Extraordinarily

Chesapeake Energy Corp. last week curtailed 7%, or around 240 MMcfe/d, of its gross natural gas and oil production at least through March because of “extraordinarily” low wellhead prices in the Midcontinent region. Another 10% of the producer’s drilling activity through the rest of this year may be slashed “if natural gas and oil prices remain low during the next few months.”

Chesapeake Energy Corp. has curtailed 7%, or around 240 MMcfe/d, of its gross natural gas and oil production at least through March because of “extraordinarily” low wellhead prices in the Midcontinent region. Another 10% of the producer’s drilling activity through the rest of this year may be slashed “if natural gas and oil prices remain low during the next few months.”

With December natural gas usage bills hitting extraordinarilyhard in Illinois this year, city and state legislators have set outin search of clues as to why gas prices are through the roof.Spurred by the urgings of Gov. George H. Ryan and variouslegislators, the Illinois Commerce Commission voted 5-0 to open aninvestigation into this winter’s natural gas price spikes. The ICCalso directed its staff to put together its final report within 60to 120 days (see Daily GPI, Jan. 10).