This excerpt taken from the CHK 8-K filed Nov 1, 2005.
2004 Third Quarter and 5% Over 2005 Second Quarter
Daily production for the 2005 third quarter averaged 1.308 bcfe, an increase of 284 million cubic feet of natural gas equivalent (mmcfe), or 27.7%, over the 1.024 bcfe produced per day in the 2004 third quarter and an increase of 64 mmcfe, or 5.1%, over the 1.244 bcfe produced per day in the 2005 second quarter. Of the 64 mmcfe daily increase in sequential quarterly production, 53% came from organic growth and 47% from acquisition growth, making the companys quarterly organic growth rate 2.9%, its year-to-date organic growth rate 8.0% and its annualized 2005 organic growth rate 10.7%. The companys 2005 third quarter production exceeded its September 7, 2005 forecasted mid-point production by 0.9 bcfe, or 0.7%, because of stronger than projected drilling and operational results. The effects of Hurricane Rita reduced Chesapeakes third quarter production by 0.3 bcfe as a result of onshore facility shut-ins.
Chesapeakes 2005 third quarter production of 120.4 bcfe was comprised of 108.8 billion cubic feet of natural gas (bcf) (90% on a natural gas equivalent basis) and 1.93 million barrels of oil and natural gas liquids (10% on a natural gas equivalent basis). Chesapeakes average daily production rate of 1.308 bcfe consisted of 1.183 bcf of gas and 20,935 barrels of oil and natural gas liquids (bbl).
The 2005 third quarter was Chesapeakes 17th consecutive quarter of production growth. During these 17 quarters, Chesapeakes U.S. production has increased 234%, for an average compound quarterly growth rate of 7.4% and an average compound annual growth rate of 33%.