Chesapeake Energy Corp. showed production gains for the eighth consecutive quarter, boosting its oil and gas 55% year-over-year and 19% more than the first quarter. In the last eight quarters, the Oklahoma City-based independent has seen its production grow 72%, averaging a sequential quarterly growth rate of 7%.

Chesapeake said it produced 67.3 Bcfe in the second quarter, improving on an earlier forecast of 64-65 Bcfe. The quarterly production included 60.0 Bcf (89% on an Mcf equivalent basis) and 1.2 million bbl (11% on an Mcf equivalent basis). Of the 10.5 Bcfe in sequential production growth during the quarter, only 9.5% came from acquisitions closed during the period.

Reserves also grew in the quarter, as production of 67 Bcfe was replaced by 201 Bcfe of new proved reserves (a 300% reserve replacement rate). Chesapeake said the growth included 112 Bcfe from drilling and revisions and 96 Bcfe from acquisitions, partially offset by 7 Bcfe of divestitures that were sold for proceeds of $19 million.

Internal estimated proved reserves now total approximately 2.95 Tcfe, Chesapeake said, of which 90% are natural gas and 74% are proved developed. The second quarter also was Chesapeake’s seventh consecutive quarter to grow its proved reserves.

Chesapeake’s average prices for the quarter (including hedging) were $26.24/bbl and $4.73/Mcf, for a realized gas equivalent price of $4.70/Mcfe.

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