U.S. natural gas company Chesapeake Energy said it would focus on divestments as it trims its spending forecast for 2016 by more than 50 percent. Chesapeake in early February said it retained the services of long-time counsel Kirkland & Ellis to help manage debt and strengthen its balance sheet, though it said it had no plans to pursue bankruptcy. The company has struggled to perform during the market downturn. Shares are down about 90 percent from their 2013 peak to around $2.20 per share. The company said in a statement Wednesday it was targeting between $1.3 billion and $1.8 billion in spending for 2016, a 57 percent reduction from last year. Production at […]