Once considered the second-largest U.S. natural gas producer, Chesapeake Energy attempted to gain on the shale-oil boom in recent years. But now that the Oklahoma City company has come out of Chapter 11 bankruptcy, the firm is reverting to its natural gas efforts.
The company plans to focus 85% of this year’s spending on gas fields in the U.S. Northeast and Louisiana, and will let its oil output decline, Chief Executive Doug Lawler said in an interview with Reuters.
It aims to spend between $700 million and $750 million per year on new projects that could generate $400 million in annual free cash flow, he said.
Click here for the Reuters story.