HOUSTON, April 1 Chesapeake Energy Corp
is on track to make its budget for the year, Steve Dixon, the
company's newly appointed interim chief executive officer, said
Dixon, seeking to reassure investors following the departure
of CEO Aubrey McClendon, said on a conference call that he had
"tremendous confidence" that Chesapeake's spending would not
exceed the company's planned drilling budget of about $6
Chesapeake, which has pledged to sell up to $7 billion in
oil and gas properties this year, has so far sold or signed
deals totaling $1.5 billion, Dixon said.
On Friday, Chesapeake announced Dixon's appointment as
interim CEO and said he was part of a three-person team to lead
the second-largest U.S. producer of natural gas as it continues
its search for a permanent replacement for McClendon.
McClendon's departure was announced in late January,
following a governance crisis and a liquidity crunch caused by
heavy spending on oil and gas acreage and a collapse in the
price of natural gas.
Shares of Chesapeake were up 0.6 percent at $20.54 in early
New York Stock Exchange trading.