U.S. natural gas producer Chesapeake Energy more than halved its annual capital budget and said it would sell more assets this year.
The company's shares fell nearly 6.5 percent in premarket trading on Wednesday. (Get the latest quote here.)
Chesapeake said it planned to spend $1.3 billion to $1.8 billion this year, down 57 percent from 2015 levels, and sell assets worth $500 million to $1 billion.
It said production could fall by as much as 5 percent this year due to the asset sales.