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Chesapeake Outlines 2020 Dev Plan; Rigs & Completions
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Chesapeake Energy Corp. reported financial and operational results for the 2019 full year and fourth quarter and released its annual guidance.
2020 PlansChesapeake is spending 35% less YOY in 2020. The plays seeing the biggest cuts are the Haynesville, Powder River Basin and MidContinent assets.
Well activity (TIL) and rig count is down 26% and 38% YOY, respectively.
The Eagle ford asset (both Legacy Property and what the company calls Brazos Valley - purchased from Wildhorse will see material reduction in completion activity.
Doug Lawler, Chesapeake's President and Chief Executive Officer, commented, "We are pleased to highlight our strong 2019 operational performance, delivering fourth quarter oil production of 126,000 barrels (bbls) of oil per day and increasing our oil mix…
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