Chesapeake Energy Corporation (CHK) has modestly raised its 2009 and 2010 production outlook and introduced its 2011 production guidance. The company also expects to spend $3.15 billion to $3.35 billion on drilling this year, up from its August forecast of $3 billion to $3.2 billion.  The company is expecting production of 12 million barrels of oil (MMbbl), 815–825 billion cubic feet (Bcf) of natural gas and total production of 885–895 billion cubic feet equivalent (Bcfe) during 2009.  For 2010, Chesapeake expects oil production to be 12.5 MMbbl, natural gas generation of 882–902 Bcf and total output to be 957–977 Bcfe. The company has provided its initial projections for 2011. It expects 13 MMbbl of oil, 1,007–1,027 Bcf of natural gas and 1,085–1,105 Bcfe of total production.  For 2009, the company expects year over year production growth to be in the range of 5%–6% (up from ...