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 ...