Chesapeake cuts operated dry gas drilling rig count

02/06/2012
Chesapeake Energy Corp. announced plans to cut its operated dry gas drilling rig count to 24 rigs, a decline of 50 rigs from its 2011 average operated dry gas rig count, citing "the lowest natural gas prices in the past 10 years." The drilling reductions will be made in US unconventional gas plays. The company intends to redirect capital savings to its liquids-rich plays. Under the plan announced Jan. 23, Chesapeake will reduce its gross operated gas production by up to 1 bcfd. The company said it is deferring new dry gas well completions and pipeline connections where possible. Separately, Simmons & Co. International forecasts that gas supply will exceed demand by 1.2 bcfd ...
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