Organizations Bracing for the Effects of Chesapeake's Spending Reductions

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From Rigzone:
The natural-gas company's finances have suffered from low prices for natural gas, compounded by its heavy spending to find and pump greater amounts of more-lucrative oil.
The company plans to sell assets to raise at least $5 billion this year to pay for its drilling and to reduce debt, which at the end of September exceeded the company's current $13 billion market capitalization.
Directors of local nonprofits, from food banks to arts organizations, that have received donations for years from Chesapeake and from Mr. McClendon say they are worried.
"It's hard not be concerned," said Lori Dickinson, president of the Foundation for Oklahoma City Public Schools, which doles out school supplies and pays for programs for city schoolchildren. Chesapeake accounts for 15% of its budget.
Read the whole article here. 

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