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Stock impact report

US natgas prices soar 10% from 3-1/2-year low as Chesapeake cuts output [Reuters]

Comstock Resources, Inc. (CRK) 
Last comstock resources, inc. earnings: 2/26 04:30 pm Check Earnings Report
Company Research Source: Reuters
(SWN.N) , opens new tab - cut the amount of gas it plans to produce in 2024 by about 30% due to the recent plunge in prices to a 3-1/2-year low. Chesapeake was just the latest U.S. gas producer to slash spending and reduce rigs after prices dropped about 31% so far in 2024 after falling 44% in 2023. Last week, U.S. energy firms Antero Resources (AR.N) , opens new tab , Comstock Resources (CRK.N) , opens new tab and EQT (EQT.N) , opens new tab , currently the nation's biggest gas producer, said they also planned to reduce drilling this year Chesapeake lowered it prior capital expenditure guidance by about 20% through rig count reductions and deferring well completions, which should cut gas production to around 2.7 billion cubic feet per day (bcfd) in 2024, down from around 3.5 bcfd in 2023. One billion cubic feet is enough gas to supply about five million U.S. homes for a day. "We're fans of the move as (Chesapeake) slashes production well below consensus expectations while Show less Read more
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