Two years ago, Chesapeake Energy (NYSE: CHK) was the nation's second-largest gas producer. However, it has fallen down the leaderboard and was most recently in sixth place. While rivals have stomped on the gas by making acquisitions and continuing to drill, Chesapeake has hastened its slide by selling some of its gas-producing assets.
The company aims to further distance itself from the top next year by pulling back on drilling gas-focused wells as it continues to pivot toward oil. It's all part of Chesapeake's new strategy to become an oil growth company, which CEO Doug Lawler highlighted on the second-quarter conference call.
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Source: Motley Fool
(August 21, 2019 - 10:18 PM EDT)
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