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US independents report cuts to drilling budgets

10/13/2008
By NINA RACH
Chesapeake Energy Corp., Oklahoma City, along with Petrohawk Energy Corp. and ATP Oil & Gas Corp., both of Houston, are cutting their drilling budgets and focusing on their best prospects due to the deteriorating economy and declining demand.Chesapeake, the second-largest independent and third-largest overall gas producer in the US, is slashing its drilling capital expenditure budget by $3.2 billion, or 17%, for the second half of 2008 through 2010. Company officials blamed a 50% drop in natural gas prices since June and a possible gas surplus.Petrohawk said it will cut its 2009 capital budget by a third and focus on those projects “with the highest internal rates of return and ...
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