The second largest producer of natural gas in the U.S., Chesapeake Energy (NASDAQ:CHK), has acquired more than one million acres in the U.S. in an effort to acquire drilling rights, according to company records.
Chesapeake has acquired 100,000 acres in Williston Basin, Montana, and 500,000 acres in Appalachia. In the third quarter, the company purchased more than $1 billion worth of properties.
Chesapeake reported its third-quarter earnings after trading ended on Wednesday, and reported a drop in shares of 1.5% to $21.96 per share. The company said the best way it can improve shareholder value moving forward is via joint venture deals and asset sales.