Chesapeake Energy Corp. is once again planning to cut its capital spending plans, marking the fourth time since September that the country’s largest natural gas producer has reduced spending to shore up liquidity.

Chesapeake, which plans to issue new guidance on Monday, declined further comment. However, CEO Aubrey McClendon told the Oklahoman newspaper on Thursday that the company will make its interest payments.

“Our company is in an excellent position to weather the current difficult economic situation in the U.S.,” McClendon said.

On Friday Chesapeake’s stock price fell to $9.84/share, its lowest level in at least five years, before recovering to close at around $11.41 — 3.6% lower than its closing price Thursday. Almost 64,000 shares traded hands Friday, compared with average volume of 32,700.

Chesapeake’s share price has taken a beating as has the entire energy sector. However, investors apparently are concerned after Chesapeake last Monday said it would issue stock to raise nearly $1.8 billion to finance U.S. gas drilling and exploration projects (see Daily GPI, Dec. 2).

The Oklahoma City-based independent has scheduled a conference call for 9 a.m. EST Monday to discuss “updated financial and operational plans through 2010,” the company stated. The call will be available at www.chk.com or by calling (913) 312-1236 or ( 888) 211-7383 and using passcode 1193464.

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