The economy has once again caused Chesapeake Energy to revise its financial and business plans for the coming years. The company announced it will again reduce capex spending, issue several volumetric production payment (VPP) transactions and cancel its previously announced distribution agency agreements in order to generate more cash flow. "We believe our approach of selectively monetizing mature assets and undeveloped leasehold is an attractive supplement to the traditional E&P industry business model of simply drilling wells and collecting proceeds from production over future years and decades," said Chesapeake CEO Aubrey McClendon.
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