Chesapeake Energy had 13,510 Bcf in ending gas reserves in 2009, second behind BP with 15,216 Bcf of reserves, according to Ernst & Young's U.S. E&P Benchmark study of 50 oil and gas companies' exploration and production results from 2005 to 2009.
Rounding out the top five companies in terms of 2009 ending reserves are XTO Energy with 12,501 Bcf in reserves, followed by ExxonMobil with 11,688 Bcf and ConocoPhillips with 10,742 Bcf.
BP produced the most gas in 2009 with 907.0 Bcf, followed by XTO Energy with 855.0 in gas production, ConocoPhillips with 850.0 Bcf, Chesapeake with 835.0 Bcf and Anadarko Petroleum with 817.0 Bcf.
Chesapeake, XTO Energy, Petrohawk Energy, EOG Resources and Southwestern Energy reported the largest extensions and discoveries of natural gas in 2009. Chesapeake reported 4,530.0 Bcf in gas discoveries; XTO reported 2,175.8 Bcf; Petrohawk reported 1,933.7 Bcf; EOG reported 1,925.0 Bcf, and Southwestern reported 1,683.3 Bcf. These extensions of existing gas plays and new gas discoveries totaled 27.6 Tcf.
End of year gas reserves were 156.6 Tcf in 2009, representing four percent growth from 150.3 Tcf in 2008 and 40 percent growth from 112.2 Tcf in 2005. Gas production rose six percent in 2009 to 11.9 Tcf and has shown 38 percent growth since 2005.
Gas production replacement rates remained strong in 2009, with the gas all sources rate was 153 percent in 2009 compared to 156 percent in 2008. Large independents and independents were responsible for strong rates in 2009.
Chesapeake and Plains Exploration & Production each had unproved property acquisition costs over $1 billion in 2009. Chesapeake's costs of $2.8 billion were primarily related to Haynesville Marcellus shale acquisitions. Plains, which had $1.1 billion in unproved reserve acquisition costs, was also active in the Haynesville shale. Overall, unproved property acquisition costs fell 72 percent from $33.4 billion in 2008 to $9.3 billion in 2009.
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