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Oil and Gas Industry Chesapeake Energy Corporation Firm Description Chesapeake Energy Corporation NYSE CHK headquartered in Oklahoma City Oklahoma owns 11 trillion cubic feet equivalent tcfe of proved oil and gas reserves one of the largest inventories of onshore US natural gas Chesapeake Annual Report 1998 p 1 Recently Chesapeake finished the transformation from an aggressive exploration company focused on developing short-reserve life to a lower-risk longer reserve life natural gas producer Chesapeakes operations are focused on developmental drilling and producing property acquisitions These operations are concentrated in three major areas the Mid-continent the onshore Gulf of Mexico and far northeastern British Columbia Canada Chesapeake Annual Report 1998 p 1 Management Team Aubrey K McClendon is Chesapeakes Chairman of the Board Chief Executive Officer and Director Tom L Ward is the President Chief Operating Officer and Director McClendon met cofounder Tom Ward in the 1980s Both were independent oil producers they teamed up in 1983 Morgenson p 2 They each have more than 16 years of experience in the oil and natural gas industry All other members of the management team have multiple years of experience in the industry Competitive Environment Chesapeake has concentrated on expanding its holdings in natural gas since the companys incorporation in 1989 Chesapeake thinks that natural gas will be the fuel choice of the 21st century The company has been highly competitive in both its exploration activities and efforts to increase its inventory of undeveloped leasehold land This combination should enable Chesapeake to remain a competitive force in the energy producing industry New technology in the oil and gas industry has made exploration and production more profitable This is key for the survival of American businesses that compete with OPEC and other foreign cartels that have very low production costs New technology including three-dimensional imaging which has greater resolution than the previously existing technology will enable Chesapeake to detect reserves more accurately Also horizontal
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