14-Oct-09 7:00 AM  CST  

Chesapeake Energy raises production forecast 

HOUSTON, Oct 13 (Reuters) - Chesapeake Energy Corp (CHK.N) raised its natural gas production forecast for 2009 and 2010 on Tuesday and said it planned to spend more on drilling.

The company said it expected production to rise 5 percent to 6 percent in 2009, compared with its prior forecast for an increase of 4 percent to 5 percent.

For 2010, Chesapeake expects production to increase by 8 percent to 10 percent, compared with its August forecast of 7 percent to 8 percent, according to a filing with the U.S. Securities and Exchange Commission.

Chesapeake expects to spend $3.15 billion to $3.35 billion on drilling in 2009, up from its August forecast of $3 billion to $3.2 billion. For 2010, exploration spending is expected to increase to as much as $4.7 billion.

The outlook was provided ahead of the company's annual meeting with investors on Wednesday.

Shares of Chesapeake, which is based in Oklahoma City, Oklahoma, rose about 1 percent to $29.72 in after-hours trade.

(Reporting by Anna Driver in Houston; Editing by Ted Kerr)

 

For additional information on this Client News article, please contact:

Anna Driver

Source: Reuters
http://www.reuters.com

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