Plunging natural gas prices have prompted Chesapeake Energy to announced plans to cut its drilling activity in half in the Barnett Shale formation in North Texas.
The Oklahoma City-based company is the second-biggest player in the Barnett Shale.
The Fort Worth Star-Telegram reports Chesapeake recently has been running about 12 rigs in the formation, with most of its Barnett Shale drilling confined to Tarrant County.
Chesapeake also says it plans to cut its gas production by about 8 percent of its present 6.3 billion cubic feet per day.
Company Vice President Julie Wilson tells the Star-Telegram that the reduction will have minimum effect on Chesapeake workforce levels in North Texas, which exceeds 1,000.
Copyright AP - Associated Press
