Feb 6 Chesapeake Energy Corp said its
capital expenditure for the year would fall about 20 percent as
part of CEO Doug Lawler's plan to focus on drilling in U.S.
shale basins that offer the best returns such as the Eagle Ford
field in south Texas.
The Oklahoma City-based company said it would spend between
$5.2 billion and $5.6 billion this year, a 20 percent reduction
from the midpoint of Chesapeake's 2013 capital expenditure
Lawler, who replaced Chesapeake's co-founder and former CEO
Aubrey McClendon in June, has pledged to cut costs and debt
while growing oil and gas production in the company's most
After adjusting for 2013 asset sales, the company said it
expected to generate between 8 percent and 10 percent of
year-over-year production growth in 2014.
The company said it expected oil output to rise 8 to 12
percent, natural gas liquids production to increase 44 to 49
percent and natural gas output to climb 4 to 6 percent.