Chesapeake Energy Boosts Oil Output Guidance by 1 Million Barrels

The uptick in output is largely the result of lower base production declines, Chesapeake Energy said. It expects to produce between 20 million and 22 million barrels next year, according to a presentation.

Liz Hampton, Reuters

U.S. shale producer Chesapeake Energy Corp. on Nov. 3 said it was increasing its 2021 total oil production forecast to between 24.5 million and 26.5 million barrels, a jump of 1 million barrels from earlier guidance.

The uptick in output is largely the result of lower base production declines, the company said. It expects to produce between 20 million and 22 million barrels next year, according to a presentation.

Shares of Chesapeake were up about 0.8% in afternoon trading to $66.20. WTI, the crude futures benchmark in the U.S., were off about 3.6% to $80.88/bbl.

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