Credit Crunch Threatens Chesapeake Energy (CHK)

The Wall Street Journal had a story this morning noting that Chesapeake Energy Corp. (NYSE: CHK) is working hard to sell assets and cut costs as rapidly falling energy prices and tougher credit threatens to hurt Chesapeake's dramatic growth.

Chesapeake Energy has spent aggressively and borrowed heavily to fuel its effort this year to become the largest U.S. natural-gas producer.

The Journal reported that Chesapeake is now significantly cutting back the costly land-leasing program that once propelled Chesapeake's growth.

Chesapeake CEO Aubrey McClendon said he expects CHK to end the year with $5 billion to $6 billion in cash.

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