Chesapeake Raises Production Outlook

Chesapeake Energy Corp. shares rose in premarket trading, the morning after the natural gas company raised its oil and gas production forecasts for 2009 and 2010 and estimated a strong production boost in 2011, according to press reports.
Shares climbed 46 cents to $29.92 in trading before the opening bell.
On Tuesday, the largest natural gas producer in the U.S. said in a regulatory filing that it expects production this year to be 5 percent to 6 percent higher than in 2008, up from an earlier forecast of 4 percent to 5 percent growth.
For 2010, the company expects production growth of 8 percent to 10 percent, up from 7 percent to 8 percent predicted in August. And in its first forecast for 2011, the company said production would rise 12 percent to 14 percent over 2010.
Chesapeake said it expects cash inflows this year of $5.3 billion to $5.6 billion, down from $5.8 billion to $6.2 billion predicted in August.

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