Top Story | First Quarter (1Q) Update | Capital Markets | 2024-Capex-Wells-Fracs
Large E&P To Defer Completion Activity, Build DUCs
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Chesapeake Energy reported it first quarter results and it's as expected, similar to other gas players like Antero, CNX and Range all cited weak nat gas prices and its impact on the remaining 2024 development plans.
strong>Quick read.
Running 9 rigs, dropping to 8. Running 2 frac crews. Deffering completions / Building DUCs. FY-2024 : 95-115 wells drilled. FY-2024 : 30-40 wells online.The company running 9 rigs which it used to drill 28 wells in 1Q and two completion crews used to place 29 wells on production while building an inventory of 25 DUCs and 22 deffered TILs. The company plan to drop an additional marcellus rig around mid-year.
The company said "Given continued weak market dynamics, the company is executing its previously disclosed plan to defer completions and new well…
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