Oil prices are beginning to rally above 4% this afternoon as another 13 rigs were removed from U.S. oil fields this week, Reuters reports. The data released on Friday showed this is the biggest rig drop in four weeks.
This was the 25th weekly decline and the total oil count now stands at 646, its lowest level since August 2013.
Crude oil (WTI) is rising by 4.28% to $60.15 per barrel and Brent crude is gaining by 4.79% to $65.58 per barrel, according to the CNBC.com index.
Chesapeake Energy is an Oklahoma City, OK.-based producer of natural gas and liquids. The company's exploration and production unit operates by finding and producing natural gas, oil and natural gas liquids.
Separately, TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHESAPEAKE ENERGY CORP (CHK) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."