NGP Energy Capital Management LLC “made an in kind pro rata distribution of the shares” to partners of its funds, Oklahoma City-based Chesapeake said in a statement late Tuesday. The statement made no further clarification, and calls and messages to Chesapeake and NGP after normal business hours weren’t immediately returned.

NGP held a 16% stake with a market value of $208.2 million. The private equity firm became a major shareholder after Chesapeake bought WildHorse Resource Development for $1.86 billion this year.

Chesapeake’s shares have tumbled 68% so far this year. They plunged to less than $1 last week after the company warned it may not be a viable “going concern” if low oil and gas prices persist. The company, once worth more than $30 billion, is now valued at about $1.3 billion. Its stock fell again Tuesday, dropping 17%.

Its current capital and operating program, along with a planned 30% reduction in capital expenditures in 2020, will strengthen the financial position of the company for the long term, Chesapeake said Tuesday.

“We have substantial liquidity with no significant near-term maturities,” Chief Executive Officer Doug Lawler said in the statement.