Chesapeake Energy Choosing Crude Over Nat Gas?

One of Cramer’s favorite natural gas plays, Chesapeake Energy, is focusing on drilling for more oil over the next two years. Its oil production is now expected to be up 50 percent though 2011, Cramer said, rather than 10 percent.

Last Wednesday, Chesapeake Energy reported a better-than-expected quarter after the close, but strangely the stock is up just $1 since then. Cramer, who thinks that CHK should be higher, wondered if a change in the business plan was the reason for the share price’s lack of upward movement.

It turns out that Chesapeake will focus more on drilling oil over the next two years and dial back on natural gas. Oil production now is expected to climb 50% through 2011, rather than the 10% it is presently at. No doubt management thinks this is the right thing to do, but what will Wall Street think? For that, Cramer invited CEO Aubrey McClendon back to Mad Money. Watch the video for the full interview.

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