Chesapeake sets lower capex for 2016, to sell more assets

Wed Feb 24, 2016 7:12am EST
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Feb 24 (Reuters) - U.S. natural gas producer Chesapeake Energy Corp forecast lower capital spending for 2016 and said it would sell more assets worth $500 million-$1 billion.

The company said on Wednesday it planned to spend $1.3 billion-$1.8 billion this year, 57 percent lower than 2015 levels.

Chesapeake said production could fall by as much as 5 percent this year due to the asset sales.

The company reported a net loss $2.23 billion, or $3.36 per share, attributable to shareholders for the fourth quarter ended Dec. 31.

Chesapeake had a profit of $586 million, or 81 cents per share, a year earlier. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Kirti Pandey)