Easing back: Chesapeake
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Chesapeake cuts output on low prices
US independent Chesapeake Energy has cut its production by 7% because of low energy prices, warning it might further reduce its drilling operations.
Chesapeake will trim its Midcontinent natural gas output by 200,000 million cubic feet per day and oil production by 6000 barrels per day for at least the month of March.
The company also said it would grant Plains Exploration an option to avoid paying a $800 million of the $1.65 billion it must contribute to the companies' joint venture to develop Haynesville Shale properties.