Chesapeake Energy announced that the company has stopped drilling for natural gas in Pennsylvania after losing $15 billion last year.
Chesapeake Energy's CEO announced its debt, and low natural gas prices are forcing the company to make cutbacks.
The move to temporarily stop drilling new wells in Pennsylvania will have an impact in Susquehanna, Wyoming, and Bradford counties, where Chesapeake already has about 1,000 active wells.
In 2016, Chesapeake's CEO says it will drill no new wells for the first time in 10 years.
Chesapeake says company debt, low natural gas prices, and a glut of gas in our region without adequate pipelines to move it to New York and New England all are reasons for the move.
The company did not say how many jobs will be lost, but it has no plans to cap existing wells.
Other energy companies have also cut back on drilling new wells, but Chesapeake is the first to stop it.
The company says it plans to resume drilling when gas prices rise high enough to it profitable.