Chesapeake Energy Corporation Provides Preliminary 2019 Fourth Quarter Results And Operational Update

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[{"type":"text","content":"OKLAHOMA CITY, Jan. 29, 2020 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE:CHK) today released preliminary 2019 fourth quarter production results and operational achievements. Highlights include:\n\n \n \n\n \nDelivered Expected 2019 Production within Capital Expenditure Guidance: \nAverage estimated 2019 fourth quarter oil production range of 125,000 to 126,000 barrels (bbls) of oil per day Average estimated 2019 fourth quarter equivalent production range of 476,000 to 478,000 barrels of oil equivalent (boe) per day Estimated 2019 fourth quarter capital expenditures of approximately $480 to $490 million Continued Progress Restoring Balance Sheet, Improving Cash Costs and Maintaining Liquidity: \nEliminated approximately $900 million in debt, including retiring the Brazos Valley Longhorn, L.L.C. (\"Brazos Valley\") secured revolving credit facility and debt structure in December Reduced gathering, processing and transportation and general and administrative expenses by approximately $1.20 per boe, or over $335 million, in 2019 compared to 2018 As of December 31, 2019, the company had borrowed $1.590 billion under its revolving credit facility, compared to $1.504 billion drawn at September 30, 2019, resulting in approximately $1.4 billion of liquidity available as of December 31, 2019; approximately $300 million of debt matures in 2020Reduced Costs and Grew Production in the Brazos Valley:\nIncreased oil production by 6% year over year, growing average per well Eagle Ford peak oil rates by approximately 40% to approximately 900 bbls of oil per day Reduced 2019 average well costs per lateral foot by approximately 9%, recognizing approximately $54 million in drilling and completions savings year over year Doug Lawler, Chesapeake's President and Chief Executive Officer, commented, \"We delivered strong cash flow during the quarter on lower costs and higher oil volumes. Natural gas and natural gas liquids volumes were sequentially lower due to our decisions to direct capital to the highest-margin opportunities in our portfolio, enhancing our profitability. Our strong results in the fourth quarter have continued into early 2020 and are setting the foundation for the company to reach free cash flow this year. We remain committed to achieving further meaningful debt reduction through asset sales, capital markets transactions and c...

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