Output cut boosts Chesapeake

摘要

Shares in Chesapeake Energy stock shot up 6% in heavy trading January 23 after the company announced it was cutting back on drilling for "dry" natural gas and shifting most of those resources to its liquids-rich prospects. Chesapeake shares gained 6% on the day, rising $1.32 to $22.28/share, with nearly triple the normal number of shares changing hands. Before the market opened, Oklahoma City-based Chesapeake said it was cutting the number of rigs it would be running targeting dry gas in the Barnett, Haynesville, and Marcellus shales because of 10-year lows in natural gas prices.