Chesapeake Energy Corp. may have lost $4.15 billion for the second quarter, but the company upped production between the first and second quarters this year.

According to The Business Journal, Chesapeake’s one rig team has set records for nine days on a four-well pad and 7.9 days on another. Overall, the second quarter average from spud to rig release was 12 days. The company is also drilling longer laterals and using more frack stages.

Low commodity prices have decreased the value of Chesapeake’s assets, but the Oklahoma City-based company is confident that once the Open Pipeline is in service, most of Chesapeake’s Utica gas will be taken to the Gulf Coast, where prices are better. Chesapeake announced that it is cutting back on production in Ohio’s Utica Shale at least until November.

Via: The Business Journal > Chesapeake Posts $4.15B Loss on Impairment Charge

Recent Chesapeake news:

• Chesapeake could return to 68 percent of its wells to refrack June 2, 2015
• West Virginia: Non-profit groups file federal lawsuit against Chesapeake for allegedly taking gas without lease May 13, 2015
• Columbiana County well production encourages Chesapeake May 12, 2015
• Chesapeake cutting back Utica drilling in eastern Ohio May 11, 2015
• American Energy settles with Chesapeake April 15, 2015
• Chesapeake backs off, 2015 drilling numbers lowest since 2004 Feb. 26, 2015
• Chesapeake Energy to scale back drilling in Utica Shale Feb. 26, 2015