Chesapeake (CHK +1.5%) bounces back a bit after Plains Exploration's (PXP +1%) deal for BP Gulf assets sparked a 4% slide in CHK shares, as the deal served as a reminder of the pressure on gas-exposed E&P firms struggling to rejig asset portfolios amid depressed prices. Since PXP started its $3.7B JV with CHK four years ago to develop shale gas, nat gas prices have plunged below $3.
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