NEW YORK (TheStreet) -- Shares of Chesapeake Energy (CHK) are slipping by 1.80% to $12.27 in late morning trading on Friday, as some stocks within the oil sector fall today along with the commodity's price.
Crude oil (WTI) is lower by 1.33% to $59.96 per barrel and Brent crude is slipping by 1.12% to $64.38 per barrel this morning, according to the CNBC.com index.
Oil prices are being driven into the red after Saudi Arabia said it is prepared to raise its oil output to new record highs, Reuters reports. The Middle Eastern country is the world's largest oil exporter.
Saudi Arabia is said to be in discussions with Indian buyers to supply more crude, which means the exporter could surpass its 10.3 million barrels produced per day record reached in May, Reuters added.
The dollar is stronger against the euro today, which has also led to the decline in the dollar dominated oil market.
Chesapeake Energy is an Oklahoma City, OK.-based oil and natural gas company that operates in two segments; Exploration and Production, and Marketing, Gathering and Compression.
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."