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This excerpt taken from the CHK 8-K filed Jun 25, 2009. Natural Gas and Oil Purchase Obligations Our marketing segment regularly commits to purchase natural gas from other owners in our properties and such commitments typically are short term in nature. We have also committed to purchase natural gas and oil associated with volumetric production payment transactions. The purchase commitments extend over 11 to 15 year terms based on market prices at the time of production, and the purchased natural gas and oil will be resold. The obligations are as follows:
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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
This excerpt taken from the CHK 10-Q filed May 11, 2009. Natural Gas and Oil Purchase Obligations Our midstream segment regularly commits to purchase natural gas from other owners in our properties and such commitments typically are short term in nature. We have also committed to purchasers of our volumetric production payment transactions (VPPs) that we will purchase natural gas and oil associated with the VPPs. Our VPP purchase commitments extend over 11 to 15 year terms based on market prices at the time of production. As of March 31, 2009, we were obligated to purchase 438 bcfe under the terms of the VPPs. We resell the natural gas and oil we purchase at market prices. These excerpts taken from the CHK 10-K filed Mar 2, 2009. Natural Gas and Oil Purchase Obligations Our marketing segment regularly commits to purchase natural gas from other owners in our properties and such commitments typically are short term in nature. We have also committed to purchase natural gas and oil associated with volumetric production payment transactions. The purchase commitments extend over 11 to 15 year terms based on market prices at the time of production, and the purchased natural gas and oil will be resold. The obligations are as follows:
Natural Gas and Oil Purchase Obligations nature. We have also committed to purchase natural gas and oil associated with volumetric production payment transactions. The purchase commitments extend over 11 to 15 year terms based on market prices at the time of production, and the purchased natural gas and oil will be resold. The obligations are as follows:
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