Oklahoma City-based Chesapeake Energy Corp. expects to up the natural gas mix in its production portfolio to 85% in 2022 from 77%, executives said Wednesday in the first quarter earnings call.

Chesapeake eagle ford

The recently restructured company expects its gas production to hit 715-735 Bcf this year. Capital expenditures are set at $670-740 million, executives said.

At one time the largest natural gas producer and biggest leaseholder in the Lower 48, Chesapeake succumbed to bankruptcy last June. In February it completed a restructuring process, erasing an estimated $7.8 billion in debt.

The company is now looking for a new CEO to replace Doug Lawler. “We expect it to take several months and we’ve planned for several months,” interim CEO Michael Wichterich told investors. He told analysts...