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Chesapeake Q1: TIL Activity Flat YOY with 12 Rigs Active; Focuses on Upping Oil Output

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   |    Wednesday,May 08,2019

Chesapeake Energy Corp. reported its Q1 2019 results. Here are the highlights.

Q1 2019 Spending Only UP +3% Despite WildHorse Acquisition

Chesapeake's spending in Q1 was approximately $559 million, including capitalized interest of $6 million.

Q1 Drilling Activity Up Noticeably YOY - Comparable to 2018 Totals

As you can see from the chart below, the number of wells turned in line in by Chesapeake post-acquisition in Q1 2019 is comparable to the combined number of wells from both Chesapeake and WildHorse in Q1 and Q2 2018.

Rig count declined (on a combined basis) YOY, which is to be expected (see chart below). Chesapeake is currently running 12 rigs - down 33% from the combined rig count in Q1 2018.

Activity by Play - Q1 2019

Brazos Valley Asset

South TX

Powder River Basin

MidContinent

Marcellus

Haynesville

Latest in Drilling Efficiencies

Production - Focused on Getting Oilier; 32% Growth by Year-End

Q1 Total Production: 484 MBOEPD

  • Avg. Oil Production of 109,000 BOPD - YOY absolute growth of 18%, or 13% adjusted for asset purchases and sales

The company remains on track to deliver oil growth of approximately 32% with a year-end oil mix of approximately 26%.

 


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Total Capital Expenditure($mm)

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