Chesapeake Energy 2000 Annual Report Download - page 15
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Please find page 15 of the 2000 Chesapeake Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.2001 Outlook
At the present time, we believe the outlook for Chesapeake is favorable because of our large base of high
quality natural gas properties, our geological and operational expertise and very strong natural gas and oil
prices. Our goals and the strategy to obtain those goals remain unchanged for 2001:
replace production by more than 200% at a low reserve replacement cost,
execute a capital expenditure plan balanced between drilling and acquisitions, funded with
operating cash flow,
maintain a superior operating cost structure,
utilize excess cash flow above budgeted expenditures to reduce debt both relatively and absolutely,
and
deliver attractive financial returns from our assets in all phases of our energy cycle.
Drilling Activity
The following table sets forth the wells we drilled during the periods indicated. In the table, "gross" refers
to the total wells in which we had a working interest and "net" refers to gross wells multiplied by our working
interest.
At December 31, 2000, we had 46 (22.2 net) wells in process.
Well Data
At December 31, 2000, we had interests in approximately 6,000 (2,675 net) producing wells, of which
270 (125 net) were classified as primarily oil producing wells and 5,730 (2,550 net) were classified as
primarily gas producing wells. Chesapeake operates approximately 4,000 of the total 6,000 producing wells.
Including Gothic's wells as of December 31, 2000, our producing well count increases to approximately
6,700 (3,200 net) wells, of which Chesapeake operates 4,300.
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Years Ended December 31,
1998 1999 2000
Gross Net Gross Net Gross Net
United States
Development:
Productive 158 93.9 167 93.3 291 142.7
Non-productive 94.7 17 10.6 12 5.3
Total 167 98.6 184 103.9 303 148.0
Exploratory:
Productive 46 23.4 93.7 32 17.0
Non-productive 96.8 64.6 11 5.4
Total 55 3L2 15 8.3 43 22.4
Canada
Development:
Productive 11 3.6 11 7.3 12 6.1
Non-productive i0.4 10.2 2.8
Total 12 &0 12 7 14 6.9
Exploratory:
Productive 10.3
Non-productive _j
Total 82.4