Amid natural gas prices that have slumped below $2.00/MMBtu at a number of pricing hubs across the country, Chesapeake Energy Corp. is lowering its exploration and production activity in the Marcellus and Haynesville shale plays while also looking to complete an exit from the Eagle Ford Shale in 2023.

“As we plan our initial capital allocation for 2023, we are proactively addressing the macro challenges affecting our industry with year-over-year natural gas prices lowering while service costs remain inflated,” said President and CEO Nick Dell’Osso in an earnings call on Wednesday. “We believe the prudent step is to show capital discipline and reduce our activity levels in the Marcellus and Haynesville. While we never wish for low prices, Chesapeake is built for the...