Chesapeake swears off big spending; shares jump

Chesapeake Energy Corp, bowing to investor pressure, said on Tuesday it plans to stop spending heavily on oil and gas properties next year in a strategic shift from land acquisition to resource development.

That news, plus assurances that the company will close a big deal for 1.5 million acres in West Texas, helped push the company's shares up 9 percent.

Chief Executive Officer Aubrey McClendon has spent heavily to amass more than 15 million acres (6 million hectares) in oil and gas basins around the United States, leaving the company awash in debt and unable to fund its operations without bringing in deep-pocketed partners or selling properties.

Read Full Article from Reuters

- Posted: 2012-08-07 18:09:01

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