Chesapeake sets lower capex for 2016, to sell more assets
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)
© Thomson Reuters 2016 All rights reserved.