Chesapeake Energy Corporation engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids (NGL) from underground reservoirs in the United States. The company owns oil and natural gas marketing and natural gas gathering and compression businesses. The company's estimated proved reserves were 1.504 billion barrels of oil equivalent as of December 31, 2015. Divisions The company focuses its exploration, development, acquisition and production efforts in the two geographic operating divisions, such as Southern and Northern. Southern Division: Includes the Eagle Ford Shale in South Texas, 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 in the Powder River Basin in Wyoming. Well Data As of December 31, 2015, the company held an interest in approximately 43,700 gross (18,000 net) productive wells, including 32,200 properties in which it held a working interest and 11,500 properties in which it held an overriding or royalty interest. Of the wells in which the company had a working interest, 27,000 gross (15,600 net) were classified as natural gas productive wells and 5,200 gross (2,400 net) were classified as oil productive wells. Chesapeake operated approximately 20,800 of its 32,200 productive wells in which the company had a working interest. During 2015, the company drilled or participated in 611 gross (409 net) wells as operator and participated in another 203 gross (19 net) wells completed by other operators. Marketing, Gathering and Compression Marketing Chesapeake Energy Marketing, L.L.C., the company’s wholly owned subsidiary, 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 the company and other interest owners in company-operated wells. The company also performs marketing services for third-party producers in wells in which it does not have an interest. Midstream Gathering Operations The company owns various midstream assets, such as certain gathering pipelines primarily associated with vertical well production in the northeastern United States; and four natural gas processing facilities located in West Virginia. Compression Operations The company operates its compression business through its wholly owned subsidiaries, such as 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. A majority of the completed compressors are sold to MidCon. MidCon operates wellhead and system compressors, with approximately 450,000 horsepower of compression, to facilitate the transportation of natural gas primarily produced from Chesapeake-operated wells. Regulation A small amount of the company’s midstream facilities is subject to federal regulation by the Pipeline and Hazardous Materials Safety Administration of the Department of Transportation pursuant to the Natural Gas Pipeline Safety Act of 1968 and the Pipeline Safety Improvement Act of 2002, which was reauthorized and amended by the Pipeline Inspection, Protection, Enforcement and Safety Act of 2006. The classification and regulation of the company’s gathering and intrastate transportation facilities are subject to change based on future determinations by the Federal Energy Regulatory Commission, the courts and Congress. The company’s operations are subject to the federal Clean Air Act and comparable state laws and regulations. The Occupational Safety and Health Act and comparable state laws regulate the protection of the health and safety of the company’s employees. History Chesapeake Energy Corporation was founded in 1989.
chesapeake energy corp
(CHK*:Mexico Stock Exchange)
6100 North Western Avenue
Oklahoma City, OK 73118
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