Chesapeake Energy to reduce drilling this year due to lower natural gas prices

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Chesapeake Energy said it will drop two rigs in the Haynesville region this year, and one rig in Marcellus shale

on Wednesday said it would pull back on drilling and completing wells this year as natural gas prices fell to a quarter of what they were last summer.

“We certainly see that it’s prudent to pull back capital, and we think we’re seeing others do the same,” CEO Nick Dell’Osso said of energy firms pulling back in a shale gas play in Louisiana and east Texas.

 

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