Profile: Chesapeake Energy Corp (CHK.N)

CHK.N on New York Stock Exchange

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Chesapeake Energy Corporation, incorporated on November 19, 1996, is a producer of natural gas, oil and natural gas liquids (NGL) in the United States. The Company operates in two segments: Exploration and Production, and Marketing, Gathering and Compression. The exploration and production segment is responsible for finding and producing oil, natural gas and NGL. The marketing, gathering and compression operating segment is responsible for marketing, gathering and compression of oil, natural gas and NGL. The Company owns interests in approximately 45,100 oil and natural gas wells that produced an average of approximately 729 thousand barrels of oil equivalent (mboe). It has positions resource plays of the Eagle Ford Shale in South Texas; the Utica Shale in Ohio and Pennsylvania; the Granite Wash, Cleveland, Tonkawa and Mississippian Lime plays in the Anadarko Basin in northwestern Oklahoma and the Texas Panhandle, and the Niobrara Shale and Upper Cretaceous sands in the Powder River Basin in Wyoming. Its natural gas resource plays are the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin in Pennsylvania, and the Barnett Shale in the Fort Worth Basin of north-central Texas. The Company also own oil and natural gas marketing and natural gas gathering and compression businesses.

The Company focuses its exploration, development, acquisition and production efforts in the two geographic operating divisions, southern division and northern division. Southern Division includes the Eagle Ford Shale in South Texas, the Granite Wash, Cleveland, Tonkawa and Mississippian Lime plays in the Anadarko Basin in northwestern Oklahoma and the Texas Panhandle, the Haynesville/Bossier Shales in northwestern Louisiana and East Texas and the Barnett Shale in the Fort Worth Basin in north-central Texas. Northern Division includes the Utica Shale in Ohio and Pennsylvania, the Marcellus Shale in the northern Appalachian Basin in Pennsylvania and the Niobrara Shale and Upper Cretaceous sands in the Powder River Basin in Wyoming.

As of December 31, 2014, the Company held an interest in approximately 45,100 gross productive wells, including 33,600 properties in which it held a working interest and 11,500 properties in which it held an overriding royalty interest. Of the wells in which the Company had a working interest, 28,000 gross were classified as natural gas productive wells and 5,600 gross were classified as oil productive wells. The Company operated approximately 21,000 of its 33,600 productive wells in which it had a working interest. As of 2014, it completed 1,048 gross wells. The Company has 61 billion cubic feet (bcf) of natural gas, 2 million barrels (mmbbl) of oil and 6 mmbbl of NGL reserves owned by the Chesapeake Granite Wash Trust, 30 bcf of natural gas, 1 mmbbl of oil and 3 mmbbl of NGL of which are attributable to the non-controlling interest holders. As of December 31, 2014, the Company's reserve included 605 million barrels of oil equivalent (mmboe) of reserves classified as proved undeveloped.

Chesapeake Energy Marketing, L.L.C., one of the Company's wholly owned subsidiaries, provides oil, natural gas and NGL marketing services, including commodity price structuring, securing and negotiating gathering, hauling, processing and transportation services, contract administration and nomination services for Chesapeake and other interest owners in Chesapeake-operated wells. The Company also performs marketing services for third-party producers in wells in which it does not have an interest. Oil production is generally sold under market-sensitive short-term or spot price contracts. Natural gas and NGL production is sold to purchasers under percentage-of-proceeds contracts, percentage-of-index contracts or spot price contracts. Sales to ExxonMobil Corporation and Plains Marketing, L.P. constituted approximately 12% of the total revenues (before the effects of hedging) for the years ended December 31, 2014 respectively. The Company operates its compression business through the wholly owned subsidiaries Compass Manufacturing, L.L.C. (Compass) and MidCon Compression, L.L.C. (MidCon). Compass designs, engineers, fabricates, installs and sells natural gas compression units, accessories and equipment used in the production, treatment and processing of oil and natural gas.

Company Address

Chesapeake Energy Corp

6100 N WESTERN AVE
OKLAHOMA CITY   OK   73118
P: +1405.8488000
F: +1405.8430573

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