It’s going from bad to worse at Chesapeake Energy. The shale drilling giant announced plans Wednesday to cut its capital expenditure significantly this year compared to 2015. Its fourth-quarter earnings release said its capital spending would total $1.3 billion to $1.8 billion this year, 57% lower than what it spent in 2015. The company is aiming to divest from up to $1 billion of its assets to raise cash. And since the end of last year, it’s sold or agreed to sell $700 million in assets, more than it had previously forecast. The reason is simple (emphasis ours): “In light of the
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