Chesapeake Energy emerged from Chapter 11 bankruptcy proceedings in leaner shape and with a new strategic focus to turn its attention to natural gas, according to Forbes.
The company’s exit from bankruptcy comes amid renewed optimism about the future prospects for natural gas, both in terms of price and usage around the world.
Chesapeake CEO Doug Lawler said he plans to take advantage of the market by focusing about 85% of the company’s capital this year on drilling in the Marcellus Shale in Pennsylvania and the Haynesville Shale in Louisiana, allowing the company’s oil output to decline.
Learn more: Forbes > Chesapeake Energy Emerges From Bankruptcy, With A Return To Its Roots In Natural Gas
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