Chesapeake Energy oil and gas exploration summary
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Report summary
Chesapeake is in the midst of a transformation in strategy, from a company focused on acquiring and holding land, to one intent on delivering value with every well. A petroleum systems-based approach to identifying new opportunities on its vast U.S. Lower 48 acreage is now in effect, led by using enormous amounts of in-house well and seismic data. Over the past decade, the company has accumulated large acreage positions, funded through joint ventures, asset sales, debt accumulation and alternative financing. Despite a heavy focus on farm-outs and divestments, Chesapeake retains a large inventory of proved reserves in some of the most prolific resource plays in North America. Full-cycle returns over the decade were 11%, somewhat dampened by Chesapeake's initial focus on gas plays. The switch to liquids-rich plays, the emphasis on unlocking opportunities on existing acreage and the use of new drilling and completion techniques, all point to a future with healthier value creation.
Table of contents
- Executive summary
-
Strategy
- Upstream strategy
- Evolution of exploration strategy
- Investment and costs
- Reserves and resources
- Production
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Valuation
- Casting a wide net to gain first mover advantage in shale gas
- Value negatively impacted by gas-weighted portfolio
- Well-timed partnerships and divestments add value
Tables and charts
This report includes 18 images and tables including:
- Organic unconventional discoveries 2007-2016
- Ten year performance summary
- Exploration & appraisal spend and reinvestment
- Exploration & appraisal spend by water depth
- Exploration & appraisal spend by basin maturity
- Discovery costs by water depth
- Key organic unconventional plays (2007 to 2016)
- Volumes discovered by year
- Volumes discovered by water depth
- Volumes discovered by country
- Volumes discovered by basin
- Production from new field discoveries and organic unconventionals, and as a proportion of all future production
- Full-cycle economics
- SWOT grid
- Full cycle value creation by year, including unconventionals
- Exploration returns by year, including unconventionals
- Costs and development value by reserve category
- Exploration returns by water depth
What's included
This report contains:
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