The Oklahoma City-based E&P company is lowering its rig count by 20% in 2019. After a strong fourth quarter in 2018, Chesapeake Energy Corporation is stepping into 2019 with a bit of caution. The Oklahoma City-based oil and gas company produced an estimated 462,000 to 464,000 barrels of oil equivalent per day in 4Q 2018. Chesapeake’s oil output during that period was an estimated 86,000 to 87,000 barrels of oil per day despite selling its Utica shale assets in July . “The divested daily oil volumes associated with the Utica sale, which represented 10 percent of our third quarter oil production, were replaced in the last two months of the year through our legacy South Texas and emerging Powder River Basin oil engines,” Chesapeake CEO Doug Lawler said in a Jan. 9 company statement. The company also reduced its debt by $1.8 billion. But a decline in crude oil […]