(Reuters) – U.S. natural gas producer Chesapeake Energy Corp (CHK.N) said on Wednesday it expects fourth-quarter production drop to between 462,000 and 464,000 barrels of oil equivalent (boe) per day.
The company had reported 593,200 boe in the year-ago period.
Chesapeake said it would cut its 2019 capital expenditure by lowering its rig count by about 20 percent, without disclosing its allocation for the year.
The company now expects to have an average rig count of 14, down from the 18 rigs it currently operates.
Oklahoma-based Chesapeake said it expects oil production to be in the range of 86,000 to 87,000 barrels (bbls) of oil per day. It said output growth from the Powder River and Eagle Ford Shale basins have made up for the sale of its Utica assets.
Reporting by Shanti S Nair in Bengaluru; Editing by Arun Koyyur