Chesapeake Energy Corp (CHK)

[Timothy Smith]

Though the headlines suggested that Chesapeake cut capital spending by 37% from 2014 spending levels, the company actually only cut it 26% from the amount spent outside the nearly $1 billion used for acquisitions in 2014. Amounts spent on exploration and drilling costs are only dropping from the $5.1 billion spent in 2014 to the estimated $3.5 to $4 billion for this year