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The
company, which has been struggling to cope with weak oil and gas
prices, raised its asset sales target to more than $2.0 billion
from $1.2 billion-$1.7 billion.
Chesapeake said on Thursday it expected to sell "selected"
Haynesville Shale acreage, located in northwest Louisiana.
"Financial discipline remains our top priority, and we continue
to work toward additional solutions to improve our liquidity,
reduce our midstream commitments and enhance our margins," Chief
Executive Doug Lawler said in a statement.
The company, which had long-term debt of $8.62 billion at the
end of June, said it had reduced debt by more than $1 billion so
far this year.
Chesapeake undertook a couple of debt-for-equity swaps, or bond
swaps, this year to reduce interest payments and debt taken to
fund shale development.
The company raised its 2016 production forecast by 3 percent.
Net loss attributable to Chesapeake's shareholders narrowed to
$1.79 billion, or $2.48 per share, in the second quarter ended
June 30 from $4.15 billion, or $6.27 per share, a year earlier,
when it took a $5 billion impairment charge.
Excluding items, the company had a loss of 14 cents per share,
bigger than the 10 cents analysts on average had expected,
according to Thomson Reuters I/B/E/S.
Total revenue more than halved to $1.62 billion, missing the
average estimate of $1.93 billion.
(Reporting by Swetha Gopinath in Bengaluru; Editing by Kirti
Pandey)
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