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Economy
In reply to the discussion: STOCK MARKET WATCH -- Tuesday, 24 January 2012 [View all]Demeter
(85,373 posts)21. Gas Jumps 7.8% on Chesapeake Output Cut
http://www.bloomberg.com/news/2012-01-23/gas-jumps-7-8-on-chesapeake-output-cut-commodities-at-close.html
...Natural gas, the worst-performing commodity in 2012, rose the most in two years in New York after Chesapeake Energy Corp., the second-largest U.S. producer, said it will cut production and reduce spending....
THAT'S ONE WAY TO JACK UP PRICES AND PROFITS
ACCORDING TO SIS, THE CHEM ENGINEER, ONE HAS 5 YEARS ON A GAS WELL BEFORE THE PRESSURE ALL ESCAPES AND IT'S DEAD.
Gross production at Chesapeake wells will be cut by as much as 1 billion cubic feet a day as gas-well completions are deferred wherever possible, the Oklahoma City-based company said in a statement today. The reduction equals about 1.5 percent of U.S. marketed gas output in 2011, Energy Department data show.
The company will idle half of its drilling rigs by the second quarter in fields that produce only gas, including Barnett Shale of Texas, the Marcellus Shale and the Haynesville Shale.
...Natural gas, the worst-performing commodity in 2012, rose the most in two years in New York after Chesapeake Energy Corp., the second-largest U.S. producer, said it will cut production and reduce spending....
THAT'S ONE WAY TO JACK UP PRICES AND PROFITS
ACCORDING TO SIS, THE CHEM ENGINEER, ONE HAS 5 YEARS ON A GAS WELL BEFORE THE PRESSURE ALL ESCAPES AND IT'S DEAD.
Gross production at Chesapeake wells will be cut by as much as 1 billion cubic feet a day as gas-well completions are deferred wherever possible, the Oklahoma City-based company said in a statement today. The reduction equals about 1.5 percent of U.S. marketed gas output in 2011, Energy Department data show.
The company will idle half of its drilling rigs by the second quarter in fields that produce only gas, including Barnett Shale of Texas, the Marcellus Shale and the Haynesville Shale.
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