Chesapeake Energy, the second-largest gas producer in the US, on Wednesday, announced a cut of up to 69 percent in its capital spending for this year, as it seeks to conserve cash amid the commodity price crash. The company set out the plans as it reported a $14.9bn net loss for 2015, compared to a profit of $1.3bn in 2014, following writedowns in the value of its gas and oilfields. Chesapeake was one of the stars of the US shale gas boom of the 2000s, growing rapidly under its founder Aubrey McClendon, who left the company in 2013. Under Doug Lawler, Mr. McClendon’s successor as chief executive, Chesapeake has been working to reduce its large debt load and to shift to increased production of crude and other liquids. But the company has been hit hard by the collapse in oil and gas prices. The principal factor behind the loss for 2015 was an $18.2bn pre-tax writedown of Chesapeake’s assets, to reflect those lower prices. The company’s operating cash flow dropped 56 per cent to $2.3bn last year. That cash generation fell short of Chesapeake’s capital spending of $3.2bn in 2015, raising concerns about the sustainability of its finances. Chesapeake’s shares have dropped 86 per cent in the past year.