Chesapeake slashes production, revises Haynesville deal

03/2/2009 | Reuters

Chesapeake Energy announced it will reduce natural gas output by 7% in response to slumping prices. The firm will also allow Plains Exploration and Production to execute an option to turn over a portion of its share in a Haynesville Shale natural gas project in lieu of an $800 million payment due to Chesapeake in 2010.

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