There are more than airplanes taking off these days at Dallas/Fort Worth's airport. The facility sits atop the Fort Worth Barnett Shale geologic structure, which contains big natural gas reserves. So a Chesapeake Energy
That topic, along with others relevant to the company's rapid rise, were discussed Friday at Chesapeake's 15th annual meeting. Indeed, because of Barnett's increasing importance to Oklahoma City-based Chesapeake -- the company now has 200,000 net leasehold acres in play -- this annual meeting became the first to be conducted in the Dallas-Fort Worth Metroplex.
But the Barnett story was the star of the show. The structure and the gas it has entrapped clearly aren't new to Chesapeake: The company spent more than $400 million to drill nearly 250 wells in three of the counties that make up the play. More than a quarter of the company's drilling budget this year is expected to be directed to further evaluating its acreage in the area.
McClendon also noted that, in its relatively brief history, Chesapeake has become the nation's sixth-largest U.S. natural gas producer, sitting directly ahead of ExxonMobil and behind such big operators as ConocoPhillips
Perhaps the most significant metric discussed was McClendon's forecast that the company will continue to generate 25% annual growth in its net asset value. With that prediction in mind, I'll remain focused on Chesapeake's rapid growth and its Fort Worth-area airport adventures. I encourage energy-investing Fools to do the same.
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