Chesapeake Energy has reduced its 2015 capital budget for the second time this year as looks to cope with the decline in oil and gas prices.
The company, which raised its production forecast, has also been hit by weak natural gas prices.
Around 15% of its workforce has been cut so far.
The company cut its 2015 capital expenditure target to $3.4-$3.9 billion from $3.5-$4.0 billion.
Drilling and completion expenses fell 41% in the third quarter ended Sept. 30, from the second quarter.
Meanwhile combined production expenses, and general and administrative expenses fell 10%.
The company’s production fell 8.2% to 61.3 million barrels of oil equivalent in the third quarter, while average realized price fell 40 percent to $15.45 per boe.
Net loss attributable to Chesapeake shareholders was $4.69 billion in the third quarter, compared with a year-ago profit of $169 million.
The company raised its 2015 total production forecast to 670,000-680,000 barrels of oil equivalent per day (boepd), from 667,000-677,000 boepd.