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Natural gas producer Chesapeake Energy Corp. (CHK) boosted its third-quarter output by 7% over the same period a year ago, despite the effects of curtailments and divestitures.

The Oklahoma City-based energy company's daily production averaged 2.483 billion cubic feet of natural gas equivalent, an increase of 1% from the second quarter and 162 million cubic feet of natural gas equivalent higher than the 2008 third quarter.

Chesapeake has managed to increase production even as natural gas prices plunged and the company moved to sell some assets.

Natural gas for December delivery on the New York Mercantile Exchange settled Thursday at $5.062 a million British thermal units, down more than 60% from their 2008 summer highs above $13/MMBtu. Chesapeake's estimated proved reserves declined 4% during the third quarter to 11.99 trillion cubic feet of natural gas equivalent amid falling natural gas prices, the company said.

Chesapeake anticipates production growth of 5% to 6% in 2009. Production is forecast to increase by 8% to 10% in 2010 and 12% to 14% in 2011, according to a company news release.

Shares of Chesapeake closed up 5.1% at $26.04 and were unchanged in after-market trading.

-By Jason Womack, Dow Jones Newswires; 713-547-9201; jason.womack@dowjones.com