Despite a steep drop in natural gas prices since the beginning of the year, Chesapeake Energy Corp. has no plans for now to cut activity further in 2023 as management sees an opportunity to be better positioned for a rebound in 2024. 

“We believe our financial flexibility is a competitive strength, and we intend to use it,” said CEO Nick Dell’Osso during a call Wednesday to discuss the company’s first quarter results. “We were built to thrive in all markets, including this low gas price environment, and we continue to adjust our program as warranted by market conditions.”

Chesapeake, the nation’s third largest publicly traded natural gas producer, started cutting activity late last year and said it would drop rigs heading into 2023. The company is currently running...