Chesapeake Energy Reduces 2020 Capital Expenditure Outlook - Quick Facts

(RTTNews) - While reporting its financial results for the third quarter on Tuesday, Chesapeake Energy Corp. (CHK) maintained its 2019 production and capital expenditure outlook, but reduced its capital expenditure forecast for 2020 by about 30 percent.

For 2020, the company anticipates flat oil production year over year, utilizing 10 to 13 rigs with projected total capital expenditures of about $1.3 billion to $1.6 billion, contingent upon commodity prices.

Chesapeake Energy said it expects to reduce 2020 production and general and administrative or G&A expenses by approximately 10 percent.