U.S. natural gas producer Chesapeake Energy Corp beat quarterly profit estimates, but said it planned to cut its rig count and bring fewer wells into production this year.
The company, which operates in the Eagle Ford Shale in South Texas, the Utica Shale in Ohio and the Anadarko Basin in northwestern Oklahoma among others, said it would run 14 rigs by the end of 2017, down from 18 rigs now.
"We suspect Chesapeake may cut back activity in the relatively gassy North Eastern Appalachia, Haynesville and (to a lesser extent) Midcontinent regions," Barclays analysts wrote in a note.
Last month, oilfield services provider Halliburton Co warned growth in North American rig count was "showing signs of plateauing".Click here to read the entire article.
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