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Chesapeake to ramp up Turner drilling as it targets oil growth

Published 05/02/2018, 06:56 PM
© Reuters.  Chesapeake to ramp up Turner drilling as it targets oil growth
CHK
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  • Chesapeake Energy (NYSE:CHK) says it is adding a fourth drilling rig in Wyoming's Turner formation and may add a fifth later this year, as it seeks to increase oil as a portion of its total production.
  • The Turner formation in the Powder River Basin will play "a key role in our future oil production growth," CEO Doug Lawler said during today's earnings conference call.
  • CHK expects production will hit a low point for the year during Q2, due in part to the sale of some mid-continent properties, CFO Nick Dell'Osso said, adding that the company forecast a "modest decline in gas volumes replaced in total with oil volume growth."
  • CHK fell 1.7% in today's trade despite reporting better than expected Q1 earnings and increased total production.
  • Now read: Chesapeake Energy Corporation 2018 Q1 - Results - Earnings Call Slides


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