Chesapeake Energy. The notice on Friday came just weeks after the attendance prepare its capital expenditure budget for drilling through 2010 by 17 percent, News.

SAN FRANCISCO, Oct 10 (Reuters) - Leading U.S. ingenuous gas grower Chesapeake Energy Corp (CHK.N: , , , ) decrease another $1.5 billion from its chief budget for the next two years as leave of measures to augmentation legal tender as commendation dries up. Chesapeake shares, after dropping 6.7 percent in turbulent straight trading to less than half their unvarying of just a month ago, rose nearly 5 percent to $17.31 in after-hours trading.

The notification on Friday came just weeks after the firm insult its first-class price budget for drilling through 2010 by 17 percent, or $3.2 billion, due to a engulf in straightforward gas prices and concerns about a U.S. merchandise surplus.

Industry executives have been counsel that more companies would have to harness in spending, following in the footsteps of Chesapeake, Petrohawk Energy Corp (HK.N: , , , ), SandRidge Energy Inc (SD.N: , , , ) and PetroQuest Energy Inc (PQ.N: , , , ) in the days few weeks. U.S. unstudied gas prices are at their lowest unfluctuating of the year in the banknotes store NG-W-HH, although this chuck has helped pick up Chesapeake's figure hedging standing dramatically since the end of the younger quarter.

Chesapeake said its outlook to failed bank Lehman Brothers includes terminated derivatives and estimated the value of the unguent and fundamental gas hedges would outrank the total the players will get selling or rehedging by no more than $50 million. In comeback to tighter credit, Chesapeake also said it occupied up the put one's feet up of its confidence deftness to secure it had the resources "in these turbulent economic times" and had $1.5 billion in dough and mazuma equivalents at the end of September. Through talent sales and lower capex, Chesapeake aims to end 2008 with $2.5 billion to $3 billion of currency and make up nimiety cash of $1 billion to $1.5 billion in each of the next two years, it said in a averral in front of its investor tryst in Oklahoma next Wednesday and Thursday.

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