Friday, February 17, 2012

Chesapeake Energy Pulls Back Amid Natural-Gas Glut

Taking a drastic step to stem a glut of natural gas that has pushed prices down 45% in the last year, the nation's second-largest producer said it will slash gas drilling by nearly half.
The move is an abrupt turnabout by Chesapeake Energy Corp., which calls itself "America's Champion of Natural Gas" and helped pioneer drilling techniques that have opened up swaths of the U.S. to energy produced from shale rock. So much gas-rich shale has been found, however, that federal and private forecasters predict an oversupply will last for years.
The announcement by Oklahoma City-based Chesapeake was greeted with ...

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