Chesapeake Energy has reduced its 2015 budget by $500 million since its February capex announcement to $3.5-4.0 million—down 45% compared to 2014. With the cut in spending will be a 55% cut in rigs vs. 2014 at 25-35 rigs running throughout the year. A total of 520 operated wells will be drilled and 650 turned to sales, down from 1,175 drilled and 1,150 turned to sales in 2014. Production will average 635,000-645,000 boe/d, down......
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