Source: Columbus Business First
Chesapeake Energy Corp. CEO Aubrey McClendon says the company is pleased with the natural gas potential from Utica shale, but says it’s unlikely to fuel an increase in the company’s oil production, the Akron Beacon Journal reports.
McClendon said Tuesday at an investor conference the shale play in eastern Ohio would be “one of our foundational plays for decades to come” for natural gas and natural gas liquids.
Last May, the company was confident in the likelihood of oil drilling success, the newspaper reports.
Chesapeake (NYSE:CHK) has the most wells drilled in Ohio with 134 and plans to drill up to 4,000 in the next 20 years.