapeake
reported fourth-quarter earnings that were in line with Wall
Shares of Chesapeake were down 2 percent at $24.14 on
Wednesday morning on the New York Stock Exchange.