Yesterday, CEO Aubrey McClendon had a conference call with analysis to discuss Chesapeake’s quarterly results. In the quarterly report, there was direction given to drilling in the Marcellus and Utica Shale.

• Marcellus – Chesapeake says that it will allocate 8 rigs for dry gas drilling until the price increases. This leads me to believe these rigs will be in Northern and Northeastern PA where it has already been drilling.
• Utica – Chesapeake currently has 11 rigs in Ohio and expects to have 16 by December 2012. The drilling will be Carroll, Harrison, Columbiana, Stark and surrounding counties.

If the price of natural gas gets to $4, Chesapeake may allocate more rigs to dry gas drilling.