Chesapeake sees 15 percent drop in third-quarter output as Harvey hurts

27 Sep 2017   Shale Oil

Chesapeake Energy Corp said on Tuesday it expects a 15 percent drop in third-quarter production, partly blaming Hurricane Harvey, which forced the company to stop work in the Eagle Ford shale region of Texas. Hurricane Harvey tore through Corpus Christi in southern Texas late in August, disrupting operations of energy companies in the region as it drenched the area with historic rains that killed more than 60 and displaced about 1 million people. Chesapeake had warned that Harvey would impact its business and said on Tuesday it expects current-quarter production to be about 542,000 barrels of oil equivalent per day (boepd), lower than the 638,100 boepd it reported a year earlier. The company’s forecast was below Wall Street’s estimate of about 550,000 boepd, according to investment bank […]

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