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Author	Topic: Chesapeake shuns gas, shrinks rig count	Post a Reply Back to Topics

remay Champion Author Houston Posts:6,983 Points:2,120,540 Joined:May 2006	Message Posted: Aug 8, 2012 5:22:52 AM Ignore remay Report Abuse Chesapeake Energy Corp., which calls itself America’s Champion of Natural Gas, said Tuesday it is basically giving up on gas drilling this year, adding to an industrywide retreat from what has been deemed the fuel of the future. The nation’s second-largest natural gas producer after Exxon Mobil Corp. said that as part of a major contraction in its operations it has cut its plan for new gas exploration by 83 percent. Chesapeake previously had planned to operate 47 gas rigs in 2012, but now hopes to cut that rig count to eight by the end of the year ... That shift by the most prominent proponent of natural gas came as fossil fuel producers across the spectrum are shying away from gas drilling, even though they have invested billions of dollars in its promise as a major energy ... Visit Houston Chronicle for full article

remay

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Message Posted: Aug 8, 2012 5:22:52 AM

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Chesapeake Energy Corp., which calls itself America’s Champion of Natural Gas, said Tuesday it is basically giving up on gas drilling this year, adding to an industrywide retreat from what has been deemed the fuel of the future.

The nation’s second-largest natural gas producer after Exxon Mobil Corp. said that as part of a major contraction in its operations it has cut its plan for new gas exploration by 83 percent.

Chesapeake previously had planned to operate 47 gas rigs in 2012, but now hopes to cut that rig count to eight by the end of the year ...

That shift by the most prominent proponent of natural gas came as fossil fuel producers across the spectrum are shying away from gas drilling, even though they have invested billions of dollars in its promise as a major energy ...
Visit Houston Chronicle for full article

REPLIES (newest first)Ignore Short Messages

LetemEatCake Champion Author Oklahoma City Posts:5,615 Points:1,207,555 Joined:Mar 2008	Message Posted: Aug 9, 2012 9:53:12 PM Ignore LetemEatCake Report Abuse McClendon is in big trouble financially. I am not surprised they are backing out of the Gas market!
investmentdr Champion Author Cleveland Posts:4,044 Points:1,457,975 Joined:Sep 2008	Message Posted: Aug 8, 2012 7:59:51 AM Ignore investmentdr Report Abuse shell game
jbrad4 All-Star Author Dallas Posts:803 Points:479,085 Joined:Nov 2010	Message Posted: Aug 8, 2012 7:16:54 AM Ignore jbrad4 Report Abuse Agree. When gas prices go up, they will start drilling again.
bar1035 Champion Author Charlotte Posts:9,179 Points:1,301,145 Joined:Aug 2006	Message Posted: Aug 8, 2012 6:55:18 AM Ignore bar1035 Report Abuse You don't drill to lose money. Only when NG goes up in price will they restart drilling
cdrrod Champion Author Wisconsin Posts:4,169 Points:786,700 Joined:Feb 2006	Message Posted: Aug 8, 2012 6:49:37 AM Ignore cdrrod Report Abuse It's happening will be our ultimate loss.... [Edited by: cdrrod at 8/8/2012 9:50:12 AM EST]
StArrow68 Champion Author Oakland Posts:3,273 Points:1,364,165 Joined:Apr 2003	Message Posted: Aug 8, 2012 6:38:14 AM Ignore StArrow68 Report Abuse The product is still there, let it sit and when the price gets up to a level to make working the fields worthwhile, they will be set to ramp up production. Watch out what you wish for, too much of a good thing might not be so good for the short term.
humblepie Champion Author Toledo Posts:34,336 Points:2,374,295 Joined:Mar 2006	Message Posted: Aug 8, 2012 6:14:43 AM Ignore humblepie Report Abuse common sense
carp300 Rookie Author Indiana Posts:21 Points:91,480 Joined:Aug 2010	Message Posted: Aug 8, 2012 6:14:15 AM Ignore carp300 Report Abuse ok
csblesson Champion Author Texas Posts:1,826 Points:355,825 Joined:May 2012	Message Posted: Aug 8, 2012 6:05:26 AM Ignore csblesson Report Abuse Ok
lcleveland Champion Author San Antonio Posts:2,671 Points:653,750 Joined:May 2011	Message Posted: Aug 8, 2012 5:55:10 AM Ignore lcleveland Report Abuse ok
nordlead Veteran Author Syracuse Posts:295 Points:118,865 Joined:Jun 2011	Message Posted: Aug 8, 2012 5:37:54 AM Ignore nordlead Report Abuse no shock there. Natural Gas is dirt cheap, and Oil is through the roof. If I was going to allocate my resources to make sure I stay in business the decision would be easy.
dm9667_23 Champion Author Pennsylvania Posts:1,226 Points:355,680 Joined:May 2008	Message Posted: Aug 8, 2012 5:24:29 AM Ignore dm9667_23 Report Abuse ok