Chesapeake Energy Corporation Announces the Adoption of Formal Operating Principles to Further Protect the Environment and Promote Increased Safe and Responsible Exploration and Production Performance
Chesapeake Energy Corporation (NYSE:CHK) today furthered its commitment
to progressive operational, environmental and safety standards by
formally adopting a set of operational principles for the company′s
employees, contractors, suppliers and vendors to guide its oil and
natural gas exploration and production operations throughout the
country. Since its inception, Chesapeake has committed to promoting and
conducting responsible exploration and production activities in its
operating areas and achieving a standard of environmental excellence.
However, with this announcement and yesterday′s announcement that
Chesapeake has joined a nationwide public registry (www.fracfocus.org)
that is disclosing the additives in the company′s hydraulic fracturing
operations, Chesapeake will more formally integrate the following core
values into all decisions affecting operations and seek the same from
all who perform work on its behalf:
- Business Philosophy ? We are committed to protecting our
country′s natural resources, caring for the environment and complying
with all applicable local, state, and federal laws and regulations as
part of our daily operations.
- Operational Excellence ? We always strive for excellence and
are satisfied with nothing less. We will move quickly to rectify any
environmental problem associated with our operations and address any
issue that might arise.
- Commitment of Resources ? We will provide the human, physical
and financial resources to achieve our environmental protection
objectives and we expect our employees, contractors, suppliers and
vendors to do likewise to ensure that our operations are clean and
safe.
- Continuous Improvement ? We will continue to evaluate evolving
environmental protection measures with the goal of improving our
operating practices and further reducing our environmental footprint
using the latest technologies and operational procedures.
- Support of Industry Regulation ? We support evolving
science-based regulation at the appropriate level of government that
ensures natural gas and oil wells are drilled, completed and produced
safely and responsibly.
- Community Focus ? We will always strive to be charitable,
engaged and responsible members of, and partners in, the communities
in which we work.
In addition to fully supporting and actively participating in the
national registry mentioned above and developed by the Ground Water
Protection Council (GWPC) and the Interstate Oil and Gas Compact
(IOGCC), with support of the U.S. Department of Energy (DOE), to
disclose the additives used in hydraulic fracturing fluids on a
well-by-well basis, the company will continue its ongoing work with
lawmakers and regulators to improve environmental protection and address
misperceptions about operational and environmental safety. To further
this commitment, Chesapeake frequently provides advanced technical
consulting to appropriate regulatory agencies at the local, state and
federal level to assist in that process. The company has previously said
it welcomes the Environmental Protection Agency′s study of the hydraulic
fracturing well completion process and believes a professional and
science-based study will reconfirm the EPA′s previous analysis that in
2004 concluded that the process is safe based upon industry best
management practices and regulatory requirements already in place at the
federal, state and local levels. More details can be found at www.chk.com/About/Commitment/Pages/default.aspx
Aubrey K. McClendon, Chesapeake′s CEO, commented, 'We are pleased to
formalize our philosophy and commitment as part of our ongoing
commitment to continuous improvement in our operating principles that
will guide our activities as we explore for and produce more domestic
oil and natural gas for American consumers. These guiding principles
represent our commitment to surface owners, mineral owners, local
citizens, shareholders, government officials and regulators, and all
other stakeholders to make progress in improving our operational
performance by working in an environmentally respectful way.
Furthermore, we will also require that our contractors and vendors adopt
these same principles.
'We will also continue to pursue and support additional innovations and
enhancements to our drilling, completion and operating practices that
minimize our impact on the environment. For example, we have implemented
our Aqua Renew? program to recycle produced water that further protects
the environment. Chesapeake has also initiated what we believe is an
industry-leading Green Frac ® program to evaluate the types of additives
typically used in the hydraulic fracturing process to identify additives
that can be replaced by greener alternatives. In the past year, the
company has already eliminated 25% of the chemical additives used in
frac fluids in most of its shale plays. We expect further progress in
the years ahead.?
Chesapeake Energy Corporation is the second-largest producer of
natural gas and the most active driller of new wells in the U.S.
Headquartered in Oklahoma City, the company's operations are focused on
discovering and developing unconventional natural gas and oil fields
onshore in the U.S. Chesapeake owns leading positions in the Barnett,
Haynesville, Marcellus and Bossier natural gas shale plays and in the
Eagle Ford, Granite Wash, Cleveland, Tonkawa, Mississippian, Wolfcamp,
Bone Spring, Avalon, Niobrara and Williston Basin unconventional liquids
plays. The company has also vertically integrated its operations and
owns substantial midstream, compression, drilling and oilfield service
assets. Further information is available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information and presentations and all recent press releases.
Chesapeake Energy Corporation
Investor Contacts:
Jeffrey
L. Mobley, CFA, 405-767-4763
jeff.mobley@chk.com
or
John
J. Kilgallon, 405-935-4441
John.kilgallon@chk.com
or
Media
Contact:
Jim Gipson, 405-935-1310
Jim.gipson@chk.com
