Chesapeake planning to drop rigs by end of year

Chesapeake Energy plans to cut its number of operating rigs by the end of this year as it looks to keep a lid on spending, writes Eoin O'Cinneide.

The Oklahoma City-based independent, which posted a second-quarter profit on the back of rising revenues but lower production, said it will reduce the number of rigs it has operating from 18 to 14 by the end of the year.