Chesapeake Energy cut debt by $1 billion

5 Aug 2016   Shale Gas

Struggling U.S. shale player Chesapeake Energy said it reported a loss for the second quarter, but reduced debt by more than $1 billion. The company said second quarter revenue declined 54 percent year-on-year and the loss was around $1.8 billion. Chesapeake said the primary driver of the loss was weak energy prices, which for crude oil are down more than 12 percent from last year and more than 50 percent below peak levels in 2014. Chesapeake, meanwhile, was able to cut its debt load by more than $1 billion as it worked to keep costs under control. “Financial discipline remains our top priority,” CEO Doug Lawler said in a statement. Chesapeake in early February retained the services of longtime counsel […]

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