The Oklahoma-based oil and natural gas company, and the second-largest gas producer in the U.S., had net production reach an average of 164 million cubic feet of natural gas per day in the Utica play between July and September, Columbus Business First reported. That is a 91 percent increase from second quarter production numbers.
Also during the third quarter of 2013, Chesapeake Energy connected 63 wells to pipeline systems, more than the 42 wells it connected in the three-month period before, Business First reported. The energy company drilled 377 wells in the Utica shale, located in the northeastern U.S., during Q3. Nearly 170 of those wells are in production and 208 still need to be connected to a pipeline.
Chesapeake plans to continue exploring the Utica shale next year, but also expects to see production increases in other drilling areas.
"We expect to continue delivering organic production growth in 2014," said Chesapeake CEO Doug Lawler. "We anticipate our growth will be led by an increase in oil production from Eagle Ford shale (in Texas) and an increase in natural gas and natural gas liquids production from the Utica and Marcellus shales, which will benefit from new gas processing and pipeline takeaway capacity."
Overall Q3 earnings for Chesapeake Energy rose 64 percent year over year, beating estimates and reaching $4.78 billion, according to the company's latest report.