Newspaper article THE JOURNAL RECORD

OKC-Based Chesapeake Energy CEO McClendon Touts Assets in Utica Shale

Newspaper article THE JOURNAL RECORD

OKC-Based Chesapeake Energy CEO McClendon Touts Assets in Utica Shale

Article excerpt

Chesapeake Energy Corp. CEO Aubrey McClendon touted the potential of the company's assets in eastern Ohio's Utica Shale during a quarterly earnings call with analysts on Friday.

McClendon said the company's stake in the liquids-rich Utica Shale could be worth as much as $20 billion to Chesapeake shareholders.

To put that number into perspective, Chesapeake as a whole has a market capitalization of about $22.6 billion.

"That's a big number to be shared, but we believe we understand the hydrocarbon potential under our acreage, and we also know a fair amount about how to create and extract value from a play such as this," McClendon said during the earnings call.

Shares in Chesapeake rose 2.75 percent on Friday on the buzz around the company's Utica announcement, as well as a robust quarterly earnings report released after the markets had closed on Thursday. The stock closed at $34.35, up 92 cents per share on the New York Stock Exchange on Friday.

Over the past year, the company has quietly been amassing a 1. …

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