Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - CHESAPEAKE ENERGY CORP | chk01042010_8k.htm |
| EX-99.2 - UPDATED OUTLOOK FOR 2010 AND 2011 - CHESAPEAKE ENERGY CORP | chk01042010_992.htm |
| EX-99.1 - PRESS RELEASE - JANUARY 4, 2010 - CHESAPEAKE ENERGY CORP | chk01042010_991.htm |
Exhibit 99.3
 |
N
e w s R e l e a s e
Chesapeake
Energy Corporation
P.
O. Box 18496
Oklahoma
City, OK 73154
|
FOR
IMMEDIATE RELEASE
DECEMBER
28, 2009
|
INVESTOR CONTACT:
JEFFREY
L. MOBLEY, CFA
SENIOR
VICE PRESIDENT –
INVESTOR
RELATIONS AND RESEARCH
(405)
767-4763
jeff.mobley@chk.com
|
MEDIA CONTACT:
JIM
GIPSON
DIRECTOR
– MEDIA RELATIONS
(405)
935-1310
jim.gipson@chk.com
|
CHESAPEAKE
ENERGY CORPORATION SECURES NEW PIPELINE CAPACITY
TO
EXPAND NATURAL GAS MARKET IN NEW YORK CITY METRO AREA
Spectra
Energy Pipeline to Deliver Natural Gas from
Chesapeake’s
Marcellus Shale Production
OKLAHOMA
CITY, OKLAHOMA, DECEMBER 28, 2009 – Chesapeake Energy Marketing, Inc., a
subsidiary of Chesapeake Energy Corporation (NYSE:CHK), announced today that it
has entered into an agreement to be the largest of three anchor shippers on a
new Spectra Energy Corp (NYSE:SE) natural gas pipeline project to serve the
large and growing New York City metropolitan area natural gas
market. Spectra Energy will construct facilities on its Algonquin Gas
Transmission and Texas Eastern Transmission pipeline systems, including
approximately 16 miles of 30-inch pipeline from Staten Island to
Manhattan. Once completed, the pipeline will provide a new
interconnect with facilities of Consolidated Edison of New York (NYSE:ED), which
will deliver up to 800 million cubic feet per day (mmcf/d) of additional natural
gas to Con Edison’s service area. Chesapeake is the largest capacity
holder with a commitment of up to 425 mmcf/d. The expansion is
expected to be in service by year-end 2013.
Aubrey K.
McClendon, Chesapeake’s Chief Executive Officer, commented, “Chesapeake is
pleased to make the commitments necessary to transport our growing Marcellus
Shale production into the best natural gas market in the U.S. The
relative proximity of abundant Marcellus natural gas reserves to New York City
will provide the public, utilities and businesses with a clean-burning
alternative to existing dirtier fuel sources. Increased investment in
natural gas production and distribution will create tens of thousands of
well-paying American jobs in areas that have been suffering economically and
will reduce our dependence on expensive foreign oil and other carbon-heavy fuels
such as coal. Natural gas provides a cleaner alternative that will
reduce greenhouse emissions and improve air quality in the New York City
metropolitan area – a major goal of the city’s long-term clean-air
initiative.
“With the
newfound abundance of domestic natural gas unfolding in many parts of the
country through deep shale development, American energy consumers can now more
fully embrace the substantial economic and environmental benefits of natural
gas,” McClendon said.
This is
the first major pipeline expansion in the Northeast U.S. that is designed to
transport Chesapeake’s rapidly expanding Marcellus Shale natural gas production
and will likely be followed by other pipeline expansion projects from the
Marcellus to other high-value eastern U.S. markets. The New York City
metropolitan area is the logical first expanded distribution delivery point for
this production based on proximity to the Marcellus and the need for the New
York City area to reduce its greenhouse gas emissions and improve air quality by
burning less fuel oil in electricity-generating power plants and in building and
home furnaces.
Chesapeake
believes the Marcellus will become one of the two largest natural gas fields in
the U.S., along with the Haynesville Shale. Chesapeake is both the
largest leasehold owner and most active driller in both the Marcellus and the
Haynesville with more than 1.5 million and 0.5 million net acres owned,
respectively, and with 23 and 38 operated rigs currently drilling,
respectively.
To date,
Chesapeake has invested more than $1.0 billion in acquiring leasehold drilling
rights from landowners in New York and Pennsylvania and in 2009 created more
than 650 new jobs in Pennsylvania to explore for and develop Marcellus natural
gas. The company expects to continue hiring at least 1,000
Pennsylvanians directly and indirectly annually for years to
come. The company has no employee hiring plans in New York until the
current Marcellus drilling moratorium is lifted.
Although
New York Marcellus natural gas volumes will not be required to support the
pipeline expansion announced today, McClendon said, “We look forward to the day
when we can re-activate our Marcellus drilling program in the Southern Tier of
New York using our advanced drilling and completion technologies, which will
demonstrate our ability to safely and responsibly explore for and produce
natural gas in an environmentally sensitive way, just as we do every day in
Pennsylvania and in many other states across the country.”
Chesapeake
Energy Corporation is one of the leading producers of natural gas in the
U.S. Headquartered in Oklahoma City, the company's operations are
focused on the development of onshore unconventional and conventional natural
gas in the U.S. in the Barnett Shale, Haynesville Shale, Fayetteville Shale,
Marcellus Shale, Anadarko Basin, Arkoma Basin, Appalachian Basin, Permian Basin,
Delaware Basin, South Texas, Texas Gulf Coast and East Texas regions of the
United States. Further information is available at www.chk.com.