Energy / Hydraulic Fracturing

Chesapeake sees dimming oil prospects in Ohio

NEW YORK, NY — “Chesapeake Energy Corp.’s CHK -1.47% prospects of coaxing crude oil from Ohio’s rust belt have dimmed, the company’s chief executive said Tuesday, though he maintained the region remains key to the natural-gas giant’s future.

Chesapeake, the country’s second-biggest gas producer after Exxon Mobil Corp., XOM +0.19% is seeking to transform itself into a major producer of oil, which is more profitable than natural gas. The Oklahoma City-based company has nearly doubled its oil output in the last year, with the biggest increase coming from its holdings in South Texas.”

Wall Street Journal

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