Natural Gas Glut

Chesapeake Energy Pulls Back Amid Natural-Gas Glut

BY BEN LEFEBVRE

Chesapeake Energy Corp., a major contributor to the current glut of natural gas in the U.S., said it will reduce drilling activity this year as gas prices have reached a 10-year low.

Chesapeake, based in Oklahoma City, is the second-largest U.S. natural-gas producer after Exxon Mobil Corp. After drilling more U.S. gas wells in recent years than any other company, Chesapeake has now warned it will cut spending on such wells if prices remain at current low levels.

The announcement signals that producers are beginning to respond to the selloff that has gripped the gas market all winter. Mild temperatures ...

You would never know it if you read SiriuslyWrongs posts. You would think President Obama is a Marxist and that he nationalized the oil and gas industries. LMFAO.