Chesapeake Energy Issues Preliminary Q4 Production Results - Quick Facts

(RTTNews) - Chesapeake Energy Corp. (CHK) said Wednesday that for the fourth quarter, its average estimated oil production on a preliminary basis was in a range of 125,000 to 126,000 barrels or bbls of oil per day, while average estimated fourth-quarter equivalent production was in a range of 476,000 to 478,000 barrels of oil equivalent or boe per day.

According to the company, it delivered expected 2019 production within its capital expenditure guidance.

The company said it eliminated about $900 million in debt, including retiring the Brazos Valley Longhorn, L.L.C. secured revolving credit facility and debt structure in December.

Chesapeake Energy said that in the Brazos Valley, it increased oil production by 6 percent year over year, growing average per well Eagle Ford peak oil rates by about 40 percent to approximately 900 bbls of oil per day.

The company also reduced 2019 average well costs per lateral foot by approximately 9 percent, recognizing about $54 million in drilling and completions savings year over year.