Driller posts $268 million profit in first quarter.
Higher oil prices and stronger oil production boosted Chesapeake Energy’s earnings during the first quarter
The Oklahoma City-based driller made a profit of $268 million or 29 cents per diluted share, up from $75 million in the same quarter a year ago, according to a press release.
The company also reduced its debt by $581 million during the quarter to about $9.4 billion.
Chesapeake’s production averaged 554,000 barrels of oil equivalent per day. Utica Shale wells accounted for almost fifth of total production.
Chesapeake has drilled 755 Utica wells in Ohio, the most of any company, according to the state Department of Natural Resources.
The company has two rigs in the Utica and began production from 10 wells during the quarter. Chesapeake plans to begin production from seven wells this quarter, and to add 35 new wells during the year.
The company said Utica wells completed using a new technique yielded 65 percent higher 30-day production rates.