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The Play - Fall 2010

Executive profile:

Steve Miller

Steve Miller, Senior Vice President – Drilling, has the E&P gene as part of his DNA. He is one of three brothers who took after their father to become petroleum engineers.

“We all followed in Dad’s footsteps,” Miller said. “He was a good role model.”

 
Steve Miller, Senior Vice President – Drilling

After graduating from Texas A&M University, Miller spent years in the oil field, working his way up at a variety of jobs that began with an offshore rotation. Until joining Chesapeake, he never lived in one location more than two years. “I went where the paycheck was,” he explained. “That was the way it was in the oil field. Those were days of tremendous ups and downs in this industry.” Even today, Miller sums up his background with, “I came from the rigs.”

He began his Chesapeake career in January 1994 as a contract employee. “I was a drilling engineer, drilling superintendent and drilling manager all rolled into one,” Miller recalled. “Chesapeake had just gotten started in the Austin Chalk. I thought it was an up-and-coming independent with a lot of opportunity. I never thought about how big it would become – just that it would do well. For us to grow into the number one driller in America is extraordinary. It is the result of a lot of hard work and dedication by all involved.”

During the past decades, Miller has seen great changes in the E&P industry. The greatest of those is horizontal drilling. “When I started my career, the industry was drilling vertical and directional. Horizontal wasn’t there yet. Now, much of the industry and 95% of Chesapeake’s drilling activity is horizontal.”

Another significant change is the development of shale resources. “Shales were a nuisance when I started my career – now they’re where it’s at. It’s a tremendous boon, not only for Chesapeake and not just for the industry – but for the U.S. And we are not only producing natural gas from shales, but oil as well. What we are doing today is making our country more energy independent.”

Other sweeping industry changes Miller noted include top drive rig technology and improvements in bits, motors and downhole equipment as well as walking/skidding rigs and multiwell pad drilling. Safety technology has also made dramatic strides. “Safety is a huge piece of what we do,” Miller said. “Today, injuries are a rarity in the field. And with our growth we are making that commitment more formal with behavior-based safety initiatives.”

 
At home in a hard hat, Miller talks with
Jerry Townley, Nomac Drilling Vice
President – Construction, Engineering
and Maintenance, El Reno District.

The environmental aspect is an increasingly key priority in today’s E&P industry. “We’ve always worked hard to be above reproach environmentally, and we have to make the public understand that we are good stewards of the environment,” Miller said.

Does he still enjoy the E&P industry, with its sweeping technological advancements and ever-growing challenges?

“This is a great industry with good, satisfying work,” he said with a smile. “I look forward to the challenges of making it better yet. We have a great drilling team in this company, throughout our technical, operational and engineering staff. To be a contributing member of that team requires good communication skills, teamwork and a good solid work ethic. I am here to guide and direct and assist as best I can, but it’s the team that makes us good.”

“For us to grow into the number one driller in America is extraordinary.”

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The Play: Eagle Ford Shale

Texas to a T
By Cheryl Hudak

Chesapeake’s new venture in south central Texas is much like a homecoming, bringing the company back to the region where it experienced its first success almost 20 years ago.

This time, however, Chesapeake’s target is not the Austin Chalk play, but oil and wet gas in the Eagle Ford Shale. The vast Eagle Ford play of South Texas contains a resource base believed by the industry to be second only to the Bakken in recoverable liquid reserves. Those resources take several forms, ranging from dry gas in its southern tier, to wet gas in the middle counties, and oil in its northern reaches. The ability to produce diverse resources from these various “windows” defines the Eagle Ford as a hybrid play.

Hours after spudding the
first Nomac-drilled well in
the Eagle Ford Shale, the
crew keeps things turning
to the right on the JBGS
Unit 1-H well in Dimmit
County, Texas.

“The Eagle Ford was identified as a source rock long ago,” said Skye Callantine, Geoscience Manager – South Texas. “Today’s technology now allows us to develop it economically. Over the past 30 years, we have only been able to produce oil from the higher permeability rock surrounding it.”

Callantine pointed out that the formation is Chesapeake’s youngest significant shale play, at about 90 million years. In contrast, the Barnett Shale may be 300 million years old. The Eagle Ford is part of the Cretaceous Trend, which crosses an enormous area of west central North America, where eons ago there existed a huge interior seaway dividing the continent into western and eastern land masses.

“The Eagle Ford is at its thickest in northeastern Texas,” said Callantine, “but there it is diluted by other elements adversely affecting reservoir quality. So it is economic for development at this time only in South Texas where it was deposited in a restricted basin, with no additional materials to dilute the shale. In South Texas it also has the optimal maturity – it has been subjected to the right temperature and pressure to generate hydrocarbons. If it were deeper it would have resulted in gas instead of oil, and if it were shallower, it would have no recoverable hydrocarbons at all. The oil window starts at less than 5,000 feet total vertical depth (TVD), which is quite shallow for mature source rocks, allowing for reduced drilling time, risk and cost.”

On the job, Field Engineer Kristin Wallace
and Mark Johnson, Johnson Petroleum
Consulting’s on-site supervisor for Nabors
Rig #30, talk about progress on the nearby
JBGS 1-H.

Although the Eagle Ford trend spans Texas like a 330-mile ribbon, Chesapeake is focusing its operations in an area currently bounded by Webb County in the southwest to Gonzalez County in the northeast. Since 2009 the company has captured the #1 position in that area with 625,000 net acres of leasehold, focused in the oil and wet gas windows.

Chesapeake’s average Eagle Ford Shale lease is 350 acres in a rugged, sunbaked landscape of mesquite and cactus dominated by massive ranches, some covering tens of thousands of acres. Such huge leases compare to an average lease size of 1.3 acres in the Barnett Shale and 14 acres in the Haynesville.

“We are very excited about the Eagle Ford,” said Tim Newville, District Manager – South Texas. “It is a great opportunity because we want to move into more oil-rich environments. We’ve done very well so far. Our first true oil window well, the Traylor North 1-H, had initial production of more than 900 barrels per day. Our first wet gas well, the PGE Browne 1-H was also very successful, coming in at 4,850 thousand cubic feet (mcf) and 460 barrels of condensate per day. Moreover, in this very rich wet gas area on the Petty Ranch – a 24,000-acre lease – wells yield an additional 150 barrels of natural gas liquids per million cubic feet (mmcf).”

Currently, the company has 10 gross wells drilled and completed in the region and has eight rigs drilling in a rapidly accelerating program that will be adding a rig per month through at least 2011. Oil window wells generally reach a TVD of 5,000 feet, and wet gas wells around 8,000 feet TVD, which means relatively low drilling and completion costs will provide an attractive rate of return.

Blue skies and fluffy white clouds behind Unit
Drilling Rig #101, on the Pena Creek 1 6-H,
belie the sweltering summer heat of South Texas.

In this, as in most unconventional plays, horizontal drilling and advanced hydraulic fracture completions are critical for development. Chesapeake’s experience and knowledge gained from other unconventional plays has been integrated into its Eagle Ford development, greatly accelerating the company’s learning curve.

“We believe our approach to completions has ensured our success early on,” said Newville, “through a team effort with our operating personnel and Engineering Technology Group to drive upfront optimum completion approaches. We also spent a significant amount of time gathering as much data and information from other operators as possible. Our teamwork and information gathering are largely responsible for Chesapeake getting significantly better results than our peers – from the first well forward. And we plan to improve every step of the way in all aspects of development: drilling, completion and cost control.”

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The Technology: Modern Alchemists

The Science of Success
By Cheryl Hudak

In ancient times, alchemists labored to turn metal into gold. Today, a group of modern day alchemists is using new-millennium technology to transform Chesapeake’s resource base from one almost totally dominated by natural gas into a liquids-rich asset mix that will significantly enhance the company’s already strong profitability and increase its returns on invested capital.

Lab Technician II Greg Ledbetter with a flat of shale
samples.

This effort is uniting the talents of Chesapeake’s petrophysical team with those of researchers in the company’s proprietary core analysis laboratory. The collaboration extends far beyond the lab however, to include Chesapeake’s geoscience and engineering technology groups as well as land, drilling and production teams.

The liquids-rich targets being sought by Chesapeake range from natural gas that contains heavier hydrocarbons such as ethane, propane and butane (which condense out of the gas at the surface to form condensate), to liquid gases such as pentane, and on up the hydrocarbon scale to petroleum, commonly known as crude oil.

While the company’s move to refocus much of its drilling activity from natural gas to liquids-rich resources may have taken some observers by surprise, it has been under consideration for years, according to Steve Dixon, Executive Vice President – Operations & Geosciences & COO.

Photo reveals shale in a new light:
layers of bentonite ore inside a
Niobrara formation core sample
fluoresce under black lights.

“We’ve been working on oil shale cores for a long time,” said Jeff Miller, Vice President – Geoscience Technology. “We started developing our acreage positions and procedures for developing liquids-rich plays for four years before we talked about it. That’s because it is a challenging enterprise.”

In the past half decade, while Chesapeake was successfully establishing itself as the standard setter in finding, developing, monetizing and producing unconventional gas plays, the groundwork was quietly being laid for achieving the same leadership in unconventional liquids-rich plays.

Much of that groundwork has taken place in the Reservoir Technology Center (RTC), a state-of-the-art research facility that has analyzed more than 28,000 feet of rotary core samples since it opened in April 2007. In three years the RTC has grown to include a second laboratory and two warehouses that preserve the thousands of feet of core samples, organized into a searchable database for easy access when they are needed.

A close-up of the brilliantly colored
bentonite.

“We now build our own equipment and software,” said Don Harville, Manager – Reservoir Technology Center. “And we are analyzing data in a way that no one else we know can do. We are taking things to a new level.”

The group collects data by analyzing core samples, rock displaced by the drilling process when a rotary drill grinds its way into the earth. State-of-the-art tools enable them to learn critical details of what to expect from a well; they use thermogravimetric analysis (TGA) to measure minute weight loss amounts when a substance is heated, which allows them to evaluate petroleum source rocks. Another tool measures rock permeability by analyzing pressure decay.

“There are a lot of challenges,” Harville said. “Gas permeability is easy to measure. Oil, on the other hand, is more challenging. It is a totally different creature down below than it is at the surface atmosphere.”

Oil samples from the Woodford,
Eagle Ford and Bone Spring
plays also fluoresce yellow under
black lights. The lighter the
yellow fluorescence, the lighter
the oil and the more mature the
sample. Condensate (wet gas)
does not fluoresce.

Unconventional oil is the same substance as the oil produced by conventional vertical drilling; the difference is that it is found in shale or very tight rock environments instead of the much more porous, permeable sandstone-type reservoirs which can be produced by conventional methods. Until the advent of horizontal drilling and multistage fracture completion techniques, unconventional oil recovery and production was not economically attractive. It is still not a simple process.

“It is hard enough to get gas through such a very small pore system,” said Miller. “But the margin for error is even less for oil. It is a real challenge.”

Fortunately, this team thrives on challenge – and on the collaboration required to meet the challenge.

“The RTC would be just another lab without the expertise of Alan Byrnes, Chief Petrophysicist, and Lesley Evans, Manager –Petrophysics, and their team,” said Harville. “Our scientists in the RTC know the importance of the data. But it’s our petroscientists who take that data and make it sing.”

Senior Geologist Steve
Chipera in Chesapeake’s
unique Reservoir
Technology Center.

Byrnes has been studying the nature of rocks and reservoirs for decades. The company’s core petrophysicists study the core sample measurements obtained by scientists in the RTC, while log petrophysicists interpret wire line log measurements taken by tools inserted in a drilling borehole. Integrating all that data reveals meaningful information that helps predict total reservoir performance, and maps the nature and distribution of each reservoir’s properties.

“Combining all these measurements with geology, geophysics and engineering gives us valuable clues about where and how to drill,” said Byrnes. “We put all the parameters into a large-scale model that allows us to predict reservoir production and ultimate recovery – and the best completion techniques to maximize recovery and production on each well.”

The payoff for all this study and effort is the higher market value of liquids-rich resources compared to the price of natural gas. The heavier the hydrocarbon level of the asset, the higher price it commands. Another big plus is, to get through those very tight rocks, unconventional oil is usually very light and sweet – from 30 to 60 API gravity (an industry measure of density). That is highly desirable, as well as profitable – because light oil produces a higher yield of gasoline, and sweet oil is more environmentally friendly, requiring less refining to meet sulfur standards.

Blurred by the strong winds of the northern Great
Plains, a flag marks the future site of the
Wagonhound 14 1-H well in Converse County,
Wyoming, just over a ridge from the drillsite of the
Wagonhound 13 1-H. In the background lie the
Laramie Mountains, marking the eastern edge of
the Rockies.

That’s the big difference between the ancient and modern alchemists – the alchemists of old never found the secret of turning metal into gold. Chesapeake’s modern alchemists are helping the nation’s most successful natural gas driller transform its asset base into gold for investors while providing a domestic fuel source for an energy-hungry America.

“Combining all these measurements with geology, geophysics and engineering gives us valuable clues about where and how to drill.”

Glossary

Geologist – a scientist who gathers and interprets data pertaining to the rocks of the earth’s crust and the processes that created them

Petrophysicist – a scientist who studies the nature of rocks, their physical and chemical properties, primarily with the use of well logs and cores

Liquids-rich resource – natural gas that contains a higher concentration of hydrocarbons than dry natural gas (methane). Along with dry gas, natural gas liquids (NGL) and condensate are produced. NGL include propane, butane, pentane, hexane and heptane. Because they have higher hydrocarbons, they have higher energy levels, so they command higher prices in the market than dry natural gas. These higher prices add significant value to a well, a play and a company.

Well logs – detailed records of the geologic formations penetrated by a borehole, often gained by lowering instruments into the hole during the drilling process

Core sample – a cylindrical section

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The Play: Haynesville Shale

Big Play Equals Big Economic Impact
By Laura Bauer

Ongoing natural gas operations will continue to fuel the economy, providing funding for schools, roads and other community projects that will be enjoyed for many generations.

As the country continues to recover from a national recession and the gulf oil spill that has left many coastal parishes in Louisiana struggling economically, one might think all of the Gulf Coast states are struggling. However, in northwestern Louisiana, several parishes are experiencing an economic boom like never before due to the significant impact of the natural gas industry.

A recently released economic study by Loren C. Scott & Associates, Inc. reported the direct and indirect impact of seven energy companies operating in the Haynesville Shale in 2009. Led by Chesapeake, these seven companies represent approximately 70% of the wells drilled in the region.

Casting a rosy glow, 35-foot steel rose lampposts
line the bank of the Red River in downtown
Shreveport. Northwestern Louisiana’s economy
is in full bloom thanks to the significant impact of
the natural gas industry.

According to Dr. Scott , the direct economic impact from Haynesville activities is staggering, and in just one year the seven companies pumped $7 billion into the state’s economy through expenditures such as lease and royalty payments, wages and salaries, direct drilling costs, administrative
expenses and taxes.

The report states that in 2009 the extraction activity of these companies generated approximately $11 billion in new business sales within the state of Louisiana. The largest impact among new business sales was in the mining sector (which includes natural gas exploration and production) with about $5 billion in new sales. Construction firms also saw an increase with more than $1 billion in new sales and the manufacturing sector grew by about $1 billion.

New business sales and leases related to natural gas activities also made a dramatic impact on many families in Louisiana, contributing almost $6 billion in household earnings last year. Of that, more than $1 billion was paid directly in lease and royalty payments by the seven energy companies.

Uncle Sam got his share, too. The report’s conservative estimate is that collectively, state and local tax revenues increased by at least $900 million in 2009. More specifically, in DeSoto Parish, sales tax collections were up 82%, and in Red River Parish sales tax collections were up by a staggering 205%.

“The economic impact of Chesapeake’s operations in Louisiana is substantial. Those tax payments helped our state and municipalities fund a multitude of projects, providing a strong asset base for Haynesville communities to thrive,” said Kevin McCotter, the company’s Senior Director – Corporate Development and Government Affairs, who is based in the company’s Shreveport regional headquarters.

In addition to the direct economic impacts, the new income injected into the state and household earnings created a significant ripple effect in local economies. According to the report, the indirect impact of the Haynesville Shale in 2009 totaled approximately $4 billion, with the primary impact in the sectors of construction, which saw an increase of $400 million; manufacturing with an increase of $300 million; and management companies with an increase of almost $300 million.

The words “we are hiring” are like gold to many Americans struggling to land a job. According to the report, there are approximately 4,300 employees and contract workers being paid by the seven energy companies working in the Haynesville Shale and several tens of thousands more being employed indirectly.

“Natural gas development means more jobs, and Chesapeake is proud to contribute to Louisiana’s economy while also producing a carbon-light fuel that is cleaner for our air and enhances our nation’s energy security,” explained McCotter.

The impact of the natural gas industry in the state will continue to be pivotal in the development and future of Louisiana as operations remain steady. Ongoing natural gas operations will continue to fuel the economy, providing funding for schools, roads and other community projects that will be enjoyed for many generations.

“Natural gas development means more jobs, and Chesapeake is proud to contribute to Louisiana’s economy.”

CHK Operations Update

Chesapeake’s activity in the Haynesville continues to thrive. As the most active driller in the Haynesville, the company has had as many as 38 rigs drilling at one time, and currently has 35. After just three years, Chesapeake operates 275 drilled and completed wells producing 1.1 billion cubic feet of natural gas per day. The company currently has 630 employees in Louisiana.

“Operations are very steady in the Haynesville,” explained Chuck Duginski, District Manager - Haynesville District, Southern Division. “We now have the backbone in place, and we are fleshing out the development of this prolific field.”

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The Environment: Morris Creek Watershed

Clean & Clear: Turning the tide in West Virginia
By Brandi Wessel

The environmental aftermath resulting from a long history of coal mining in southern West Virginia has had devastating Effects on the state’s natural beauty and its residents for more than a century. This reality was evident in the Morris Creek area before recovery efforts began.

Acid mine drainage had left the tributary to the upper Kanawha River completely void of aquatic life for 30 years, and a number of areas along the creek were so polluted that the once crystal clear water appeared as yellow ooze or heavy white foam.

Acid drainage from more than a century of coal
mining almost completely destroyed this
tributary.

“Contaminated drainage from the creek had been negatively affecting the health and well-being of local residents for a number of years,” said Mike King, Morris Creek Watershed Association (MCWA) Supervisor. “In addition, the leftover land scars and unnecessary eyesores were devaluing our local property. A little less than 10 years ago, a number of local residents banded together to change all that.”

The grassroots band of citizens founded the Morris Creek Watershed Association in March 2002. Since that time, the nonprofit organization has worked to improve the safety of the Morris Creek Watershed, restore its natural beauty and provide recreational opportunities for West Virginians to enjoy.

Jennifer Garlesky, a Chesapeake-
sponsored Vista Volunteer, takes daily
samples to monitor the creek’s water
quality.

Securing $1.6 million in federal and state funding was a step in the right direction – the money was used to install four passive treatment systems to improve the stream’s quality. These natural filtering systems utilize organic materials such as limestone rock, compost and a series of wetland
assists to return the pH levels to normal. They also include planting vegetation along the waterway that actually works to consume metals and other common contaminates present as a result of drainage from mining activities.

“Getting a natural filtration system in place was key,” said King. “But the real difference has come from all of the programs and educational initiatives that we’ve developed by working with the U.S. Environmental Protection Agency, West Virginia Division of Natural Resources, Stanford University, AmeriCorps Vista, Chesapeake Energy and many more.”

Natural filtering systems have returned
Morris Creek to a clean and clear
waterway.

MCWA, which has taken responsibility for restoring and maintaining approximately 5,000 acres, depends completely on volunteer efforts to keep things flowing smoothly.

Chesapeake’s funding has allowed MCWA to maintain an ongoing partnership with AmeriCorps which supplies a full-time Vista volunteer. Vista volunteers commit to serve full time for a year at a nonprofit organization or government agency where they work to improve local communities and the lives of residents.

Recent Chesapeake-sponsored Vista volunteer Jennifer Garlesky, a West Virginia University graduate, worked every day taking water samples from the creek for testing and monitoring. In addition, she helped conduct training sessions, organized annual area cleanups and assisted with plans for a permanent learning center facility.

“It was so great working here,” said Garlesky. “I feel like I was able to make a real difference. Not just restoring the creek and its aquatic life, but watching the surrounding area flourish while helping instill a sense of environmental awareness and pride for the local residents.”

The surrounding woods are indeed flourishing as the water quality in the creek has improved. And thanks to the volunteers’ full-time presence, the association is able to work on a variety of conservation projects, such as a study of bird nesting habits with the University of West Virginia and Marshall University, as well as an ongoing five-year study of the habits of black bears through a partnership with the West Virginia Department of Environmental Protection.

“Without the Vista volunteers, we wouldn’t be able to achieve our goals or come as far as we have so fast,” said King. “Plus, it’s great training for them. They are exposed to things they normally wouldn’t be exposed to in a classroom setting, like how to implement and manage ongoing programs and the environmental workings of the area’s major industries. These are all important skills that our volunteers can carry with them no matter where they put their talents to work.”

Educating Future Generations

The Morris Creek Watershed supports a number of conservation and environmental education programs, such as Trout in the Classroom. Founded in 2007 and sponsored by Chesapeake, the trout program teaches conservation, biology, record-keeping and responsibility to elementary students who raise trout from eggs. Children are charged with keeping a watchful eye on the fish by monitoring tank water quality and studying stream habitats throughout the school year, at the end of which they release the trout into nearby Morris Creek.

Future ceremonial releases can take place at MCWA’s learning center. Funding for the facility is underway. It will feature outdoor and indoor classrooms and a butterfly garden, as well as provide administrative offices and an emergency assistance center.

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Inside CHK

A closer look at Chesapeake’s people and progress

 

Employees ‘Show their Blue’ with more than 30,000 volunteer hours

More than 5,000 Chesapeake employees rolled up the sleeves of their Operation Blue T-shirts last summer to build playgrounds, repair homes, stock pantries at local food banks and lead cleanups at parks and waterways from New York to New Mexico.

Fort Worth employee, Taylor Robison, helps cover
graffiti.

Operation Blue is an annual summer initiative of the H.E.L.P. (Helping Energize Local Progress) program, in which employees of Chesapeake and its subsidiaries provide valuable community services in cities and towns where the company operates. Each employee was granted four hours of company-paid time off to execute a project of their choice.

Volunteers clean up
tornado debris in
Oklahoma.

This year’s service hours totaled 30,870, exceeding the Operation Blue goal of 30,000 hours as volunteers worked with 519 organizations in more than 96 communities across the country.

“The generosity of our employees continues to astound me,” said Teresa Rose, Chesapeake Director – Community Relations. “No matter the cause or what is asked of them, our employees go above and beyond to help those in need.”

Louisiana employee, Jennifer
Voisin, volunteers at an after-
school program.

From Memorial Day to Labor Day, Chesapeake employees helped their neighbors in a wide range of projects, from volunteering at the Food Bank of the Southern Tier in Big Flats, New York, to supporting flood relief efforts in Zapata, Texas. Among the hundreds of projects completed were picking up tornado debris in central Oklahoma, providing assistance at the Special Olympics Summer Games in West Virginia, and restoring the Boy Scouts of America camp in Louisiana.

 

 

Living Well Brings Rewards

Blood pressure screenings are only part of the
company’s award-winning Living Well Program.

Living Well, Chesapeake’s unique employee health promotion program, took top honors in Club Industry’s Best of the Best competition. Named the Best Behavior Modification Program, Living Well encourages and rewards employees for living healthy and active lifestyles.

Health, exercise and recreational programs, as well as classes, health screenings and educational sessions make up the program’s key features. It runs from January to November each year and employee participants who meet the requirements in all four areas earn a $1,500 bonus at the end of the Living Well year.

This is the second consecutive year that a Chesapeake program has won the award. Last year the company’s Live Better Forever Program received the honor. Club Industry is considered one of the most trusted media sources for fitness, business professionals. Its Best of the Best competition recognizes some of the finest programming at fitness facilities in the U.S. 

Chesapeake Midstream Partners enters the market with a successful initial public offering

Chesapeake Midstream Partners’ CEO Mike Stice
rings the Opening Bell at the NYSE in celebration
of CHKM’s initial public offering

Chesapeake Midstream Partners (NYSE:CHKM) successfully completed an initial public offering announced on July 28, 2010. Following the offering, the company is a limited partnership owned by Chesapeake Energy Corporation (41%), Global Infrastructure Partners (41%)and public unitholders (18%). Chesapeake Midstream Partners (CHKM’s) operations focus on gathering produced natural gas from the wellhead, compressing, processing and treating the gathered gas for delivery to pipelines for transportation to other markets.

 
 

The company’s gathering systems consist of approximately 2,800 miles of gathering pipelines that service approximately 4,000 natural gas wells in the Barnett Shale and Mid-Continent regions.

In celebration of the successful IPO, CHKM’s CEO Mike Stice started the day’s trading on August 3 by ringing the Opening Bell at the New York Stock Exchange.

“This marks a pivotal moment in the history of both Chesapeake and CHKM,” said Aubrey McClendon, Chesapeake’s CEO. “Ringing the opening bell at the NYSE is an important rite of passage for a public company. I am pleased to have CHKM join Chesapeake as a member of the NYSE – the world’s premier market for publicly traded companies.”​​​

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