Chesapeake says it is not for sale: memo

HOUSTON Tue Jan 29, 2013 11:21pm EST

HOUSTON (Reuters) - The departure of Chief Executive Aubrey McClendon is not an indication that Chesapeake Energy Corp is up for sale, according to an email to sent to employees on Wednesday.

"...the company is not for sale," Chairman Archie Dunham wrote.

Dunham also said the Chesapeake's board has set a drilling and completion budget of $6 billion.

Chesapeake said McClendon will step down on April 1.

(Reporting By Anna Driver; editing by Carol Bishopric)

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