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CHK » Topics » Swap Positions as of October 3, 2005

This excerpt taken from the CHK 8-K filed Nov 1, 2005.

Swap Positions as of October 3, 2005

 

Quarter or Year

    Oil
    Natural Gas
   % Hedged
    $ NYMEX
    % Hedged
    $ NYMEX

2005 3Q

    46%    $ 51.66    68%    $ 6.49

2005 4Q

    55%    $ 54.97    70%    $ 7.92
    
  
  
  

2006 1Q

    54%    $ 59.64    48%    $ 9.23

2006 2Q

    53%    $ 59.57    35%    $ 7.60

2006 3Q

    50%    $ 59.85    34%    $ 7.61

2006 4Q

    47%    $ 59.55    28%    $ 7.70
    
  
  
  

2006 Total

    51%    $ 59.65    36%    $ 8.14
    
  
  
  

2007

    8%    $ 54.29    3%    $ 8.28
    
  
  
  

 

Depending on changes in oil and natural gas futures markets and management’s view of underlying oil and natural gas supply and demand trends, Chesapeake may either increase or decrease its hedging positions at any time in the future without notice.

 

The company’s updated 2005, 2006 and 2007 forecasts are attached to this release in an Outlook dated October 31, 2005 labeled as Schedule “A”. This Outlook has been changed from the Outlook dated October 3, 2005 (attached as Schedule “B” for investors’ convenience) to reflect updated information resulting from the company’s operational performance during the third quarter. In addition, the company is providing its initial 2007 forecast, which features projected organic growth of 7% and relatively modest operating cost increases.

 

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