Chesapeake Stops Drilling in Pennsylvania and Ohio

Chesapeake one of the largest gas producers in the region with over 800 wells in Bradford and Susquehanna Counties, PA announced a halt in drilling new wells in the Marcellus and Utica Shale plays. Chesapeake is based in Oklahoma and also has operations in Texas, Louisiana and Wyoming. Chesapeake announced on Feb 24 that drilling operations in the U.S. had a net loss of $14.8 billion in 2015. Capital expenditures will be cut by over half in 2016 and the company will sell off $500 million to $1 billion in assets.