Chesapeake asset sales may be delayed
Chesapeake Energy Corp. said Friday the company's previously announced asset sales now will be completed in the first quarter of 2013 instead of by the end of 2012.
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McClendon attributed the storage drop to Chesapeake and other natural gas producers switching their focus to oil and reducing their natural gas production and as electric utilities move to burning more natural gas and less coal.
“After battling natural gas headwinds, driven by relentless supply growth for the past four years, we now expect to enjoy a multiyear rebound in natural gas prices driven by demand growth that is likely to be equally relentless,” McClendon said. “This move from a multiyear trend of natural gas headwinds to a multiyear period of natural gas tail winds will have many positive implications for Chesapeake and its investors.”