Chesapeake eases immediate crisis

摘要

US upstream independent Chesapeake Energy－the country's second-largest gas producer－has bought itself time to pursue its strategy of boosting oil production to reduce exposure to low gas prices and end its cash shortfalls. An agreement this month to sell $4bn in midstream assets provides needed drilling capital, and Chesapeake plans an additional $5.5bn-7bn in divestments this year to close the gap between its operating cash flow and capital spending. And a deal with the company's two largest shareholders to appoint five new directors, including a new chairman, eases investor backlash over its corporate governance (WPA, 18 May, p6).