Chesapeake Energy has spent about $10 billion in the Barnett Shale in North Texas, including $3 billion in lease bonuses to property owners and hundreds of millions more in royalty payments for natural gas production, company CEO Aubrey McClendon said Friday in Fort Worth. But “we’ve got a lot left to go,” McClendon said. While the company has drilled 1,800 Barnett wells, “we feel like we’ve drilled only about 15 percent of the wells we ultimately need to drill to fully develop this resource,” he said at a luncheon of the Fort Worth Chamber of Commerce and Petroleum Club of Fort Worth at Carter Burgess Plaza.
He expects that Chesapeake, which has an 850-employee regional operation in Fort Worth, will “continue to spend about $1.5 billion a year over the next 10 years” in the Barnett, and that royalty payments eventually “will hit a billion dollars a year.” Chesapeake had paid about $850 million in royalties for Barnett production, company spokeswoman Jerri Robbins said. Chesapeake has more than 325,000 net acres of Barnett lease holdings from more than 250,000 owners of mineral rights, the company said.
For more, see Saturday's Star-Telegram.
-- Jack Z. Smith