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Chesapeake Energy CEO Doug Lawler. Image courtesy of Chesapeake/Youtube.

Chesapeake Energy said Wednesday that it has cut its 2016 capital expenditure budget in half after reporting a $14.8 billion full year loss.

The company reported a full net loss available to common stockholders of $14.85 billion, or $22.43 per fully diluted share, on revenue $12.76 billion of revenues, down from $23.12 billion.

Items typically excluded by securities analysts in their earnings estimates reduced net income available to common stockholders for the 2015 full year by $14.52 billion, the Oklahoma-based company added.

Chesapeake took an $18.23 billion impairment charge tied to its oil and natural gas properties for the full year.

Full year adjusted net loss available to common stockholders was $329 million, or $0.20 per fully diluted share, a steep fall from an adjusted net income of $957 million for 2014.

Adjusted EBITDA was $2.38 billion for the 2015 full year, compared to $4.94 billion for the 2014, while full year operating cash flow fell to $2.26 billion from $5.14 billion for the 2014 full year.

The company swung to an $18.91 billion full year loss from operations, down significantly from $3.4 billion in full year income from operations in 2014.

Chesapeake realized hedging gains on its oil and gas production that resulted in $1.3 billion of additional pre-tax revenue for the full year, compared to realized hedging losses of $375 million for the 2014 full year.

The company reported a fourth quarter 2015 net loss available to common stockholders of $2.22 billion, or $3.36 per fully diluted share, on $2.64 billion of revenues.

Fourth quarter adjusted net income slid down to a $168 million loss available to common stockholders, or $0.16 per fully diluted share, from an adjusted net income of $34 million in the prior year quarter.

Adjusted EBITDA for the fourth quarter was $298 million, compared to $916 million in the fourth quarter of 2014.

Chesapeake has set its 2016 capital expenditures budget ,including capitalized interest, at between $1.3 to $1.8 billion, about a 57 perncet decline from its 2015 spend.

The company said its 2016 spend will be focused on “shorter cash cycle projects that generate positive rates of return in today’s commodity price environment and in mitigation of the company’s commitment obligations.”

Chesapeake added that its 2016 capital program will be dedicated “to more completions and less drilling,” with total completion spending accounting for about 70 percent of its total drilling and completion program.

The company expects to place 330 to 370 wells on production, resulting in total production that declines between 0 to 5 percent compared to 2015, after adjusting for asset sales.

Chesapeake added that it has hedged more than 590 billion cubic feet of its projected 2016 natural gas production at about $2.84 per mcf and more than 19 million barrels of its projected 2016 oil production at about $47.79 per barrel

Chesapeake’s daily production for the full year of 2015 averaged 679,200 barrels of oil equivalent, a year-over-year increase of 8 percent, adjusted for asset sales.

Average daily production consisted of about 114,000 barrels of oil, 2.9 billion cubic feet of natural gas and 76,700 barrels of NGL.

“In light of the challenging commodity price environment, our focus for 2016 is to improve our liquidity, further reduce our cost structure and address our near-term debt maturities to strengthen our balance sheet,” CEO Doug Lawler said.