Chesapeake Energy Corp.’s shares reversed course yesterday, trading down nearly 12% as Wall Street analysts raised concerns about its debt level and the impact of spending on its cash flow, according to Reuters.

Concerns of Chesapeake overspending come as investors are pressing oil and gas producers to cut their budgets and save cash for dividends and buybacks.

The company has been shifting its investment from the gas-rich Marcellus Shale and Mid-Continent areas to the oil-heavy Powder River Basin, influenced by the oversupply that has pushed gas prices down by 67% in the last five years.

Chesapeake’s debt stood at about $10.16 billion as of June 30, which is nearly four times its current market valuation.

Learn more: Reuters > Chesapeake Energy shares tumble on cash flow worries