Chesapeake CEO says natural gas industry needs to slow down output
Thursday, January 19, 2023
Just hours after a significant deal to unload some South Texas shale assets, Chesapeake Energy Corp. Chief Executive Officer Nick Dell’Osso urged his U.S. natural gas industry peers to slow down output due to low prices, according to Yahoo News.
Dell’Osso shared his concerns during an interview on Wednesday, following Chesapeake’s agreement to sell $1.43 billion in South Texas shale assets to WildFire Energy. The move is intended to bolster the company’s focus on producing natural gas in the Haynesville and Marcellus shale fields.
Rapidly increasing production, slower-growing domestic demand and the shutdown of a key fuel-export complex on the Texas coast after a June explosion have all contributed to a 23% decrease in benchmark U.S. gas prices.
Learn more: Yahoo News > Chesapeake CEO Urges Slowdown in Natural Gas Output After Price Plunge
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