Jan 23 (Reuters) - Chesapeake Energy Corp said it plans to reduce dry gas drilling and cut production in response to natural gas prices falling below "economically unattractive levels".
The second-largest U.S. natural gas producer plans to halve its operated dry gas drilling activity to about 24 rigs by the second quarter, from 47 rigs currently in use.
The company also intends to immediately curtail production of about 0.5 billion cubic feet (bcf) per day, or 8 percent of its current operated gross gas production of 6.3 bcf per day.
Production could be curtailed to as much as 1.0 bcf per day if warranted, the company said in a statement.
