Chesapeake Energy Updates Q3 Operational Results - Quick Facts

(RTTNews) - Chesapeake Energy Corp. (CHK) provided an update on its 2017 third quarter operational results and revisions to its 2017 full-year guidance. As a result of operational delays and curtailments due to disruptions caused by Hurricane Harvey, closed asset sales and capital allocation adjustments, the company expects third-quarter volumes to be approximately 542,000 boe per day, including approximately 86,000 barrels of oil per day.

Chesapeake Energy plans to place 120 to 130 new wells into production in the 2017 fourth quarter, primarily in the Eagle Ford and Powder River Basin. Accordingly, the company now projects that oil volumes will average approximately 100,000 barrels per day for the 2017 fourth quarter.

Doug Lawler, Chesapeake's CEO, said: "We expect these impacts to be limited to the third quarter, but are revising our guidance for the full year. Last week we averaged approximately 555,000 boe per day and 91,000 barrels of oil per day, and we anticipate our volumes will continue to grow substantially in the 2017 fourth quarter as our current production rate has recovered from the delays."