Plagued Chesapeake Energy to sell assets
USA Chesapeake HQ
The Oklahoma-based company, which had to book impairments on its assets of USD 18.42 billion last year, has seen a swift reversal of fortunes on account of lower commodity prices. Chesapeake Energy’s USD 2.06-billion profit in 2014 was reduced to a net loss of USD 14.64 billion one year later. Company revenues took a hit as well, dwindling from some USD 23 billion to USD 12.76 billion. As a result, capital expenditure will be cut by 57% in 2016 to reach some USD 1.3 billion-1.8 billion.
Drilling activity will be scaled back, with the company focusing on completions instead. Hydrocarbons output over 2016 will either remain flat or decline by some 5%, Chesapeake Energy said. In 2015, the company produced 679,200 boepd.
Recent Posts
UK allows oil exploration in North Sea wind project zones
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Chariot starts gas drilling campaign in Morocco
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone acquires Trinidad E&P player Trinity
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More