[OKC] Chesapeake's comments on the NY Times article

[Shauna Struby]

>From Chesapeake's website, a statement about the NY Times article from
Aubrey McClendon, Chesapeake's CEO. A few highlights:

 

*        Aubrey K. McClendon, Chesapeake's Chief Executive Officer,
commented, "Chesapeake stands behind all of its statements to shareholders,
partners and the public regarding our natural gas discoveries and
production. Our industry's operations and investment decisions are informed
and guided by the best geoscientific, petrophysical and 3-D seismic data
available and analyzed by some of the best drilling, completion, production
and reservoir engineers in the business. The results of the industry's
efforts to revolutionize natural gas development and production have been
extraordinary and continue to improve.

*        By analyzing our own and industry peer well performance, we know
that the initial productivity of a majority of the industry's shale gas
wells have been steadily improving, both in initial production rates and the
expected ultimate recoveries of natural gas. We fully expect that the
majority of these wells will be productive for 30-50 years, or even longer.

*        It is also absurd to conclude that shale gas wells are
underperforming while America is awash in natural gas and benefiting from
natural gas prices less than half of what they averaged in 2008. I also note
that Chesapeake and other shale gas producers are routinely beating natural
gas production forecasts. In fact, in 2009, thanks to shale gas, the U.S.
passed Russia as the largest natural gas producer in the world. Today shale
gas production represents approximately 25% of total U.S. natural gas
production. How can shale gas wells be underperforming if shale gas
companies are beating their production forecasts, natural gas prices remain
low and U.S. natural gas demand is at a record high?

*        Natural gas is the only available, scalable and affordable fuel
that can reduce oil imports, reduce air pollution, create jobs, enhance
national security and save Americans money on energy costs. Chesapeake will
continue to deliver natural gas in increasing quantities in the years ahead
to meet the increasing market demand from consumers for this American
treasure.

 

Full statement here ::: http://www.chk.com/News/Articles/Pages/1579995.aspx 

 

Shauna Lawyer Struby

writing . editing . project management

p.o. box 54665

okc . ok 73154

o 405 525 3464

c 405 210 6027

 <http://oklahomadispatch.blogspot.com/> oklahoma dispatch

 <http://www.travelok.com/experts/only_in_oklahoma> only in oklahoma

www.shaunastruby.com

 

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