Chesapeake Energy hits production record

Chesapeake Energy Corp. hits production record while opening new Utica wells

NEW YORK (AP) -- Chesapeake Energy Corp. on Wednesday it has set a company production record as it opens new wells in the Utica Shale region of eastern Ohio and western Pennsylvania.

The Oklahoma City company is producing at about 3.45 billion cubic feet of natural gas equivalent per day. Chesapeake also said that it expects to increase production of petroleum liquids to more than 150,000 barrels per day by the end of 2012, and more than 250,000 barrels per day by the end of 2015. That's up from an average of 32,000 barrels per day in 2009.

Chesapeake said it has achieved "strong initial production" from its new Utica shale wells. At peak times:

--The Buell 10-11-5 8H in Harrison County, Ohio, produced at a rate of 3,010 barrels of oil equivalent per day;

--The Mangun 22-15-5 8H in Carroll County, Ohio, produced at 1,530 barrels per day;

--The Neider 10-14-5 3H in Carroll County, Ohio, produced at 1,615 barrels per day;

--The Thompson 3H in Beaver County, Pa., produced at 6.4 million cubic feet per day.

Chesapeake Energy shares rose $1.02, or 3.7 percent, to $28.70 in morning trading.